Mortgage rates started the year with a new record low. The 30-year fixed-rate mortgage dropped to a 2.65% average this week, the lowest since Freddie Mac began tracking such records more than 50 years ago.“Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices,” says Sam Khater, Freddie Mac’s chief economist. “However, the forc
Mortgage rates may be at all-time lows, but mortgage affordability continues to worsen due to higher home prices, according to a new analysis by Point2 Homes, an online real estate marketplace.The share of income needed to afford housing continues to rise and monthly mortgage payments are becoming a financial burden in an increasing number of cities nationwide. In 2010, homeowners in 13 large cities were paying more than 30% of their income to co
Many of the nation’s most expensive rental markets saw significant price drops in rental units in 2020, some by nearly $1,000 over the course of the year. While the list of priciest markets in the nation remained fairly consistent over the last year, the median price for a one-bedroom apartment in these cities changed drastically, according to a new national rent report released by Zumper, a nationwide rental site.“The price difference betwee
For several housing markets, their growth in 2020 is expected to continue this year, particularly in cities where tech and government jobs are more plentiful. Realtor.com® recently analyzed the 100 largest U.S. markets to find those poised for the most growth in 2021.“Economic momentum from the thriving tech industry, coupled with healthier levels of supply, will position these markets for growth in 2021,” realtor.com® Chief Economist Danie
New York state has a tough new eviction law that will make it harder for landlords to evict tenants who can’t pay their rent. But the new law also includes provisions making it harder for banks to foreclose on smaller landlords—those with fewer than 10 rental units—who are having their own financial difficulties.Legislators called a special session this week to pass the measure, and New York Governor Andrew Cuomo quickly signed the bill, pu
On Sunday night, President Donald Trump signed a $900 billion COVID relief package that authorizes rental assistance, stimulus checks to individuals for $600, loans for struggling small businesses, and more.The president had delayed signing the bill for several days after Congress approved the relief package early last week. Trump had disagreed with extra unrelated COVID relief spending measures contained in the bill and had urged more money than
More Americans are taking out mortgages this year, the level of which is on pace to top that of the housing boom in the 2000s. And borrowers are saving hundreds of dollars per month by locking in the lowest mortgage rates in history.In the first nine months of 2020, lenders issued $2.8 trillion in mortgage loans, according to Inside Mortgage Finance. As mortgage rates continue to break record lows, homeowners and buyers are rushing
Of all the grocery stores homeowners could live near, those close to a Trader Joe’s tend to have a higher home value than owners near other stores, according to ATTOM Data Solutions’ 2020 Grocery Store Wars. The study factored in current average home values, 5-year home price appreciation from 2015 to 2020, current average home equity, home seller profits, and home flipping rates.Homes near a Trader Joe’s have an average value of $644,
Some real estate pros are having their best year ever for home sales, despite the pandemic. Existing-home sales in November climbed 25.8% compared to last year, the National Association of REALTORS® reported Tuesday.Existing-home sales—completed transactions on single-family homes, townhomes, condos, and co-ops—did dip down by 2.5% in November compared to October’s unseasonably high levels, however. The slight decrease last month ended a f
Housing providers can breathe a sigh of relief. After months of political gridlock, Congress passed a series of measures Monday night to provide financial relief for Americans struggling during the COVID-19 pandemic. Among the provisions benefiting real estate: $25 billion in rental assistance to states and clarification that business owners can deduct business expenses on their federal tax returns that were paid using a forgivable Paycheck Prote
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