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
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
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
Facebook has become the latest company to pledge money to help ease a housing crisis that critics blame big tech for. The social media giant on Tuesday said it would allocate $1 billion in grants, land, and loans to generate more affordable housing in California's Bay Area. The funds will be used to build an estimated 20,000 housing units for middle- to low-income households.In June, Google pledged $1 billion in land and money to build
One in five U.S. homeowners say they feel house rich but cash poor, according to the newly released Hometap Homeownership Study. The rising costs of homeownership nationwide prompted nearly 20% of 675 homeowners surveyed to classify themselves as feeling “house rich, cash poor” most of the time, according to the study produced by Hometap, a firm that provides loan alternatives for tapping home equity. Seventy-three percent of respondents say
When home shoppers are looking around for the best mortgage rates, they may wonder why they aren’t quoted the ones they see advertised online or by banks. Lenders usually advertise the best interest rates that are available only to their borrowers with the highest credit scores.Credit scores can have a big impact on what borrowers are quoted with mortgage rates.Forbes.com paints the following scenario in a recent article: Two neighbors are both
As prices rise, more buyers are turning to unconventional loans to finance their new-home purchase, particularly in some western southern markets.The share of unconventional financing is comprising more than a quarter—or 28.6%—of the new-home build market, a new analysis of census data by the National Association of Home Builders shows. Unconventional forms of financing include loans insured by the Federal Housing Administration, VA-backed lo
A total of 143,105 properties nationwide received a foreclosure filing—default notice, scheduled auction, or bank repossession—in the third quarter of this year, the lowest level since the second quarter of 2005, ATTOM Data Solutions reports in its latest Foreclosure Market Report. U.S. foreclosure activity is now 49% below the prerecession average of 278,912 between the first quarter of 2006 and the third quarter of 2007, ATTOM Data rep
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