Home prices are beginning to moderate, and national wages recently increased, helping to offset rising mortgage rates and buoy housing affordability in the first quarter of 2017, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.Sixty percent of new and existing homes sold between the beginning of January and the end of March were affordable to families earning the U.S. median income of $68,000, accordin
The 30-year fixed-rate mortgage continues to hover around 4 percent for the fourth consecutive week.“Mixed economic reports over the last week have anchored the 30-year mortgage rate around the 4 percent mark,” says Sean Becketti, Freddie Mac’s chief economist.Freddie Mac reports the following national averages for the week ending May 11: 30-year fixed-rate mortgages: averaged 4.05 percent, with an average 0.5 point, rising from last week
Foreclosure filings—which include default notices, scheduled auctions, and bank repossessions—are down 23 percent from a year ago and have hit their lowest level since November 2005, according to the April 2017 U.S. Foreclosure Market report, released Thursday by ATTOM Data Solutions.“Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the performance of mortgages originated in the past s
The student housing market is hot. Sales of this market segment are outperforming the rest of the commercial sector in the first quarter. In fact, if investors continue to buy and sell student housing at the current rate, they’re on track to match the record acquisition volume of 2016.Investors purchased and sold $1.1 billion in student housing properties in the first quarter of 2017, according to CBRE, a real estate services firm.For the past
Mortgage volume is starting to rise again, and home buyers are fueling the increase.Total mortgage application volume, including for refinancings and home purchases, rose 2.4 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.Home buyers are seemingly undeterred by higher home prices and the limited number of homes for sale. Mortgage applications to buy a home increased 2 percent last week and ar
Mortgage financing giants Fannie Mae and Freddie Mac are reportedly considering providing financing to buyers of manufactured homes soon in a pilot program.The government-sponsored enterprises say they want to look at easing the burdens of low-income borrowers who may turn to factory-built homes to curb housing costs, according to a draft report released Monday where Fannie and Freddie addressed affordable housing challenges. Fannie and Freddie s
Luxury real estate buyers may find bargains in the U.S. compared to the rest of the world. The U.S. is hardly the most expensive when it comes to home prices in its luxury market.Instead, China takes the world crown in that arena for the fastest-rising prices in luxury residential real estate around the world. Luxury home prices in Guangzhou, the capital of the southern province of Guangdong, rose a whopping 36.2 percent from March 2016 to March
With home prices on the rise, more home values are climbing up above water, but in a few cities, the number of seriously underwater homes is still alarming.Profile of Seriously Underwater HomesThe following are some characteristics of properties that are seriously underwater, according to ATTOM Data Solution’s report. 8% of properties with an estimated market value of $100,000 or less were seriously underwater; 9.3% of properties valued between
You may need to do less convincing to get home shoppers to make their move in the housing market. Fannie Mae’s Home Purchase Sentiment Index rose 2.2 percentage points in April, with five of six components rising that measure confidence in buying, employment, household incomes, financing, and more.The share of Americans who say now is a good time to buy rose 5 percentage points in April. However, the net share of those saying now is a good time
Soaring home prices aren't denting investors' appetite in many markets. "We are seeing more investors and new investors," says Steve Hovland, director of research at HomeUnion, a real estate investment marketplace. "The Fed has really been helping us out. Interest rates are not as high as they have been in past cycles. Commercial real estate is overheated. The bull stock market has been running for a long time, so investors are looking to diversi
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