First-time home buyers comprised 31 percent of closed sales in August, according to the REALTORS® Confidence Index Survey. While the share of first-time buyers has seen gradual improvement since the lows of less than 30 percent in 2013, many potential buyers still are on the sidelines, according to the National Association of REALTORS®’ report.The homeownership rate in the second quarter for those under the age of 35 only increased slightly
The monthly median cost nationwide to house a student in a dorm is $705, but that can stretch to $1,817 in some locales. That may mean college students—or their parents—in certain places are better off buying a condo than paying for a dorm. Redfin’s research team recently compared the monthly dorm rate at 195 public colleges with the median monthly mortgage payment for a condo in each university’s city. They found that for students at 47
The 30-year mortgage rate posted its first increase in several weeks after hovering near historic lows for much of the summer.“The 10-year Treasury yield continued its upward trend, rising 7 basis points this week,” says Freddie Mac chief economist Sean Becketti. “As we expected, the 30-year mortgage rate followed suit, increasing 5 basis points to 3.83 percent. This week’s uptick in the 30-year mortgage rate ends a nearly two-month strea
The threat of natural disasters isn’t scaring buyers away from the most vulnerable cities. Home prices are rising twice as fast in areas with the highest risk of natural disasters compared to those with the lowest risk, according to a new study released by real estate data firm ATTOM Data Solutions.Researchers analyzed more than 22,000 U.S. cities across 3,000 counties, factoring in six natural disaster threats: earthquakes, floods, hail, hurri
In the second quarter of this year, homeowners saw their equity increase an average of 10.6 percent—or $12, 987—year over year, according to CoreLogic’s Q2 2017 Homeowner Equity Report. Western states are posting some of the highest upticks in equity. Washington homeowners, for example, saw an average of $40,000 in home equity gains in that period; California homeowners saw increases of about $30,000.“Over the last 12 months, approximate
The Federal Reserve voted to leave its short-term rates unchanged on Wednesday but it did indicate that a rise to its short-term interest rates is likely on track for later this year."The basic message here is U.S. economic performance has been good," Fed Chairwoman Janet Yellen said at a press conference following the Fed’s two-day policy meeting. "The American people should feel the steps we have taken to normalize monetary policy ... are w
Mortgage applications dropped last week, slammed by back-to-back major hurricanes and higher interest rates. Total mortgage application volume, which includes for home purchases and refinances, dropped 9.7 percent week-over-week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Further, weekly applications were 21.5 percent lower than the same week a year ago.Broken out, applications to buy a home dropped 11 per
During September’s REALTOR® Safety Month, be sure to take precautions to protect yourself from physical harm—and to protect both yourself and your clients in today’s digital world, says Marc Gould, vice president of business specialties for the National Association of REALTORS® and executive director of REBAC.Gould warns in a recent column at RISMedia about the threats cybercrime is posing to real estate transactions. An email-based sche
For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable “to break out,” according to the National Association of REALTORS®’ latest housing report, released Wednesday.Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South a
Entrepreneurs in Seattle have come up with an idea to help aspiring home buyers overcome the down payment obstacle: They’re offering down payments to those willing to be an Airbnb host for up to three years, renting out a room in their new homes.Loftium is providing prospective home buyers with up to $50,000 for a down payment, but the buyer must be willing to continuously list an extra bedroom on Airbnb for one to three years. Homeowners al
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