The tally of homes blanketed with volcanic lava in Hawaii continues to grow. Janet Snyder, a spokesperson for Hawaii County, told the Associated Press that hundreds more homes had been lost. The latest destruction was in the Kapoho Beach Lots and Vacationland subdivisions located on the Big Island.The count is now more than double the 117 homes that had previously been confirmed destroyed since Hawaii’s Kilauea volcano began erupting May 3, USA
Mortgage applications reversed course and posted an increase last week, as homeowners and home purchasers sought to take advantage of the lowest rates in six weeks. Mortgage application volume—for home purchases and refinance applications—rose 4.1 percent last week on a seasonally adjusted week-over-week basis, the Mortgage Bankers Association reported Wednesday. Volume, however, is still 2 percent lower than a year ago.Broken out, applicatio
Many markets are being saturated with new apartment buildings, and developers in some of the most popular markets are now finding they need to offer incentives to tenants in order to fill growing vacancies.After years of rental hikes, tenants are now finding themselves in the driver’s seat as more landlords look to aggressively court them. Some developers reportedly are offering new residents a month or two of free rent or free parking, accordi
Gains for lower-priced homes are seeing significantly higher increases than more expensive homes, according to the latest CoreLogic Home Price Index Report.CoreLogic researchers analyzed four individual home price tiers. The tiers were broken down into a “low price” tier that reflected homes priced at 75 percent or less of the median; “low to middle price” homes were between 75 and 100 percent of the median; “middle to moderate price”
Issues related to obtaining financing continued to be the main factor that delayed closings in April. The majority of contracts—78 percent—were settled on time in April. But 17 percent were delayed and 5 percent were terminated, according to the REALTORS® Confidence Index, based on a survey of more than 4,500 REALTORS® who were asked about their transactions in April.The top issues that caused a delay to settlement were: Issues related to
Homeownership rates and rental occupancy have a strong correlation. If you want to make projections about your real estate market, be sure to pay attention to certain statistics, says Michael Lim, senior director of analytics at TransUnion. When rental occupancy dips, homeownership typically rises, and vice versa. And, within the past year, market dynamics have become favorable supporting the potential rise in homeownership, he says.For the fir
Many Americans recently surveyed say they prefer to live in a neighborhood with a homeowners association, also called a community association, according to the 2018 Homeowner Satisfaction Survey, conducted by Zogby Analytics on behalf of the Foundation for Community Association Research. Ninety percent of survey respondents say their association’s rules protect their investment and enhance their property values, according to the survey.Survey
Homeownership remains a major component to financial security and continues to be the largest asset of the majority of households in the U.S. Primary residences account for a quarter of all household wealth, according to data from the Board of Governors of the Federal Reserve System’s Survey of Consumer Finances.“Homeownership is a primary source of net worth for many Americans, and is an important step in accumulating personal financial asse
Vacant buildings—especially ones that stretch through blocks of neighborhoods—have reached “epidemic levels” in some cities, according to a new report by the Lincoln Institute of Land Policy titled “The Empty House Next Door.” Formerly industrial cities in the Rust Belt are seeing the highest levels of what researchers call “hypervacancy.” Hypervacancy consists of blocks and neighborhoods of vacant buildings and lots that comprise
First-time home buyers are flocking to the real estate market in larger numbers, comprising 46 percent of mortgages backed by Freddie Mac—excluding refinancings—that were issued in the first quarter of this year. That marks the largest quarterly share that Freddie Mac has recorded, dating back to 2012.“This is a millennial-driven rise,” Sam Khater, Freddie Mac’s chief economist, told Bloomberg. “You’ve got a strong economy that’s
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