Demand may fall for homes in areas at high risk of natural disasters, such as flooding and wildfires, which could cause price growth to slow. A new realtor.com® analysis shows that properties in such areas will likely see 5% less price growth in 2021 than homes in similar areas at low risk of natural disaster.This trend is already rising. Homes in high-risk flood areas have seen a sales price growth of 5 percentage points lower than similar home
Mortgage financing giant Fannie Mae announced it would be extending some of its flexible lending standards into 2021 due to the COVID-19 pandemic. The extensions include allowing verbal verification of employment and power of attorney flexibilities, as well as some appraisal alternatives to ensure that transactions don’t get delayed. The extensions also require more checks on payment histories of self-employed borrowers.The temporary measures w
Homeowners are building wealth as property appreciation surges to its highest level since 2014. In the third quarter, the average homeowner had gained about $17,000 in equity year over year, according to CoreLogic’s latest Home Equity Report. Owners in Washington State saw the largest annual increase in home equity at $35,800, followed by California at $34,000.“The housing market has remained a strong pillar in an otherwise tumultuous ec
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The 30-year fixed-rate mortgage rate averaged 2.71% this week, holding at the all-time low first set last week, Freddie Mac reported.The ultra-low mortgage rates are making homebuying more attractive and boosting sales activity to the highest level since 2006, economists said at the National Association of REALTORS®’ virtual Real Estate Forecast Summit on Thursday. While home prices are rising annually by double-digit percentages, mo
Despite the economic uncertainties continuing to surround the pandemic, one fact has become crystal clear: Americans are ready to buy a new home. Low inventory, bidding wars, and record-low mortgage rates are giving consumers a new sense of FOMO—fear of missing out—and spawning a hot housing market, Ali Wolf, chief economist for real estate analytics company Zonda, said Thursday during the National Association of REALTORS®’ virtual Re
A peaceful, subdued tone and cheerful, vibrant color make up the color combo of Pantone’s “2021 Colors of the Year.” This year the paint firm chose two paint colors—Ultimate Gray, a nature-inspired nod to pebbles on a beach, and Illuminating, a bright yellow hue.Pantone notes that Ultimate Gray and Illuminating can be a colorful combo used in home design to add a “dose of sunshine and positivity.” They suggest combining the two shades
Low mortgage rates may also be helping to keep elevated delinquencies in check, according to a new report from CoreLogic."Our analysis of CoreLogic public records shows that more than one-half of all home mortgage loans created since the onset of the pandemic have been no-cash-out refinance," says Frank Nothaft, chief economist at CoreLogic. "By reducing their mortgage rate with these types of loans, homeowners have been lowering both their inter
Unfazed by the recession, wealthy Americans are looking to upsize their homes in the pandemic. Demand for million-dollar homes is climbing faster than any other price point, Bloomberg reports.Applications for mortgages larger than $766,000 increased 59% year over year in September, the largest uptick of all price segments, according to the Mortgage Bankers Association. The increase for mortgages from $150,000 to $300,000 rose just 13% in comparis
The appraisal can be a stressful process and may threaten to derail transactions. Twenty-one percent of REALTORS® say “appraisal issues” delayed their sales contracts in October, according to the most recent REALTORS® Confidence Index. Appraisal issues led to 13% of contracts being terminated. The appraiser evaluates the home’s lot size, condition (both inside and out), foundation, neighborhood, and any other amenities that add or de
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