Lumber prices may soon start to recede from their recent record highs, and some home builders say they may stop taking new orders or delay projects with that expectation in mind.Prices for lumber have surged more than 200% over the past 12 months. That has added an estimated $36,000 to the price of an average new single-family home, according to the National Association of Home Builders.But the sky-high prices may soon back off: Lumber futur
Severe weather events have increasingly been putting households at risk over the years. Many homeowners are taking these weather events seriously, knowing the harsh weather can put their homes and their lives in danger.Nearly 68% of about 1,000 U.S. adults recently surveyed say they considered the potential for severe weather events when moving to a new place, according to a new survey from Helitech, a waterproofing and f
Builders are building more, even though overall housing inventories still feel tight. Builders in April constructed about 24% more homes than they did in April over the last couple of decades, the National Association of REALTORS® reports. Housing starts are likely to reach 1.6 million for all of 2021 and jump to 1.7 million in 2022, NAR projects.Building permits are viewed as a gauge of future housing inventory. They provide an estimate of the
The LGBTQ community, estimated to hold the potential for $1 trillion in buying power, has long been regarded as a bright spot for the housing market. But many members of this community have shied away from purchasing a home because they don’t always feel welcome in their neighborhoods, according to reports. The homeownership rate for the LGBTQ population is 49.8%, which is far below the U.S. average of 65.8%.In conjunction with P
Mortgage rates were on the rise last week but remained just below 3%, offering borrowers another opportunity to lock in historically low rates.Still, the National Association of REALTORS® cautions that borrowers should expect mortgage rates to increase modestly in the following months as the economy continues to recover. NAR forecasts the 30-year fixed-rate mortgage to average 3.20% in 2021.“Home prices continue to accelerate while inventory r
The Federal Housing Finance Agency—the regulator of Fannie Mae and Freddie Mac—has extended pandemic-related forbearance options for multifamily properties until the end of September. This marks the third extension of the program, which most recently had been set to expire on June 30.Property owners with a Fannie Mae or Freddie Mac-backed multifamily mortgage can enter a new or modified forbearance if they experience a financial hardship due
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The challenges to build a home continue to mount for the nation’s builders. Material shortages—such as for lumber, appliances, windows, and doors—are at the tightest levels in history, the National Association of Home Builders reports.About 90% of builders recently surveyed across the country reported shortages of appliances, framing lumber, oriented strand board, plywood, and more, the survey shows. The shortages have worsened over the pas
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Eighty-eight percent of the homes sold in April were on the market for less than a month, according to the latest National Association of REALTORS® data. Homes are selling fast as the homebuying frenzy continues. Buyers are feeling pressured to make a decision fast to purchase a home.Realtor.com®’s research team evaluated 250 of the largest metro areas to see where homes are selling at the quickest pace and at the slowest pace. They limi
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