Media reports are increasingly focused on whether a major home sale slowdown, or maybe even a crash, is in the making, in part because many hot housing markets are seeing slackening buyer demand, and nationally 2018 is expected to end with fewer home sales than 2017. But the possibility of a crash is unlikely, says Lawrence Yun, chief economist for the National Association of REALTORS®.In a piece he contributed to Forbes, Yun says hot markets
Your most eager customers for homeownership are likely young adult renters at the moment, but reality bites as they try to shop for a home. Young millennial renters (those under the age of 29) are significantly more likely to want to buy a home in the next 12 months than older millennials or Generation X renters. However, affordability from rising home prices is proving a major barrier, according to a new study released by CoreLogic and RTI Resea
Homeowners who love supersized homes may want to head to Scranton, Pa. Realtor.com® ranks Scranton as the top city to find the biggest bargains on big homes in the country.Nationwide, a home of over 3,000 square feet will cost $589,700, or about $147 per square foot, according to realtor.com®. In Scranton, however, the median list price of a home over 3,000 square feet is $379,900, or $94.99 per square foot.Realtor.com® researchers analyzed li
United Wholesale Mortgage, one of the country’s highest-volume lenders, is allowing borrowers an escrow-free option with their mortgage, at no extra charge. Even borrowers with less-than-perfect credit histories or who made small down payments may be eligible to bypass having an escrow account with the bank.Escrow accounts are typically required with banks for conventional home mortgages. They require borrowers to deposit money in advance for a
Apartment rents climbed in 88 percent of the 250 largest U.S. cities, with the national average rent reaching an all-time high in July, RentCafe reports. Seasonal demand and a rise in rental activity have offset a wave of new apartments that have opened up this year, the national rental listing service notes.The national average rent climbed to a record high of $1,409 in July, up 2.8 percent year over year.The largest apartment rental increases w
Where are the best neighborhoods for buyers and investors? ATTOM Data Solutions ranked more than 10,000 neighborhood housing markets nationwide using the letter grades A through F. The real estate data firm factored in six metrics: affordability, home price appreciation, school scores, crime rates, unemployment rates, and property taxes.ATTOM broke down the common housing characteristics and trends among each grade.The top five neighborhood
Borrowers got stuck with higher mortgage rates again this week. The 30-year fixed-rate mortgage climbed for the second consecutive week, averaging 4.6 percent. Mortgage rates are now at their fourth highest level of the year, Freddie Mac reports.“The higher rate environment, coupled with the ongoing lack of affordable inventory, has led to a drag on existing-home sales in the last few months,” says Sam Khater, Freddie Mac’s chief economist.
Commercial real estate giant Cushman & Wakefield made its debut on the stock market on Thursday, with shares jumping up to 7 percent in its initial public offering on the first day of trading. Cushman ended Thursday trading at $17.81 per share on the New York Stock Exchange.“Being public gives us a currency where we can accelerate our growth even above where it has been these days,” Brett White, CEO of Cushman, told CNBC.The company offe
The Federal Reserve decided Wednesday to hold off on raising its short-term interest rates. But it hinted that it likely will deliver its third interest rate increase of the year at its next meeting in late September. The Fed’s key rate does not have a direct impact on mortgage rates, but it usually influences them.“Economic activity has been rising at a strong rate,” the Fed’s statement read. Economic output rose at a 4.1 percent annual
Housing inventories in high-priced markets are gradually making a turnaround. One-third of the largest 45 U.S. metros saw a yearly increase in housing inventory in July, realtor.com® reports. In some markets, the inventory increase has been dramatic. For example, in Silicon Valley, the San Jose metro posted a 44 percent increase in inventory compared to a year ago.The greater number of choices, however, doesn’t mean lower prices. The median li
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