The Small Business Administration is looking for damage verifiers in the parts of Texas and Florida that were hit by Hurricanes Harvey and Irma. Damage verifiers are people who use their knowledge of real estate to give the agency their assessment of how much damage a structure sustained in the storm. According to one estimate, almost 150,000 structures were damaged by Harvey. In the Florida Keys alone, at least a quarter of all structures were d
New Jersey continues to lead the nation with the highest annual real estate taxes in the country. The state’s residents pay an average of $8,374 a year, which is about $7,000 more than Alabama residents—who pay the lowest property taxes in the country. The findings from the 2016 American Community Survey were detailed on the National Association of Home Builders’ Eye on Housing blog.Northeastern states tend to have the highest property ta
When homeowners began taking out more home equity lines of credit, economists warned that the number of defaults may rise as borrowers face higher monthly payments. But so far, fears surrounding a HELOC boom haven’t been realized.From 2000 to 2006, when home prices were rapidly increasing in the run-up to the housing collapse, many homeowners took out HELOCs, initially being required only to pay interest on outstanding balances for a set period
More than half of Americans say they would prefer to put 10 percent down on a home purchase rather than 15 percent, 20 percent, or 30 percent, according to mortgage banker American Financing’s 2017 Mortgages in America Survey. The 10 percent down payment option was the lowest among the choices respondents were given in the survey. It also was the most popular choice across generational divides, including millennials, Generation Xers, and baby
The 30-year fixed-rate mortgage barely budged this week, staying well below the 4 percent mark. “Rates held relatively flat this week,” says Freddie Mac Chief Economist Sean Becketti. “The 10-year Treasury yield fell just 1 basis point, while the 30-year mortgage rate remained unchanged at 3.83 percent.”Freddie Mac reported the following national averages with mortgage rates for the week ending Sept. 28: 30-year fixed-rate mortgages: ave
Replacing the roof may be the most important upgrade your client can make to the exterior of his or her home, according to the National Association of REALTORS®’ 2017 Remodeling Impact Report. The report takes a look at the cost of the most common exterior and interior renovation projects and gauges how appealing they are to home buyers at resale.REALTORS® ranked new roofing, vinyl windows, and garage door as the three exterior projects that
Home prices likely will continue to rise over the next year as buyer demand continues to outstrip supply in many markets, according to the August 2017 REALTORS® Confidence Index.That bodes well for homeowners, but buyers are likely going to face even higher prices in the coming months as well as continued competition from the limited number of homes for sale, according to the report.Thirty-nine percent of properties in August sold at or above t
Homeowners looking for a remodeling project may be smart to tackle a kitchen renovation—that is, if they’re looking for projects with the strongest buyer appeal and high returns on their investment at resale.Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the 2017 Remodeling Impact Report, conducted by the National Ass
Homeownership would no longer be a priority in the tax code if a reform plan released Wednesday by the Trump administration and congressional Republicans becomes law. The “Tax Reform Unified Framework,” known as the “Big 6” tax reform plan, is being touted as a way to cut taxes for the middle class. But it could hurt residential real estate by eliminating most itemized deductions in return for an increase in the standard deduction.Althoug
Lenders reportedly are loosening their standards to qualify for a mortgage. Fannie Mae’s third-quarter 2017 Mortgage Lender Sentiment Survey shows the main reason behind the easing of credit has been the increased competition that lenders are feeling.Across all loan types—GSE-eligible, non-GSE-eligible, and government—lenders reported easing credit standards over the last three months. Further, the net share of lenders who say they expect t
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