Beyond the sentimental attachments that seniors have built for their homes, they also believe homeownership was the smartest financial decision they ever made, a new survey says.Nearly three in four seniors—74%—say that purchasing their home was their best financial decision, according to a new survey of more than 1,500 respondents ages 60 to 75 conducted by the American Advisors Group. Further, 73% of respondents say that their home has beco
Existing-home sales rebounded in September as buyers may have felt a sense of pressure as mortgage rates started to inch up. Existing-home sales rose by 7% in September compared to August. All major regions of the country posted increases last month, the National Association of REALTORS® reported Thursday.“Some improvement in supply during prior months helped nudge up sales in September,” says Lawrence Yun, NAR’s chief economist. “Housin
Foreclosures are rising now that pandemic-led moratoriums have mostly been lifted. Foreclosure filings in September jumped by 24% from August and are up 102% compared to a year ago, according to an Oct. 15 ATTOM Data Solutions report. Because of the pause in foreclosures amid the pandemic, those percentages still reflect very low numbers.More housing inventory will appear due to mortgage forbearance programs winding down, says Lawrence Yun,
Keep your eye on Elkhart-Goshen, Ind.—it may be the best market in the U.S. for homeowners and investors, according to the latest Wall Street Journal/realtor.com® Emerging Housing Markets Index.The index, which covers 300 of the largest metro areas in the U.S., weighs several housing variables, including the state of the housing market, economic vitality, quality of life, and more to predict the areas most likely to see home price growth over
The Federal Housing Finance Agency will accept appraisals conducted remotely—without the physical presence of an appraiser—starting in early 2022 for qualifying Fannie Mae– or Freddie Mac–backed mortgages. The government-sponsored enterprises will use public records, including listings and tax appraisals, to process desktop appraisals for purchase loans.Sandra Thompson, acting director of the FHFA, made the announcement on Monday during t
Rents are rising quickly. Rents have increased, on average, more than 10% between the first quarter of 2020 and the third quarter of 2021, according to data from RealPage Inc. analyzed by The Business Journals. Many metros, however, are outpacing that growth.Many rental rates have surged since the COVID-19 pandemic. Pent-up demand and relocations have fueled increases in apartment rental rates, with some markets even seeing more than a 20% growth
Nearly half of U.S. households who heat their homes with natural gas can expect higher bills this winter—an average of 30% higher compared to last year, the Energy Information Administration warns.It could be even higher: If the winter is 10% colder than average, homeowners can expect heating bills that top 50% higher than a year ago.Even if the winter is 10% warmer than average, heating bills are still expected to be 22% higher than last year.
The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey.“As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing,” says Sam Khater, Freddie Mac’s chief economist. “Historically speaking, rates are still low, but many potential home buyers are
To keep pace with higher prices, the Federal Housing Finance Agency announced Wednesday that its 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac will rise to $78 billion for each of the government-sponsored enterprises. That is a combined total of $156 billion to support the multifamily market next year.The 2022 caps, based on the Federal Housing Finance Agency’s projections for overall growth in the multifamily originations
Demand is surging for rental units and that is pushing up prices. The amount homeowners could receive from renting their home increased by 0.4%, which may seem small but is the largest one-month increase since 2006, according to the latest Consumer Price Index. Rents of primary residences jumped by 0.5%, the largest one-month increase since 2001.“This might just be an overshoot after a couple of relatively modest increases, but we can’t rule
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