The number of foreclosures may be dropping, but a huge backlog is building due to longer processing times. The average time to foreclose jumped to more than 1,000 days nationwide in the fourth quarter of 2017. That marks a 14 percent increase from the previous quarter and a 28 percent increase from a year ago. It also is the longest number of days to process a foreclosure since ATTOM Data Solutions, a real estate data firm, began tracking foreclo
With scammers increasingly targeting real estate transactions, the National Association of REALTORS® is teaming up with the FBI and brokerage Realty Executives International to educate the industry on how to identify and help clients avoid wire fraud schemes. A particular cause for concern is hackers who send fake emails to home buyers on the cusp of closing on a property purchase, providing bogus wiring instructions. Hundreds of millions of dol
Meanwhile homeowners could see property values riseThe city eventually chosen by Amazon to host the tech and e-commerce giant’s second U.S. headquarters will benefit from an influx of 50,000 new jobs and $5 billion in direct investment — but its apartment dwellers could feel the squeeze from higher rent, according to a new study by Apartment List.Over the next decade, rent in mid-market cities like Raleigh, Indianapolis and Columbus, Ohio,
Average fixed-rate mortgages rose for the second consecutive week and, for the first time since last summer, the 30-year fixed-rate mortgage shot above 4 percent, Freddie Mac reports in its weekly mortgage market survey.“This is the highest weekly average for the 30-year fixed-rate mortgage since May of 2017,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Some may be wondering if this is the last time we’ll see a three handle
In a lawsuit filed this week, a New Jersey brokerage is accusing Zillow of hiding its “Zestimate” home valuation tool on certain residential listings at the request of brokers who have special contracts with the site. The brokerage, EJ MGT, says Zillow’s actions violate federal antitrust laws.The case stems from a listing the brokerage had in Cresskill, N.J., that appeared on Zillow. The eight-bedroom, 10-bathroom home was listed for just u
Learn more about current trends and how to tap them to expand your businessThe booming real estate industry is the healthiest it’s been in the last 30 years with home sales and prices near where they were during the housing boom — and there’s none of the drama involved due to a more stable economy. So what’s in store as the industry looks ahead to the year to come?Sales and interest rates will likely increaseThe National Association of Re
Filings were submitted on 676,535 U.S. properties — a 27 percent year-over-year dropAttom Data Solutions today released its Year-End Foreclosure Market Report, which revealed that foreclosure filings were submitted on 676,535 U.S. properties — a 27 percent year-over-year decline and the lowest level since 2005.The filings, which included default notices, scheduled auctions and bank repossessions, accounted for 0.51 percent of all housing unit
Mortgage applications for refinancings and home purchases surged 4.1 percent last week on a seasonally adjusted basis, even as interest rates rose, the Mortgage Bankers Association reported Wednesday. Volume is now up 5.6 percent over a year ago.More consumers are growing concerned that the long run of record low rates may be coming to an end. As such, they’re rushing to lock in rates before any more upticks.Applications to purchase a home incr
Homes along the beach tend to command a premium. But for buyers who dream of living near the water, they may still be able to find a beach-town bargain.Gulfport, Miss., was named the most affordable beach town in America for the third consecutive year, according to a new analysis by SmartAsset, a personal finance website. Buyers can snag a home along the beach for $116,200 in Gulfport.SmartAsset ranked the most affordable beach towns by looking a
The population of the U.S. is growing, rising by 2.2 million people in 2016, according to the latest Census data. But the population growth is not even across the country. For instance, the South and West saw their populations rise by 1.1 percent in 2016, while the Northeast and Midwest saw just a 0.1 percent uptick.Eight states saw populations grow by more than 1.6 percent in 2016. Many of the fastest-growing states tend to be affordable, midsiz
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