Every year since 2010, fewer than 10% of units have been deemed affordable to renter households that earn 50% of the median renter income, according to a new report released from Freddie Mac.The “Rental Affordability Reexamined” study found that despite some claims otherwise, affordability levels in the rental sector have not improved in recent years.Freddie Mac researchers isolated renter income to capture the availability of affordable hous
Young prospective home buyers in their 20s and 30s who were once reluctant to purchase are now driving the housing market recovery during the pandemic, The Wall Street Journal reports.Even prior to the pandemic, millennial buyers were starting to increase in number, accounting for more than half of all new-home loans early last year. They have consistently stayed above that level in the first months of this year, too, realtor.com® data
Waterfront homes have been growing in demand since the COVID-19 pandemic began in spring. Sales of lakefront homes have increased more than 40% year over year, Glenn S. Phillips, CEO and lead economic analyst at LakeHomes.com, told realtor.com®.“People saw their friends and family go to the lake and realized that if you are social distancing and home schooling, the lake is a far better place than most primary residences,” Phillips told realt
Just 1.6% of homes in the U.S.—or 1.5 million residential properties—are vacant. Of those, 7,960 are considered “zombie foreclosures,” or those still in limbo in the foreclosure process, according to ATTOM Data Solutions’ Q3 2020 Vacant Property and Zombie Foreclosure Report.The number of properties in the foreclosure process has dropped 16% in the third quarter compared to the second quarter, but the number of abandoned zombie for
Mortgage rates remain near all-time lows, and many economists believe they will stay for the remainder of this year and well into next year.“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain” low, says Sam Khater, Freddie Mac’s chief economist. “These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall.
The summer homebuying spree continues as buyers rush to apply for mortgages, CNBC reports. The COVID-19 pandemic and stay-at-home orders delayed the spring housing market and fueled pent-up demand that took off well into the summer, making “August the new April,” CNBC adds.Mortgage applications to purchase a home inched up 0.4% last week compared to the previous week, and are now 33% higher than a year ago, the Mortgage Bankers Association re
The pandemic is ushering in an era of cozier vibes in home decor. As more people stay home due to COVID-19, homeowners are looking for ultra comfort in their nests.The cozy theme is being shown off through warmer neutral shades. This marks a comeback of hues like tans, beiges, ivories, pale yellows, and mocha browns, reports Houzz, a home remodeling resource. “These shades mix well with the warm grays that also are popular,” Houzz notes. “T
Contract signings posted another big jump in July, the National Association of REALTORS® reported Thursday. This marks three consecutive months of growth as markets continue to roar back after facing initial closures from the COVID-19 outbreak this spring.Pending home sales are now up 15.5% year over year. Each of the four major regions of the U.S. saw increases in pending home sales, both month over month and annually. And NAR Chief Economist L
Buyers continue to rush to the new-home market. Sales of newly built single-family homes in July surged to the highest pace since 2006, jumping 36% higher than a year ago, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Tuesday.The Midwest saw the largest spike in new-home sales last month, a 59% month-over-month increase in July. All four major regions of the U.S. posted annual gains in new home sales.“Cons
Existing-home sales soared 24.7% in July, outpacing their record growth of 20.7% in June, when the nation’s economic reopening ignited homebuying activity, the National Association of REALTORS® reported Friday. Now 8.7% higher year over year, the strong rise in existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—is fueling optimism in the real estate market through the rest of the year.“The ho
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