Some singles are opting to use the money they had reserved for their future wedding to buy a home. After all, the money saved for a wedding could amount to a big chunk of change that could make for a sizable down payment on a home.The average cost of a wedding in the U.S. at the start of this year was $25,961, according to a survey by the Wedding Report.Carrie Graham, 35, in Austin, Texas, is among one of those singles who has decided homeownersh
The mortgage-backing government entities announced that they will offer mortgage forbearance for at least 90 days to borrowers in the Houston area affected by Hurricane Harvey. In some cases, this could be extended for up to a year.Storm victims with Fannie Mae, Freddie Mac, and Federal Housing Administration–backed loans will not have to make their monthly payments. They will face no penalty fees. Interest on their loans, however, would still
Contract signing mostly stalled last month as housing shortages across the country continued to hamper home sales, the National Association of REALTORS® reported Thursday. The West was the only major region of the U.S. to see an uptick in pending July home sales.Overall, NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—dropped 0.8 percent to a reading of 109.1 in July. The index is now 1.3 percent lower
Denver, Dallas and Nashville are leading the wayKey Takeaways A little more than 48 percent of homes nationwide have exceeded their pre-recession value. In Denver, Dallas, Nashville, Portland, Raleigh, Louisville and San Jose, more than 90 percent of homes are now worth more than they were in 2007.According to Zillow’s July Market Report, nearly 50 percent of homes nationwide have regained or exceeded their 2007 pre-recession value.In seven of
Call your mortgage servicer if you've been hit, agency saysKey Takeaways Fannie Mae, Freddie Mac and the FHA are offering housing relief to Hurricane Harvey disaster victims, including a 90-day moratorium on foreclosures.Hurricane Harvey has caused thousands in and around the Houston area to flee from the rising waters engulfing their homes and killed at least 14 people to date.In this time of crisis, federal mortgage agencies Fannie Mae, Freddie
It's one month before the NFIP is set to expire and a few days before new weather-related claims rules start in TexasKey Takeaways The federal flood insurance program is set to expire at the end of September; if it does, homeowners with federally insured loans in high-risk flood areas will be affected first. Houston homeowners should get their insurance claims filed before Friday, if possible.Harvey’s timing couldn’t be more interesting from
This is the seventh consecutive month of record-breaking peaksJune’s S&P/Case-Shiller Home Price Index shows that home prices are continuing to ascend — impacting affordability and the overall robustness of the housing market.June 2017’s national index comes in at 192.60, a 5.8 percent year-over-year increase from June 2016 and a seasonally adjusted 0.9 percent month-over-month increase.“The trend of increasing home prices is contin
The number of mortgage applications for home purchases continues to underwhelm, despite rates being at their lowest levels since November. Mortgage applications for purchasing a home dropped 3 percent last week on a seasonally adjusted basis.The annual gain in purchase applications remains positive (4 percent higher than a year ago), but they're narrowing as the supply of homes for sale falls and makes it tougher for buyers to find and afford a
Proximity to highly regarded colleges comes at a price, according to a new study released by HomeUnion, an online residential real estate investment management firm.Students living within a two-mile radius of the University of California, Los Angeles, and Stanford University face the highest rents in the nation, according to the analysis. Median rents near Stanford were $6,066 per month; UCLA topped $5,158.HomeUnion researchers also compared the
A homeowner has filed a class action lawsuit against mortgage giant Wells Fargo, accusing the lender of charging thousands of customers extra fees to extend their interest rate lock-ins after borrowers’ mortgage applications were delayed.The lawsuit was a filed by a homeowner in San Francisco federal court on Monday. The lawsuit alleges that Wells Fargo employees blamed homeowners for processing delays on the applications and then forced them t
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