The House on Thursday passed a tax reform package that the National Association of REALTORS® calls a tax hike on many middle-class homeowners and says would lower property values for all homeowners. “It’s disappointing to see this legislation move forward, but the real work to shape this debate is just getting started,” NAR President Elizabeth Mendenhall said in a statement.The bill, called the Tax Cuts and Jobs act, was passed by a vote o
With a seller’s market in many places across the country, why are so many homeowners reluctant to sell? Nearly 80 percent of more than 1,000 homeowners recently surveyed say they believe now is a good time to sell a home, but many don’t plan to list their homes anytime soon.Numerous would-be sellers say they’re holding off because of the high price they’d have to pay for their next home, according to ValueInsured’s latest quarterly Mo
For home shoppers looking to live in a mansion, they’ll find their money stretches the most in Arkansas. Home shoppers pay a median of $63 per square foot in the state, and the median cost of an 8,000-square-foot mansion is $504,000.Consumers who like big homes will find that mansions—homes of at least 8,000 square feet—are significantly more affordable in some parts of the country than others.GOBankingRates crunched realtor.com® data to
Mortgage lenders believe first-time home buyers will make up a larger portion of their business in the new year, and they believe 3 percent mortgages are key to getting more into homeownership. The majority of the 200 lenders surveyed by Genworth Mortgage Insurance believe that the demand for 97% loan-to-value products will surge in 2018.“As long as the underwriting is strong, borrowers going into higher LTV loans is completely prudent and safe
A slight dip in interest rates last week brought more homeowners and home buyers to the mortgage market. More homeowners were quick to refinance before interest rates rise again, and home buyers were able to lock in lower rates during the week.The Mortgage Bankers Association reported that total mortgage application volume—which includes for refinancings and home purchases—rose 3.1 percent last week on a seasonally adjusted basis. Mortgage ap
Most home buyers put in the effort to save for their down payment, but that is only a fraction of the cost they should expect for homeownership. There are many other lesser-known costs that can sometimes come as a shock to buyers. Make sure your home shoppers plan accordingly for the following extra expenses, including:Earnest money: The amount of earnest money required varies by state and local market. In a slower market, $500 to $1,000 migh
Housing prices have returned to the “boom levels” of a decade ago, but this time around, the fast appreciation is being fueled by strong supply-and-demand dynamics rather than predatory lending practices, investor speculation, and too much construction, according to new realtor.com® data released Monday.“As we compare today’s market dynamics to those of a decade ago, it’s important to remember rising prices didn’t cause the housing c
Housing experts worry that millions of foreclosures will surface in Texas, Florida, and Puerto Rico after recent hurricanes forced owners from their homes. Though many lenders have extended grace periods for affected customers, consumer advocates fear that many will simply walk away from their mortgages.“I’m anticipating a wave of problems coming in February,” Amir Befroui, a foreclosure specialist with Lone Star Legal Aid in Houston, told
Yesterday, Senate Finance Committee Republicans released their version of the tax reform bill. Although it goes one step further than the House bill by preserving the $1 million cap on the mortgage interest deduction—rather than cutting it to $500,000—it eliminates the deduction for property taxes. These are among the important differences between the plans, both versions of which will lead to higher taxes for many middle-income homeowners
Mortgage financing giant Freddie Mac devotes its entire November Insight report to exploring the warning signs from last decade’s housing price bubble and weighs it against the current housing market. Economists, however, are quick to say today’s market is not currently overheating.“The evidence indicates there currently is no house price bubble in the U.S., despite the rapid increase of house prices over the last five years,” says Sean B
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