The number of single-family rentals is growing, and landlords continue to accrue high profits from their investments. Single-family rents rose 2.9% year over year in June, according to CoreLogic’s Single-Family Rent Index, which measures rent changes among single-family rental homes, including condos.Phoenix continues to outpace many other large metros for single-family rent increases. Year-over-year rent growth in its single-family rental mark
The 30-year fixed-rate mortgage averaged 3.55% this week, the lowest average since November 2016, Freddie Mac reports. The lower mortgage rates are boding well for the housing market.“The drop in mortgage rates continues to stimulate the real estate market and the economy,” says Sam Khater, Freddie Mac’s chief economist. “Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months,
Young adults may need more resources for learning about mortgages and homeownership. More than half—55%—of young adults recently surveyed say that they’re lacking knowledge on homeownership and mortgages. That confusion has prevented them from becoming a homeowner, according to a new survey of 1,000 consumers between the ages of 23 and 38 conducted by LendEDU, a personal finance resource.Homeownership preparation is not typically
Existing-home sales showed improvement in July, a welcome sign for what has been a mostly sluggish summer real estate market. Reversing course last month, sales climbed 2.5% over June, the National Association of REALTORS® reported Wednesday. The Northeast was the only major region of the U.S. to see sales decline in July. The bulk of sales growth was attributed to the West.“Falling mortgage rates are improving housing affordability and nudgin
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
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
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