The tally of homes blanketed with volcanic lava in Hawaii continues to grow. Janet Snyder, a spokesperson for Hawaii County, told the Associated Press that hundreds more homes had been lost. The latest destruction was in the Kapoho Beach Lots and Vacationland subdivisions located on the Big Island.The count is now more than double the 117 homes that had previously been confirmed destroyed since Hawaii’s Kilauea volcano began erupting May 3, USA
Many markets are being saturated with new apartment buildings, and developers in some of the most popular markets are now finding they need to offer incentives to tenants in order to fill growing vacancies.After years of rental hikes, tenants are now finding themselves in the driver’s seat as more landlords look to aggressively court them. Some developers reportedly are offering new residents a month or two of free rent or free parking, accordi
Gains for lower-priced homes are seeing significantly higher increases than more expensive homes, according to the latest CoreLogic Home Price Index Report.CoreLogic researchers analyzed four individual home price tiers. The tiers were broken down into a “low price” tier that reflected homes priced at 75 percent or less of the median; “low to middle price” homes were between 75 and 100 percent of the median; “middle to moderate price”
Issues related to obtaining financing continued to be the main factor that delayed closings in April. The majority of contracts—78 percent—were settled on time in April. But 17 percent were delayed and 5 percent were terminated, according to the REALTORS® Confidence Index, based on a survey of more than 4,500 REALTORS® who were asked about their transactions in April.The top issues that caused a delay to settlement were: Issues related to
Vacant buildings—especially ones that stretch through blocks of neighborhoods—have reached “epidemic levels” in some cities, according to a new report by the Lincoln Institute of Land Policy titled “The Empty House Next Door.” Formerly industrial cities in the Rust Belt are seeing the highest levels of what researchers call “hypervacancy.” Hypervacancy consists of blocks and neighborhoods of vacant buildings and lots that comprise
First-time home buyers are flocking to the real estate market in larger numbers, comprising 46 percent of mortgages backed by Freddie Mac—excluding refinancings—that were issued in the first quarter of this year. That marks the largest quarterly share that Freddie Mac has recorded, dating back to 2012.“This is a millennial-driven rise,” Sam Khater, Freddie Mac’s chief economist, told Bloomberg. “You’ve got a strong economy that’s
Recent income growth has not been enough to keep up with rising mortgage rates and home prices, according to a new report by Black Knight, a real estate technology and data firm. Rising home prices and mortgage rates have increased the monthly payment of a median-priced home purchased with a 20 percent down payment on a 30-year mortgage by $150 per month. That marks about a 14 percent increase since the start of 2018.While housing affordability s
New construction inventory has reached its highest point since the Great Recession, with the number of new single-family homes rising 7.7 percent between 2016 and 2017 to 795,000 units, according to the Census Bureau’s 2017 Characteristics of New Housing report. “It’s good that there’s more construction, but there’s still plenty of room for more building,” says realtor.com® Chief Economist Danielle Hale. “Builders are obviously c
Home shoppers looking for a bargain can still score deals in some areas of the country. The Rust Belt and Midwest regions tend to have the highest percentage of homes listed for less than $100,000—properties with three bedrooms, two bathrooms, and a yard. “Bargains definitely exist,” says realtor.com® Chief Economist Danielle Hale. “But buyers should go in with their eyes open. In some of those areas, $100,000 can buy a pretty decent hom
The majority of working baby boomers ages 50 and over say they expect to delay retirement, according to a survey by The NHP Foundation, a nonprofit real estate corporation supporting affordable housing. The cost of housing may be one reason why.Prospective retirees say their top three concerns are an inability to afford quality health care (36 percent); dependency on children (28 percent); and being forced to choose a living situation inferior to
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