High rents continue to wreak havoc on Americans’ pocketbooks. “Rental affordability is a significant challenge for metropolitan areas across the United States,” says Steve Guggenmos, vice president of Freddie Mac Multifamily Research and Modeling. “Our research shows that supply just hasn’t kept pace with demand in many metros, and that’s pushing affordable rents out of reach for millions of American families.”Of the top 50 largest
More than 4.9 million homeowners could see a drop in their interest rates if they refinanced their mortgage, according to a new analysis from Black Knight, an analytics provider. That’s up 1.6 million from one week ago.Freddie Mac reported last week that 30-year fixed-rate mortgages dropped to 4.06 percent, down from 4.28 percent the week before. It was the biggest drop in rates in more than a decade.“While this will certainly impact buy
The share of single female home buyers in the last three years has increased from 15 percent to 18 percent, according to the National Association of REALTORS®. Single women outpace single men when it comes to home purchases, Jessica Lautz, NAR’s vice president of demographics and behavioral insights and research, told ABC News. “When I tell people, they are surprised,” she says about the data. Women are “feeling confident you don’t nee
Median home prices in the first quarter of 2019 were not affordable to people making the average wage in 71 percent of U.S. counties, according to ATTOM Data Solutions’ Q1 2019 U.S. Home Affordability Report. Researchers calculated the amount of income needed to make a monthly house payment—including mortgage, property taxes, and insurance—on a median-priced home, assuming a 3 percent down payment.“We are seeing a housing market in flux a
The 30-year fixed-rate mortgage plunged 22 basis points this week, the largest one-week drop in 10 years, Freddie Mac reports in its weekly mortgage survey.“The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years,” says Sam Khater, Freddie Mac’s chief economist. “Despite negative outlooks by some, the economy continues to c
More homeowners plan to spruce up their homes this year, but a lot of things can go wrong—particularly financially—when setting out to do a home remodel. More than a quarter of home renovation projects go over budget.Some of the biggest budget breakers for owners completing a home renovation project, according to a new infographic from Job Site Image, a company that offers construction photo documentation, are:Choosing more expensive pro
Pending home sales posted a slight drop in February, but economists are shrugging off any concerns that it could be a sign of any murky spring for the housing market.The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1 percent in February to a reading of 101.9. Contract signings are down 4.9 percent year over year.“In January, pending contracts were up close to 5 perc
Tighter underwriting that the Federal Housing Administration announced March 14 for higher-risk loans doesn’t mean applications for those loans won’t get approved, just that they’ll be subject to more intensive manual review, and that’s an understandable move for the agency, NAR says.“We recognize it’s something the agency has to do to protect its insurance fund,” says Megan Booth, director of housing policy for NAR.About
Housing discrimination, or the fear of it, is keeping many consumers in the lesbian, gay, bisexual, and transgender community from buying a home and contributes significantly to sagging homeownership rates in the LGBT community, finds a new survey of nearly 2,300 LGBTs.Forty-four percent of respondents said they would be anxious about how welcoming potential neighbors and the community would be of them, and 40 percent would be overly concerned ab
Affordability is a driving factor when purchasing a home for retirement, says Danny Goodman, COO of 55places.com, a resource for active adult communities in the U.S.“Whether retirees are looking to stay close to family, move to a warmer climate, adopt a low-maintenance lifestyle, or join the camaraderie that comes with active adult communities, the small towns recognized here offer practical options and attractive amenities at a reasonable pric
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