Mortgage rates have mostly stabilized this month and are now essentially at the same point they were last spring, but that hasn't yet given a boost to home sales, which declined over the same period.“Given that the economy remains on solid footing and weekly mortgage purchase application activity has been strong so far in 2019, we expect the decline in home sales to moderate or even reverse over the next couple of months,” says Sam
An estimated tens of thousands of loans and mortgages have had private data compromised online, according to an investigation from a security researcher and TechCrunch. The sensitive information that was found mostly dated back to 2008 and included loans from banks like Wells Fargo and Citigroup, among others.The banks are reportedly in the process of trying to identify the customers affected and inform them of any possible account hack
A hedge fund billionaire is on a real estate purchasing spree. Ken Griffin, founder and CEO of Citadel, purchased the most expensive home ever sold in the U.S.—a New York penthouse overlooking Central Park—for $238 million. Griffin’s latest purchase solidifies his love for real estate, adding to his other $700 million in global real estate purchases. Griffin is becoming known for his real estate record deals—he has also purchased the
Which states are growing the fastest and adding new residents? Idaho and Nevada once again lead the states in population growth rates, according to the latest U.S. Census Bureau figures. Demographic changes can be key to projecting future housing needs, the National Association of Home Builders explained on its Eye On Housing blog post analyzing the census numbers.Between July 1, 2017, to July 1, 2018, Nevada posted a population growth rate of 2.
The National Association of REALTORS® is calling a recent ruling from the U.S. Treasury Department and the Internal Revenue Service on the new 20 percent deduction on qualified business income a “significant victory” for real estate professionals. The department and IRS issued their final regulations late last week regarding the qualified business income rule, providing greater clarity heading into the 2018 tax filing season.The final guidel
What happened to home sales in December? Sales are typically down during the holidays, but December’s seasonally adjusted monthly decline of 6.4 percent left reporters scratching their heads—and calling the National Association of REALTORS® for the trade organization’s insight.NAR Chief Economist Lawrence Yun told CNBC’s “Nightly Business Report” on Tuesday that such a wide monthly swing is usually accompanied by some big news, like
As the longest federal government shutdown in history drags on, more than 800,000 government workers and an estimated 4.1 million federal contractors will soon face their first mortgage or rental payment due since last receiving a paycheck. As of Wednesday, the partial government shutdown has stretched 33 days and counting. Many lenders and property management firms are stepping in with help for unpaid federal workers.Several of the nation
Following two consecutive months of increases, existing-home sales dialed back at the end of 2018 and economists pointed to higher mortgage rates for most of last year as one of the main culprits. However, they’re optimistic a turnaround will be in sight for home sales in the spring season, particularly given that mortgage rates have started to decrease in recent weeks.Total existing-home sales—which are completed transactions that include si
A surge in retirees is coming, but where will they decide to live? Nearly 1.2 million people 55 or older relocated out of state last year, which was a record high.“Baby boomers are so hard to pin down,” Rodney Harrell, director with the AARP Public Policy Institute, told realtor.com®. “There are so many of them, and they’re choosing a wider range of options than previous generations. … There’s no one size fits all.”Researchers at r
Microsoft has announced it is committing $500 million to advance affordable housing solutions in the booming Seattle area, where its headquarters are located.Microsoft first made the Seattle area’s Puget Sound region its home in 1979. Since then, as Microsoft became one of the world's leading software companies, the city has seen explosive growth. But the housing market has failed to keep up.Since 2011, jobs in the region have increas
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