Hurricane Lane is spiraling through Hawaii, with some areas of the Big Island already reporting more than two feet of rain as of early Friday. About 48,617 homes in Hawaii may be at extreme or very high risk of hurricane-driven flood damage from the hurricane, with a total reconstruction cost value of about $8 billion, according to a report from CoreLogic, a real estate data firm.The Category 3 storm hit Hawaii’s Big Island on Friday morning. O
Borrowers continued to get relief with mortgage rates this week, as the 30-year fixed-rate mortgage sank lower for the third consecutive week. Mortgage rates are now at their lowest level since mid-April.“Backed by very strong consumer spending, the economy is red-hot this month, which is, in turn, rippling through the financial markets and driving equities higher,” says Sam Khater, Freddie Mac’s chief economist. “Unfortunately, the same
Millennials could stand to make some improvements to their credit files. Only 39 percent of millennials without a mortgage have a prime or better score, and the majority are facing higher delinquency rates on personal loans, shows a newly released study from Experian, an information services company.Eighty-six percent of millennials recently surveyed say they believe that buying a house is a good financial investment, according to the National As
The shortage of homes for-sale continues to depress sales. Sales of newly built, single-family homes dropped last month and are now at the lowest level since last October, the Commerce Department reported Thursday. This follows on the heels of the National Association of REALTORS®’ report earlier this week that showed existing-home sales also dipped in July, reaching their sluggish pace in more than two years.“A lack of overall housing in
Facebook is removing thousands of targeting options from its advertising platform after the Department of Housing and Urban Development accused the social media giant of discriminatory practices with its housing ads.HUD filed a complaint last Friday against Facebook that claimed the social network’s advertising platform allowed users to discriminate against prospective renters and buyers by being able to limit who saw their ads based on the us
Large-balance mortgage loans called “jumbo” loans are becoming less expensive than conforming loans. Traditionally, jumbo loans have carried higher interest rates, but since mid-2013 that has been gradually changing. Jumbo loan rates have been less expensive to borrow than a conforming mortgage loan by an average of 33 basis points during the first quarter, according to CoreLogic, a real estate data firm, on its Insights Blog.In response, jum
As young professionals head out on their own, where are some of the best places for them to call home? SmartAsset, a financial resource, analyzed several metrics—such as employment rates, median earnings, housing costs, and entertainment establishment density—to identify the best U.S. cities for professionals between the ages of 25 to 34.Sioux Falls, S.D., landed at the number-one spot in SmartAsset’s rankings this year. Besides a low unemp
Lots located next to power lines tend to sell for a whopping 45 percent less than similar lots further away from high-voltage transmission lines, according to a new study in the Journal of Real Estate Research. Lots that are non-adjacent to power lines but are located within 1,000 feet of them often sell at a discount of 18 percent, researchers Chris Mothorpe and David Wyman, the authors of the study, found.The study focused on the value of vaca
Existing-home sales slowed for the fourth consecutive month in July, reaching their most sluggish pace in more than two years, the National Association of REALTORS® reports. The West was the only major U.S. region to see an increase in sales last month.Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 0.7 percent month over month to a seasonally adjusted annual rate of 5.
In a victory for REALTORS®, Fannie Mae and Freddie Mac are ending pilot programs they’ve been operating for the last several years to help institutional investors in the purchase of single-family homes for rental properties. The Federal Housing Finance Agency, which oversees the two companies as well as the 11 Federal Home Loan Banks, announced the action Tuesday. “What we learned as a result of the pilots is that the larger single-fami
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