Financial experts often advise not to spend more than 30% of your annual income on housing costs. However, buyers in several areas are far exceeding that rule.LendingTree researchers recently ranked the nation’s 50 largest cities according to how much financial leverage buyers in each metro have to achieve homeownership. The study defines “leverage” as the ratio of how much money a person borrows to his or her annual income.Five of the citi
Mortgage financing giants Fannie Mae and Freddie Mac released a redesigned mortgage application form this week, after the agency that oversees them ordered a change to remove certain questions over language preferences and housing counseling information from the previous version.The Uniform Residential Loan Application is a standardized form used by borrowers when applying for a mortgage. This is the first time in 20 years there has been a change
Airbnb has seen explosive growth the last few years, even as some cities have fought to manage short-term rentals that they fear are overtaking communities. Still, homeowners and investors are cashing in.Florida is Airbnb’s hot spot, finds a new study released from IPX 1031, a 1031 exchange resource. For homeowners or investors looking to rent out housing on a short-term basis, the state is home to seven cities with the most per capita rentals
The median price for a new home posted a significant drop last month, but it’s not because builders are discounting their inventories or offering any special deals. Instead, the drop in prices was due to a greater mix of price points that builders are now selling.The median price of a newly built home was $299,440 in September, down 8% compared to a year ago, census data shows. That is also the lowest median price reading since 2016. A year ago
The 30-year fixed-rate mortgage was on the rise last week, leaping to a 12-week high. But rates are still well below year-ago levels.“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are following suit but are near historic lows
Last year was a record-setting one for weather-related losses to properties, shows the LexisNexis’ Home Trends Report. More than half of all catastrophic claims in 2018 centered in four states: California, Colorado, Florida, and North Carolina.Hurricanes, wildfires, and hail prompted a 17% increase in the severity of catastrophic claims among insurers last year, the study shows. Some of the biggest weather-related events that shaped 2018 includ
Lower mortgage rates may be getting offset by higher home prices. Single-family homes and condos sold for a median price of $270,000 in the third quarter—up 8.3% from a year ago and a new high, a newly released report from ATTOM Data Solutions shows.Homeowners who sold in the third quarter earned a median profit of 34.5%—a postrecession high. They saw an average home price gain since purchase of $68,686, according to the report.The National A
Millennials are increasingly using Veterans Affairs loans to become homeowners. The number of loans backed by the Department of Veterans Affairs rose 2.3% annually in September. The uptick was led by a 14% jump in the number of mortgages for millennial veterans and active-duty military personnel, according to a report by Veterans United, one of the nation’s largest VA lenders.“There has been a question in real estate circles for years about w
When it comes to selling a home, the small tweaks can sometimes make the largest difference. From the tile grout to the smells, Apartment Therapy recently asked real estate pros to chime in with the easy-to-overlook attributes of a home that could increase a home’s value.The often overlooked areas that can make some of the biggest difference include:Clean surfaces and crevicesTake note of those baseboards and tile grout because the cleaner they
Opportunity zones have been called one of the biggest real estate tax breaks ever, but investors have been hesitant to take advantage, a new study shows. The tax breaks—which were spawned from the 2017 federal tax overhaul--aim to spur economic growth in nearly 9,000 low-income communities designated across the country. Investors who hold onto the investments for 10 years receive the greatest tax breaks. Read more: Get Up to Speed on O-Zon
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