Real estate wealth tends to be largely concentrated in the largest cities in the U.S. LendingTree recently analyzed the total value of residential real estate in American cities, culling property value data of more than 155 million U.S. properties.American households own $29.2 trillion of residential real estate—that makes up a big part of the $107 trillion in total household net worth in the U.S., LendingTree notes.New York has the most valuab
The 30-year fixed-rate mortgage averaged 3.07% this week, the lowest ever recorded by Freddie Mac since it began tracking such data in 1971. “Mortgage rates continue to slowly drift downward, with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3% later this year,” says Sam Khater, Freddie Mac’s chief economist. “On the economic front, incoming data suggest the rebound in economic activity has paused in
The lack of housing inventory continues to be buyers’ biggest hurdle. In June, the number of homes for sale plummeted nationwide, prompting realtor.com® to call home sellers the “missing link” to an otherwise strong summer housing market.The nation’s housing inventory decline has accelerated since May, and housing inventory dropped 27.4% year over year in June, according to realtor.com®'s newly released housing report. That translates t
The median home price of single-family homes and condos in the second quarter of this year was more affordable than historical averages in a growing number of counties across the U.S., according to a new study from ATTOM Data Solutions, a real estate data firm. Researchers determined housing affordability by calculating the amount of income needed to make monthly house payments—including the mortgage, property taxes, and insurance—on a median
With federal protections about to expire, landlords are being offered additional help as the COVID-19 pandemic continues. The Federal Housing Finance Agency said Monday that multifamily property owners currently in forbearance can request an extension of their payment suspension for three additional months. That will amount up to half a year in total.The FHFA guidelines apply only to properties that have loans secured by the government-backed ent
Each day, about 10,000 baby boomers reach age 65, and they’re increasingly shifting into retirement mode, according to the Pew Research Center. Many have expressed a desire to move to beachfront properties.But they may want to avoid pricey coastal retirement havens in favor of more affordable beach towns.“Retirees are undoubtedly drawn to these areas by the active, beach lifestyle,” says Danielle Hale, realtor.com®’s chief economist. “
The number of loans originated by independent mortgage companies has increased significantly over recent years. In 2019, these lenders originated more than half—or 56.4%--of first-lien, owner-occupied home purchase loans, up from 35% in 2010, according to a report released this month from the Consumer Financial Protection Bureau. Independent mortgage companies also originated more than half—58.1%--of first-lien, owner-occupied refinance
The 30-year fixed-rate mortgage stayed at its record low this week, offering an opportunity for home buyers to lock in the lowest rate in Freddie Mac’s records dating back 50 years.The 30-year fixed-rate mortgage averaged 3.13% this week.The mortgage market has seen a resurgence in applications for home purchases in recent weeks. “The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buye
As mortgage rates remained at record lows last week, homebuyers rushed out to apply for a mortgage. Homebuyer mortgage applications have surged for five consecutive weeks due to pent-up demand from shelter-in-place orders in March and April as well as a demand for more living space as a result of the pandemic.Purchase mortgage volume dropped 3% from last week’s high pace, but remains 18% higher than a year ago, the Mortgage Bankers Association
A majority of real estate investors in the U.S. say they’re optimistic about the strength of the housing market, despite the nation caught in a recession caused by the pandemic. A new survey from LendingHome, a resource for investors, reflects 600 respondents among three investment segments: house flippers, landlords of single-family rental homes, and real estate investment mortgage brokers.Eighty percent of the investors surveyed say they beli
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