Home prices continue to climb in a market with limited number of homes for sale and high buyer demand. The majority of major metros across the U.S. posted double-digit price gains in the third quarter. Single-family existing home prices increased in all 181 metro areas tracked in the National Association of REALTORS®’ latest quarterly report, released Thursday.The price of single-family homes surged 12% year over year to $313,500. The Western
The COVID-19 pandemic has had a noteworthy impact on homeownership. Although the virus continues to take a toll and unemployment remains above pre-pandemic levels, the housing market has been booming, and trends are starting to emerge, according to the National Association of REALTORS®’ newly released “2020 Profile of Home Buyers and Sellers.”The profile, produced annually, contains a new section this year that examines how the pandem
Mortgage rates at all-time lows have helped drive U.S. home sales to a 14-year high. Existing homeowners also are rushing to take advantage, prompting a 200% annual increase in refinancing. Mortgage lenders have faced a hectic business during the pandemic as many systems were quickly forced to go remote.“It’s been a complicated year for the mortgage industry,” says Jim Houston, managing director of consumer lending and automotive finan
Monday’s announcement of promising COVID-19 vaccine test results prompted investors to get bullish on several real estate stocks, notably within sectors of the market that have faltered during the pandemic. The Wall Street Journal reported as part of Monday’s vaccine news: “The share prices of some of the country’s biggest property owners were up more than 20% Monday compared with a roughly 3% increase in the Dow Jones Industria
For the 12th time this year, mortgage rates have hit a record low. The 30-year fixed-rate mortgage fell to an average of 2.78%, the lowest ever recorded in Freddie Mac’s books dating back to 1971.Sam Khater, Freddie Mac’s chief economist, attributed the record-low rates this week to “economic and political ambiguity.""Despite the uncertainty that we’ve all experienced this year," he said, "the housing market, buoyed by low rates
With low housing inventories and high buyer demand, home sellers are expected to continue to command higher home prices this winter—an unseasonable trend in the housing market.“Sellers will have the ball in their court, so to speak, as there are more buyers than sellers,” says Danielle Hale, realtor.com®’s chief economist. “This means seller-friendly trends like rising home prices and quick-selling homes.”In September, home inventory
Fewer homeowners are taking forbearance to delay their mortgage payments due to the financial and economic impact of the COVID-19 pandemic. The national forbearance rate dropped 7 basis points between Oct. 19 and Oct. 25, the Mortgage Bankers Association reports. Forbearance rates dropped for every loan type.Mortgages in forbearance make up 5.83% of all outstanding mortgages, which is the lowest point since April 5, when the rate stood at 3.74%.
Homeownership accounts for 90% of total wealth, according to data from the 2019 Survey of Consumer Finance. Owners in areas with rapid price appreciation are filling their pockets the fastest. “Housing wealth accumulation takes time and is built up by paying off the mortgage debt and by price appreciation,” Scholastica “Gay” Cororaton, a research economist at the National Association of REALTORS®, writes on the association’s Econo
Abandoned foreclosures labeled as “zombies” still haunt some housing markets even as moratoriums to stop home seizures during the pandemic remain in effect. While the number of “zombie foreclosures” has shrunk drastically during the COVID-19 outbreak, some homeowners who may be missing out on pandemic relief aid may be needlessly abandoning a home.“Zombie foreclosures” refer to homes that have been vacated by homeowners prior to
The 30-year fixed-rate mortgage continued to hover near its all-time low this week, as economists predict that historically low rates will likely remain into 2021.The 30-year fixed-rate mortgage averaged 2.81% this week, up slightly from last week’s 2.80%, which was the lowest ever in Freddie Mac’s records, dating back nearly 50 years.“The record-low mortgage rate environment is providing tangible support to the economy at a critical time,
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