Asian American mortgage applicants are facing higher mortgage denial rates than White mortgage applicants, despite having higher credit scores and incomes, according to a new Urban Institute report.The denial rate for Asian American mortgage applicants is 8.7% compared to 6.7% of White mortgage applicants. The denial rates are higher for Asian American mortgage applicants across income levels, too.Asian American mortgage applicants tend to have h
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The COVID-19 pandemic has hit many sectors of commercial real estate hard. But the sector is bouncing back. Investors purchased a record amount of commercial real estate in the third quarter, The Wall Street Journal reports.But office buildings and shopping malls aren’t behind the boom, as they typically are. Instead, some of the biggest drivers in the commercial sector have been apartment buildings, life-science labs, and industrial
The first year of homeownership can be one of the most expensive years. After all, new homeowners are paying for the down payment, closing fees, and the costs of moving in, while outfitting their new home.SmartAsset evaluated data across the 20 largest cities to find which areas have the highest first-year housing costs. They factored in six metrics: median home value, down payment, average closing costs, monthly mortgage payment, property taxes,
In this hot market, many Americans are willing to overlook a few ghosts for the right home and list price. Nearly a third—or 30%—say they’d be willing to live with a “friendly” ghost, according to realtor.com®’s annual Halloween survey. Twenty percent say they would live in a home where a murder has taken place. “In today’s ultra-competitive housing market, buyers are looking for a break,” says Clare Trapasso, realtor.com®’s
It may be time to call Ghostbusters. Eighty-three percent Americans say they’ve experienced paranormal activity in their home. according to a new survey from Cinch Home Services, a home warranty company. The top three paranormal experiences are hearing sounds, lights turning on and off, and hearing voices. Older people are more likely to report paranormal experiences inside their home, the survey finds.Most respondents who indicate they’ve li
The homebuying process can be scary for first-time and move-up buyers alike. Slightly more than half of Americans say they feel anxious thinking about the process of purchasing a property, according to a new survey from Ally Home. In fact, many consumers are more afraid of purchasing a home than dealing with their fear of commitment (89%), filing their tax returns (82%), having a tooth pulled (78%), or overcoming their fear of heights (75%), the
Big cities are back. When the COVID-19 pandemic began, many people fled busy city life for less crowded areas. But now they’re returning in a big way.Rents in the 10 largest U.S. tech cities—such as New York City and Austin, Texas—have surpassed their March 2020 levels by an average of 6.3%, according to realtor.com®’s monthly rental report. In most of the largest tech cities, the September rental growth rate is higher than prior to the
High lumber prices are returning, and home buyers should brace themselves for impact. The prices can have an effect on the cost of a new home as well as on decks and remodels.Lumber prices had been falling this summer, but that appears to have been short-lived. In August, lumber prices had bottomed out, but framing lumber is now up by 40% since then.Lumber prices still remain below the peak reached in May of about $1,515 per 1,000 feet. On Tuesda
Printed homes are coming to a new community in Austin, Texas. Lennar, one of the nation’s largest homebuilders, announced it was partnering with the startup ICON to build the largest community of 3D-printed homes to date. The builder says the high-tech construction method will allow it to overcome current labor and materials shortages that have been pressing on the new-home construction industry over recent months.3D-printed homes are touted as
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