Renters in NYC, LA and San Francisco have it the worstRenting is often seen as a cheaper alternative to buying, especially when rental prices are only rising 2.6 percent year-over-year — 3.6 percentage points less than the current for-sale housing price. But for households with the lowest income, even the least expensive apartments remain out of reach.The standard of affordability is when an individual or family spends less than 30 percent o
Only the West experienced an uptick in contract signingsKey Takeaways July's pending sales index dropped 1.3 percent year-over-year -- the fourth month of year-over-year declines.July’s Pending Home Sales Index (PHSI), a monthly forward-looking indicator measured by the National Association of Realtors (NAR), declined 0.8 percent to 109.1 in July from a downwardly revised 110 in June and declined 1.3 percent year-over-year — the fourth year-o
The market share of adjustable-rate mortgages is slowly rising and will likely gain more popularity as fixed-rate mortgages increase over the coming year, says Archana Pradhan, CoreLogic’s senior professional economist, on the company’s Insights blog.The current market share of ARMs has fluctuated between 5 and 13 percent. They rise when fixed-rate mortgages increase and fall when those rates fall. In the first quarter of this year, ARMs ac
Some singles are opting to use the money they had reserved for their future wedding to buy a home. After all, the money saved for a wedding could amount to a big chunk of change that could make for a sizable down payment on a home.The average cost of a wedding in the U.S. at the start of this year was $25,961, according to a survey by the Wedding Report.Carrie Graham, 35, in Austin, Texas, is among one of those singles who has decided homeownersh
The mortgage-backing government entities announced that they will offer mortgage forbearance for at least 90 days to borrowers in the Houston area affected by Hurricane Harvey. In some cases, this could be extended for up to a year.Storm victims with Fannie Mae, Freddie Mac, and Federal Housing Administration–backed loans will not have to make their monthly payments. They will face no penalty fees. Interest on their loans, however, would still
Contract signing mostly stalled last month as housing shortages across the country continued to hamper home sales, the National Association of REALTORS® reported Thursday. The West was the only major region of the U.S. to see an uptick in pending July home sales.Overall, NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—dropped 0.8 percent to a reading of 109.1 in July. The index is now 1.3 percent lower
Denver, Dallas and Nashville are leading the wayKey Takeaways A little more than 48 percent of homes nationwide have exceeded their pre-recession value. In Denver, Dallas, Nashville, Portland, Raleigh, Louisville and San Jose, more than 90 percent of homes are now worth more than they were in 2007.According to Zillow’s July Market Report, nearly 50 percent of homes nationwide have regained or exceeded their 2007 pre-recession value.In seven of
Call your mortgage servicer if you've been hit, agency saysKey Takeaways Fannie Mae, Freddie Mac and the FHA are offering housing relief to Hurricane Harvey disaster victims, including a 90-day moratorium on foreclosures.Hurricane Harvey has caused thousands in and around the Houston area to flee from the rising waters engulfing their homes and killed at least 14 people to date.In this time of crisis, federal mortgage agencies Fannie Mae, Freddie
It's one month before the NFIP is set to expire and a few days before new weather-related claims rules start in TexasKey Takeaways The federal flood insurance program is set to expire at the end of September; if it does, homeowners with federally insured loans in high-risk flood areas will be affected first. Houston homeowners should get their insurance claims filed before Friday, if possible.Harvey’s timing couldn’t be more interesting from
This is the seventh consecutive month of record-breaking peaksJune’s S&P/Case-Shiller Home Price Index shows that home prices are continuing to ascend — impacting affordability and the overall robustness of the housing market.June 2017’s national index comes in at 192.60, a 5.8 percent year-over-year increase from June 2016 and a seasonally adjusted 0.9 percent month-over-month increase.“The trend of increasing home prices is contin
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