Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real estate prices, the National Association of REALTORS® reported Monday.Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million. Nevertheless, the pace of sales rose a modest 0.7 percent compared to a year ago.
Following two weeks of rate increases, the 30-year fixed-rate mortgage settled back below a 4 percent average this week.“Continued economic uncertainty and weak inflation data pushed rates lower this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.”Freddie Mac reported the fo
Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, are down 20 percent from the same period a year ago, according to the Midyear 2017 U.S. Foreclosure Market Report from ATTOM Data Solutions.“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” says Daren Blomquist, senior vice president at ATTOM Data Solutions.Forec
The most important specific easing will be an expansion of the maximum debt-to-income ratio (DTI) from 45 percent to 50 percentKey Takeaways To get 50 percent DTI you must have very high credit scores and cash reserves after closing.On July 29, Fannie Mae will activate an update to “Desktop Underwriter,” the software that analyzes borrower applications and grants approval — “DU” in shorthand spoken with reverence or disgust throughout t
Poverty is increasingly striking the nation’s suburbs and exurbs (farther out suburbs on the edges of metros). High-poverty neighborhoods have risen 76 percent in the suburbs and 123 percent in the exurbs from 2000 to 2015, according to an analysis from Apartment List, which culled data from a recent report out of Harvard University’s Joint Center for Housing Studies. A high-poverty neighborhood is an area with a poverty rate that is 20 pe
Housing affordability is the talk of the town in the current real estate climate. Home prices surpassed their peak at the end of the last housing boom. Since 2012, prices have increased, on average, 6 percent per year. However, per capita incomes have risen only 2.4 percent, on average, per year, according to Freddie Mac’s latest Insight report for July.In areas like Marin, San Francisco, and San Mateo counties, the median-income household is
Threats of rising mortgage rates may have spooked borrowers last week and prompted them to quickly lock in rates. Total mortgage application volume for refinancings and home purchases jumped 6.3 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.Even though mortgage rates remained steady during the week, refinance volume, which had been dropping in recent weeks, surged 13 percent last week.The 30
Here are some sobering stats from the FBI: A robbery occurs every 1.6 minutes in the U.S., a burglary every 18.2 seconds, and a larceny theft every 5.4 seconds.SafeHome, a home security systems reviews resource, analyzed FBI Uniform Crime Reporting data from 2015 to determine the items thieves most commonly target.The most stolen items were classified as miscellaneous valuables, jewelry, and precious metals, according to the report. In some state
Foreign investment in U.S. real estate has surged to a new high, with property expenditures skyrocketing 49 percent over the past year, according to the National Association of REALTORS®’ 2017 Profile of International Activity in U.S. Residential Real Estate.Nearly half of all foreign sales were in three states: Florida, California, and Texas.Between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153 billion of res
Programs aiming to reduce and eliminate homelessness can apply for the grants through September 28Key Takeaways The Continuum of Care Program provides funding for nonprofit organizations and state and local governments "to quickly re-house homeless individuals and families to minimize trauma and dislocation." The program will make $2 billion in funding available to those organizations and governments in order to continue to tackle homelessness.Ho
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