Homeowners struggling financially during the COVID-19 pandemic have received another extension for their mortgage payments. The Federal Housing Finance Agency announced Thursday it is providing an additional three months of forbearance to borrowers with loans backed by Fannie Mae and Freddie Mac, bringing forbearance up to 18 months total.To qualify, borrowers must be enrolled in a COVID-19 forbearance plan as of Feb. 28.The FHFA also announced a
As inventories remain tight, home buyers may be drawn to new-home construction. But what determines whether they will pay more for buying new than for an existing home?If the buyer takes steps to limit construction costs and omits custom finishes, building a house may be about $7,000 cheaper than buying an existing home, according to a new analysis from Bankrate.com.Prices also depend on location and the options the buyer selects.The median sales
FHA-insured financing used to be a big draw for first-time home buyers with its offerings of lower down payments. But more first-time buyers lately are opting for conventional mortgages instead, according to the National Association of REALTORS® Economists’ Outlook blog.Fifty-nine percent of first-time buyers obtained conventional conforming loans in January, whereas 24% obtained FHA-insured mortgages, according to the REALTORS® Confidence In
In states that have recently legalized cannabis, investors are moving quickly to buy warehouses and retail properties to open related businesses.Voters in Arizona, New Jersey, Montana, and South Dakota approved recreational cannabis in November 2020. Other states that have legalized it have also seen increased interest in similar properties shortly after bills were enacted into law.However, some commercial property owners may be hesitant to work
Double-digit annual price increases are occurring in housing markets across the country as buyer demand soars. But which housing markets are showing the strongest performance?U.S. News & World Report examined 96 metro areas to identify the top housing markets for 2021. They factored in year-over-year gains in median home sales prices, the markets with some of the lowest drops in inventory (meaning more supply is available), median days o
The 30-year fixed-rate mortgage reversed course this week, moving up to a 2.81% average. That marks its highest point since mid-November, Freddie Mac reports.“Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “While there are multiple temporary factors driving up rates, the underlyi
Renters are being drawn to smaller markets due to their lower costs and the opportunity for more space amid the pandemic—but they may now be facing rising rental rates.“Although rents across the U.S. have been growing at a slower pace since the onset of COVID-19 and the major tech hubs continue to see declines, some markets are seeing rents grow by double digits,” says Danielle Hale, realtor.com®’s chief economist. “Many of the same fa
Opportunity zones are proving to be a profitable investment to those who’ve turned to the tax break to redevelop low-income areas across the country.Median home prices increased from the fourth quarter of 2019 to the fourth quarter of 2020 in 77% of opportunity zones with sufficient data. What’s more, median prices rose by more than 10% in nearly two-thirds of the areas—in line with growth seen in areas outside opportunity zones, according
Home foreclosures for federally backed mortgages will once again receive another three-month extension, moved back to June 30. The foreclosure moratorium originally was set to expire March 31.The moratorium is part of aid to help homeowners financially during the COVID-19 pandemic. This marks the second time that President Joe Biden’s administration has extended the moratorium since he took office on Jan. 21.The administration also announced it
The average purchase loan amount has reached a new record high: $402,200, the Mortgage Bankers Association reported Wednesday. The higher-priced segment of the housing market continues to perform strongly, the MBA says.Mortgage amounts have been climbing to new record highs since April 2020, near the start of the COVID-19 pandemic.Mortgage applications for home purchases were up 17% last week over last year, the MBA reports.Home buyers are borrow
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