A new housing report shows 73.9 million Americans reside in a community with a homeowners association or condominium board. That is more Americans than ever, according to the Foundation for Community Association Research.California now leads the nation with 49,200 associations, followed by Florida, with 48,500; Texas, with 21,000; Illinois, with 18,800; North Carolina, with 14,100; and New York, with 14,000, the report says.In 2019, there were ab
Large retirement communities are being challenged by a new wave of retirees who are showing less interest in the sprawling housing developments that were built for them. Instead, today’s retirees are showing a desire for more customized housing options that fit their active lifestyle.The idea of retirement communities isn’t disappearing, but it’s shifting in design and location, CNBC reports. For example, just prior to the pandemic, more re
Home sales climbed in August to the likes of the 2006 housing boom days, despite the COVID-19 pandemic. Existing-home sales in each of the four major regions of the U.S. saw month-over-month and annual growth, the National Association of REALTORS® reported on Tuesday. The Northeast saw the largest monthly improvement in home sales.Housing inventories continue to remain tight, putting upward pressure on home prices. Existing-home prices for
Homeowners are gaining wealth in the pandemic. The average homeowner gained about $9,800 in equity year over year in the second quarter, according to a new report from CoreLogic, a real estate data firm.“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures,” says Frank Martell, president and CEO of CoreLogic. “Although the exact contours of the economic recovery rema
Fewer investors are flipping homes, but those still active in the market are earning higher profits. Typical investment returns rose to the highest level since late 2018 for housing flips, according to ATTOM Data Solutions’ latest 2020 U.S. Home Flipping Report.The gross profit on the typical home flip nationwide—which is reflected as the difference between the median sales price and the median paid by investors—rose to $67,902 in the secon
Builders increased construction of single-family homes in August as buyers continued to swarm the new-home market. The pace of single-family starts last month reached its highest level since February, just before the COVID-19 pandemic ignited across the U.S.Single-family starts rose 4.1% in August to a seasonally adjusted annual rate, of 1.02 million the Commerce Department reported Thursday. Meanwhile, homebuilder sentiment last month rose to an
Record low mortgage rates are drawing a new wave of first-time home buyers to the market, Freddie Mac reports. “In August, activity among first-time home buyers rose 19% from July to the highest monthly level ever for Freddie Mac,” says the mortgage giant’s Chief Economist Sam Khater, adding that the rebound “has come at a critical time for the economy.”Since the beginning of the year, mortgage rates have dropped more than 80 basis poin
Home shoppers may have an even tougher time finding a home to purchase in the weeks and months to come, as home prices continue to climb and even fewer new listings arrive on the market.Home price growth has reached a two-year high, while natural disasters brought the number of homes for sale even lower, according to realtor.com®’s Weekly Housing Report, reflecting the week ending Sept. 12. Still-strong buyer demand but lack of supply prompted
The Federal Reserve voted Wednesday to leave its benchmark lending rate unchanged and near zero. It will likely stay in place for more than a year to help the economy recover from the COVID-19 pandemic.The Fed’s benchmark rate is what banks charge one another for short-term borrowing. It is not the rate consumers pay, and it doesn’t often directly influence mortgage rates, although it does often have an impact.The committee on Wednesday also
Empty nest no more? The COVID-19 pandemic has prompted millions of young adults to move back in with their parents since the spring. The majority of 18-to-29-year-olds now live with their parents, surpassing the previous peak during the Great Depression, the Pew Research Center reports.In July, 52% of 18-to-29-year-olds lived with one or both of their parents, up from 47% in February, according to the analysis. That places the number of young adu
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