Home values vary considerably across the country, and that means aspiring buyers will need more—or less—money depending on where they’re putting down roots. For example, the median home value in San Francisco is nearly $1.2 million, compared to $170,000 in Philadelphia.Researchers with SmartAsset, a personal finance website, sought to find out how much consumers need in order to afford home payments in different areas of the country. They a
Borrowing costs continue to head lower, enticing home shoppers and refinancers to lock-in.“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” says Sam Khater, Freddie Mac’s chief economist. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”Freddie Mac reported the followi
Total debt for Americans over the age of 70 has jumped 543% over the last two decades. Mortgages are a big part of that debt, according to a new report from the Federal Reserve Bank of New York.Americans in their 60s also saw debt significantly increase in that time, rising 471%, the report shows.Other age groups have also seen debt increases over that period, but the report authors note they haven’t been as pronounced as that seen by seniors.
More vacant foreclosures are appearing in some markets. But while pockets of property distress continue to haunt those areas, economists say there’s no need for panic.Vacant homes in foreclosure limbo—labeled “zombie foreclosures”—rose 3.1% in the first quarter, according to a newly released report from ATTOM Data Solutions, a real estate data firm. About 282,800 homes are in the process of foreclosure, and 8,700 are sitting empty as zo
Real estate pros are having a busy winter, and with buyer demand high, it could be even busier if it wasn’t for a lack of inventory continuing to plague many markets. Pending home sales rebounded in January, rising 5.2% month over month, the National Association of REALTORS® reported Thursday. Contract signings are up 5.7% over year-ago levels.“This month’s solid activity—the second-highest monthly figure in over two years—is due to th
The higher your credit score, the better your chance to snag a lower mortgage rate and potentially save tens of thousands of dollars over the life of a loan. But one missed payment or a default can instantly bring a credit score down.“Depending on your credit history, a 15- or 20-point shift could mean the difference between being approved or declined or better terms or higher costs,” Rod Griffin, the director of public education at Experian,
Austin, Texas, topped the list as the hottest job market nationwide for the second year in a row, according to new rankings of 381 metro areas from the Wall Street Journal and Moody’s Analytics. Nashville, Tenn., made it to the second spot, up from number seven a year ago.Austin has carved a reputation as a booming tech hub and college town that has low unemployment and high wage growth. Apple Inc. has been among the latest companies to bring m
Today, American households are more likely to include pets than children under the age of 18, according to the U.S. Census Bureau’s American Housing Survey. The share of households with kids stands at 27%, while the share of households with pets is at 68%. As a result, investors in residential real estate are targeting this large demographic of pet owners by making their rental properties more appealing and pet-friendly.Pet-friendly rentals can
Mortgage rates are falling fast, and they could sink even lower. Mortgage News Daily reported that the 30-year fixed-rate mortgage averaged 3.34% on Monday, a rate last reached in 2012 and briefly in 2016.Long-term mortgage rates loosely follow the 10-year Treasury yield. Coronavirus fears are hitting financial markets and prompting bond yields to move lower; mortgage rates are following suit.“When rates fall this quickly, it’s not so much th
The 30-year fixed-rate mortgage averaged 3.49% this week, Freddie Mac reports. “The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up 15% from a year ago,” says Sam Khater, Freddie Mac’s chief economist. “We’ve seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
