Republican lawmakers in conference committee Wednesday announced a tentative agreement on melding the House and Senate versions of tax reform into a final bill. A formal vote is expected soon. The National Association of REALTORS® is seeking changes to make the final bill less harmful to homeownership. Here’s a Q&A on what to look for over the next week or so based on a Facebook Live event NAR hosted yesterday. Participating in the live di
Loan demand dropped 2.3 percent last week as a slight increase in rates may have spooked potential home buyers and refinancers.The Mortgage Bankers Association reported that applications to refinance saw the bulk of the decrease last week, dropping 3 percent for the week. Applications to purchase a home saw a 1 percent decrease for the week. However, applications to buy are still 10 percent higher than the same week a year ago, the MBA reports.Th
Several malls in the U.S. are getting a new owner. Mall operating giant Westfield is being acquired by Unibail-Rodamco, a commercial real estate giant based in France, in a deal valued at nearly $16 billion. The sale comes at a time when the mall sector is struggling to define itself as it competes with growing threats from online shopping.Westfield is an Australian firm that operates 33 malls across the U.S. Its mall portfolio includes New Yorkâ
Many retirees are worried if they’ll ever be able to pay off their mortgage. Forty-four percent of 60- to 70-year-old retirees have a mortgage in retirement, according to American Financing’s 2017 Retirement and Mortgages Survey. Thirty-two percent predict it will take still take them more than eight years to pay off their mortgage.Baby boomers are carrying mortgage debt into retirement more than previous generations, a survey by Fannie Mae
Fannie Mae and Freddie Mac announced a nationwide suspension of evictions on foreclosed single-family homes during the holiday season, between Dec. 18 to Jan. 2. The moratorium applies to all foreclosed, occupied homes owned by Freddie Mac or Fannie Mae.Legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their home over the holidays.“As we have done in past years, we are suspending evictions
Do you have the chops to be successful at home flipping? ATTOM Data Solutions, a real estate data firm, reveals some of the top criteria from successful flippers. It based its findings on the most profitable flipping markets in the third quarter, which were: Pittsburgh, Baton Rouge, Philadelphia, Baltimore, and Cleveland.A few habits of effective home flippers are:They know how to find a great deal.Home flippers in the most profitable markets pu
With rising home prices, more state lawmakers are proposing legislation to help home shoppers tackle the down payment obstacle. More states this year have considered or are considering passing laws to allow for tax-saving down payment accounts to aid first-time buyers.Three states authorized such accounts this year: Iowa, Minnesota, and Mississippi. Colorado, Montana, and Virginia already have such accounts in place.The established down payme
Consumer optimism in the housing market is growing—but it may be short-lived as tax reform looms.In Fannie Mae’s latest Home Purchase Sentiment Index, the share of respondents who say now is a good time to buy a home increased 7 percentage points from October to November. The share of respondents who say now is a good time to sell a home rose 4 percentage points and is up 21 percentage points year over year. Americans also expressed a greater
Congress approved a two-week extension for the National Flood Insurance Program late last week, keeping the program afloat until Dec. 22, but the National Association of REALTORS® continues to push legislators to do more—and fast.Beyond December, the program may be granted another short-term extension as part of a resolution to keep the government operating. That would give lawmakers more time to pass long-term NFIP reform and reauthorization.
Following on the heels of the Federal Housing Finance Agency, the Federal Housing Administration announced that it will increase its loan limits in most areas of the country in 2018. The FHFA had announced new limits for loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac on Nov. 28.In high-cost areas of the country, the FHA’s ceiling on loan limits will rise from $636,150 to $679,650, according to the Department of Housing a
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