Home prices are increasing at a faster rate than wages in 64 percent of U.S. markets, according to a new analysis released this week by real estate data firm ATTOM Data Solutions.Median home prices nationwide have risen 75 percent since the first quarter of 2012, while average weekly wages have risen just 13 percent over the same time period, according to the analysis. The counties where median home prices require the highest share of average wag
Borrowers found lower mortgage rates again this week, marking the third decrease in rates in the past four weeks.“After a sharp run-up in the early part of 2018, rates have stabilized over the last three months, with only a modest uptick since March,” says Sam Khater, Freddie Mac’s chief economist. “However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year basis.”The National Association
The Trump administration has proposed ending the government’s long conservatorship of mortgage financing giants Fannie Mae and Freddie Mac, which was among a sweeping proposal for reorganizing the government unveiled Thursday. Under the proposal, which still requires congressional approval, Fannie Mae and Freddie Mac would be converted to “fully private entities.”Fannie Mae and Freddie Mac have been under U.S. conservatorship since 2008.
Commercial real estate practitioners stand to benefit from a Supreme Court ruling Thursday giving states the authority to make online retailers collect sales tax. The decision, stemming from online retailer Wayfair Inc.’s lawsuit against South Dakota over such a state law, potentially erases internet sellers’ advantage over brick-and-mortar stores, which are legally required to charge sales tax to customers. Without this advantage, both conve
The number of Americans considered to be “cost-burdened” by rising housing costs has grown by nearly 14 million households over the last 30 years, according to the Harvard Joint Center for Housing Studies’ 2018 State of the Nation’s Housing report. Nearly a third of all households—or 38.1 million—paid more than 30 percent of their incomes for housing in 2016, which financial experts say is too much.Renters, in particular, are facing h
Homeowners and appraisers continue to close the gap between perceptions over home values in their area. Quicken Loans’ National Home Price Perception Index shows that appraised values were just 0.34 percent lower than what homeowners expected in May. A year ago, the gap between the appraiser and owner’s home price opinions was five times larger.Still, home value perceptions vary quite a bit from city to city. Homeowners in San Jose, Calif.,
Home buyers can expect to pay more for a home this summer. The median existing-home price for all housing types reached an all-time high in May at $264,800, according to the latest housing report released by the National Association of REALTORS®.Many markets continue to see a flood of buyers but not enough homes for sale, which is prompting prices to rise and also limiting the number of sales. For the second consecutive month, existing-home sal
Mortgage rates have been up and down in recent weeks, so when borrowers saw little fluctuation last week, they jumped at a chance to lock in a rate. Home refinancers, in particular, took advantage.Total mortgage application volume rose 5.1 percent last week on a seasonally adjusted basis compared to the previous week. The gain was fueled by homeowners who were refinancing. Refinancing applications increased 6 percent for the week. However, such a
Mortgage rates are on the rise. Could that derail sales? According to First American’s Potential Home Sales model, even if the 30-year fixed-rate mortgage rose to 5 percent, the impact on the housing market would be modest. Many economists are predicting that the 30-year fixed-rate mortgage will average 5 percent by the end of 2018 or early 2019. First American’s Potential Home Sales model estimates the potential for existing-home s
Co-buyers—multiple unmarried buyers listed on the sales deed—are bringing some of the highest down payments to settlement, according to ATTOM Data Solutions’ First Quarter 2018 U.S. Residential Property Loan Origination Report.The average down payment for homes purchased by co-buyers in the first quarter was $56,911—46 percent higher than the average down payment of $38,915 for homes purchased by other buyers. The average co-buyer brought
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