As first-time buyers return to the housing market, the total number of existing-home sales saw the largest increase in May than it has in nearly six years, according to a report by the National Association of Realtors (NAR). May home sales experienced a growth spurt following April's decline and are now at their highest pace since November 2009.
Read More »Freddie Mac Mortgage Rates Normalize After Last Week’s Jump
In Freddie Mac’s most recent Primary Mortgage Market Survey (PMMS) the rates for average fixed mortgages dropped from last week’s unusual high. The Government-Sponsored Enterprise reported that the 30-year fixed rate mortgage (FRM) averaged 4.0 percent with an average 0.7 point for the week ending June 18, 2015.
Read More »Monthly Home Sales for May 2015 Reach Highest Level since 2008
Home sales in May were greater than in any other May since 2008, while home prices continued to rise, according to the RE/MAX National Housing Report. Sales are on a four-month trend in which they were higher than both the previous month and the same month in the previous year.
Read More »Homeowners Could Spend Up to $9,000 Every Year in Hidden Costs
When purchasing a home, it’s important to consider the extra or hidden costs. Many homeowners are blissfully unaware of just how much these additional fees can costs on top of their mortgage. Zillow and Thumbtack recently released a study that found homeowners can pay more than $9,000 in hidden and home maintenance costs every year.
Read More »Research Says Construction is Prepping for a 15-Year Growth Spurt
Construction is the key to a positive long-term outlook for the housing market. It is likely the most important facet of the industry and can be a determining factor of a slowly recovering housing market. In an article titled “New Home Construction Is Gearing Up for a 15-Year Boom. Who's Ready?” author John Burns, CEO of John Burns Real Estate Consulting, did research on the rate of construction over the next 15 years and came up with data that determines how to meet the overwhelming housing demand.
Read More »Over 1.5 Million ‘Boomerang Buyers’ Could Re-Enter Mortgage Market In Next Three Years
More than 1.5 million "boomerang buyers"–those negatively affected by the housing crisis–could re-enter the housing market at some point in the next three years, according to a study released by TransUnion on Wednesday.
Read More »Report Indicates Percentage of Underwater Homes in Decline, as Equity Positions Continue to Rise
Approximately 254,000 properties regained equity in the first quarter of 2015, bringing the total of residential mortgaged properties with equity nationwide up to 44.9 million – approximately 90 percent of all mortgages, according to data released by CoreLogic on Tuesday.
Read More »U.S. Single-Family Building Permits Climb Higher; Starts and Completions Decline
The U.S. Census Bureau and HUD jointly announced today in a press release new residential construction statistics for May 2015 finding building permits were up, while starts and completions saw slight decreases.
Read More »Senior Households Expected to Nearly Double by 2030
Senior households have been rising slowly over the decades, but this is about to change in the coming years. Urban Institute’s recent analysis of housing trends determined that senior households are expected to grow dramatically by 2030.
Read More »Average Down Payments Decrease for First Quarter, Report Says
The time to purchase a home is now, as lenders are loosening mortgage guidelines and the average down payment decreases. According to a report released today by LendingTree, an online loan marketplace, down payment percentages for conventional 30-year fixed rate purchase mortgages dropped from 17.59 percent in the fourth quarter of 2014 to an average of 16.98 percent for the first quarter of 2015.
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