New-home construction for single-family homes saw an improvement in July, despite builders’ concerns about affordability headwinds. Single-family housing starts rose 1.3% to 876,000 units last month, the Commerce Department reported. The largest regional increases in single-family homebuilding last month occurred in the South.But a decline last month in multifamily production for condos and apartments led to an overall decrease in total housing
The number of green homes is rising, with LEED-certified properties jumping 19% since 2017. Green homes have reached a record-high number of nearly 500,000 single-family, multifamily, and affordable housing units globally. More than 400,000 of those units are located in the U.S., according to a new report released by the U.S. Green Building Council, which created the LEED green building rating system.LEED stands for Leadership in Energy and Envir
Small-town living isn’t always cheaper than urban life. In fact, in some burgs, residents may find it to be less expensive to live in a major metro area.Vineyard Haven, Mass., and Summit Park, Utah, are the two most expensive small towns in the U.S., according to a new study by LendingTree. In Vineyard Haven, the median home value is $674,600; in Summit Park, it’s $558,300. However, researchers found that the majority of residents who live in
Mortgage rates are hovering near three-year lows, and more homeowners may want to start taking advantage. Up to 20 million homeowners could “theoretically” see a 75-point drop in mortgage rates by refinancing, according to a recent analysis from Black Knight.For homeowners with a credit score of at least 720 and with 20% of equity in their property, they could see savings of nearly $270 per month from lower rates.“Millions of homeowners cou
The cheapest places to live in the U.S. are El Paso, Texas, and Lincoln, Neb., according to a new study by Move.org that ranks cities based on cost of living. In El Paso, the average cost of living is $1,182.96 per month and, in Lincoln, it’s $1,291.50. On the opposite end of the spectrum, San Francisco (at a $4,210.60 average cost of living per month) and New York (at $3,956.11) have the highest costs of living in the nation.Move.org analyzed
The 30-year fixed-rate mortgage continued to hover near historical lows this week, lowering borrowing costs for home buyers and refinancing homeowners. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.60% this week, unchanged from last week’s average.“The sound and fury of the financial markets continue to warn of an impending recession; however, the silver lining is mortgage demand reached a three-year high this week,”
Home builders are starting to lower their prices to better reach out to the growing demand for smaller, more affordable homes. Sales prices of new homes dropped 0.5% in the second quarter of this year from 2018 levels.Prices for new homes reached a median of $372,900 in the second quarter, while the median sales price of existing homes was $309,700.Builders appear to be shifting their focus to less expensive homes. “While this change was a clea
A lush lawn can help improve a home’s aesthetics. But it’s not always easy to do, says William Moss, a horticultural educator known nationally as the “garden boss." Moss says he sees several common mistakes that homeowners are making with their lawns, including:Watering ErrorsMany homeowners water too frequently for short periods, such as daily for 15 minutes or so. Instead, Moss says it’s better to water for a longer period of time every
The Department of Housing and Urban Development is expected to release updated guidance Thursday on condominium financing insured by the Federal Housing Administration, a move designed to help more would-be buyers become eligible for a mortgage. Specifically, the new rules will:Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.Allow for single-unit mortgage approvals—of
In more places, homeowners are carrying supersized mortgages. Outstanding mortgage balances rose nationwide for the seventh consecutive quarter and reached a new high of $9.5 trillion, according to first-quarter data from Experian.“While mortgage debt numbers could be a cause for concern as buyers increasingly leverage their finances to purchase homes, other signs show they are more responsible with their mortgage debt than in years past,” Ex
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