For several housing markets, their growth in 2020 is expected to continue this year, particularly in cities where tech and government jobs are more plentiful. Realtor.com® recently analyzed the 100 largest U.S. markets to find those poised for the most growth in 2021.“Economic momentum from the thriving tech industry, coupled with healthier levels of supply, will position these markets for growth in 2021,” realtor.com® Chief Economist Danie
New York state has a tough new eviction law that will make it harder for landlords to evict tenants who can’t pay their rent. But the new law also includes provisions making it harder for banks to foreclose on smaller landlords—those with fewer than 10 rental units—who are having their own financial difficulties.Legislators called a special session this week to pass the measure, and New York Governor Andrew Cuomo quickly signed the bill, pu
On Sunday night, President Donald Trump signed a $900 billion COVID relief package that authorizes rental assistance, stimulus checks to individuals for $600, loans for struggling small businesses, and more.The president had delayed signing the bill for several days after Congress approved the relief package early last week. Trump had disagreed with extra unrelated COVID relief spending measures contained in the bill and had urged more money than
More Americans are taking out mortgages this year, the level of which is on pace to top that of the housing boom in the 2000s. And borrowers are saving hundreds of dollars per month by locking in the lowest mortgage rates in history.In the first nine months of 2020, lenders issued $2.8 trillion in mortgage loans, according to Inside Mortgage Finance. As mortgage rates continue to break record lows, homeowners and buyers are rushing
Of all the grocery stores homeowners could live near, those close to a Trader Joe’s tend to have a higher home value than owners near other stores, according to ATTOM Data Solutions’ 2020 Grocery Store Wars. The study factored in current average home values, 5-year home price appreciation from 2015 to 2020, current average home equity, home seller profits, and home flipping rates.Homes near a Trader Joe’s have an average value of $644,
Some real estate pros are having their best year ever for home sales, despite the pandemic. Existing-home sales in November climbed 25.8% compared to last year, the National Association of REALTORS® reported Tuesday.Existing-home sales—completed transactions on single-family homes, townhomes, condos, and co-ops—did dip down by 2.5% in November compared to October’s unseasonably high levels, however. The slight decrease last month ended a f
Housing providers can breathe a sigh of relief. After months of political gridlock, Congress passed a series of measures Monday night to provide financial relief for Americans struggling during the COVID-19 pandemic. Among the provisions benefiting real estate: $25 billion in rental assistance to states and clarification that business owners can deduct business expenses on their federal tax returns that were paid using a forgivable Paycheck Prote
This week marked the 15th record low for mortgage rates this year. The 30-year fixed-rate mortgage dipped further to an average of 2.67%, the lowest rate ever recorded by Freddie Mac, with records dating back to 1971.“The housing market continues to surge higher and support an otherwise stagnant economy that has lost momentum in the last couple of months,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are at record
Fewer investors are taking on home flips during the pandemic. But many of those who’ve stayed with it are seeing profits rise.The number of home flips dropped again in the third quarter, comprising only 5.1% of all home sales, ATTOM Data Solutions reports. Home flipping reflects a transaction in which the property is bought and sold within 12 months.The gross profit on a typical home flip nationwide—which is the difference between the median
The Federal Reserve left borrowing costs at record lows on Wednesday, while acknowledging there’s still a long way to go as the nation’s economy heals from the COVID-19 outbreak.The key rate acts as a benchmark for borrowing and savings. Interest rates will remain at 0% to 0.25%, which they have since March. The Fed’s benchmark rates do not have a direct influence over mortgage ratesbut can influence them. Mortgage rates have been reaching
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
