Home values vary considerably across the country, and that means aspiring buyers will need more—or less—money depending on where they’re putting down roots. For example, the median home value in San Francisco is nearly $1.2 million, compared to $170,000 in Philadelphia.Researchers with SmartAsset, a personal finance website, sought to find out how much consumers need in order to afford home payments in different areas of the country. They a
Borrowing costs continue to head lower, enticing home shoppers and refinancers to lock-in.“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” says Sam Khater, Freddie Mac’s chief economist. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”Freddie Mac reported the followi
Sales of newly built single-family homes saw a large jump in January, as warm weather in many parts of the U.S. prompted an early start to the homebuying season, says Jing Fu, director of forecasting and analysis at the National Association of Home Builders.New-home sales rose 7.9% in January to a seasonally adjusted annual rate of 764,000 units, the U.S. Commerce Department reported Wednesday. Sales are 18.6% higher than a year ago, and are at t
Total debt for Americans over the age of 70 has jumped 543% over the last two decades. Mortgages are a big part of that debt, according to a new report from the Federal Reserve Bank of New York.Americans in their 60s also saw debt significantly increase in that time, rising 471%, the report shows.Other age groups have also seen debt increases over that period, but the report authors note they haven’t been as pronounced as that seen by seniors.
More vacant foreclosures are appearing in some markets. But while pockets of property distress continue to haunt those areas, economists say there’s no need for panic.Vacant homes in foreclosure limbo—labeled “zombie foreclosures”—rose 3.1% in the first quarter, according to a newly released report from ATTOM Data Solutions, a real estate data firm. About 282,800 homes are in the process of foreclosure, and 8,700 are sitting empty as zo
Real estate pros are having a busy winter, and with buyer demand high, it could be even busier if it wasn’t for a lack of inventory continuing to plague many markets. Pending home sales rebounded in January, rising 5.2% month over month, the National Association of REALTORS® reported Thursday. Contract signings are up 5.7% over year-ago levels.“This month’s solid activity—the second-highest monthly figure in over two years—is due to th
Even as home prices rise, more Americans are heading into homeownership alone. The share of U.S. homeowners who are single reached a record 38.4% in 2018, the latest data available from the U.S. Census Bureau. A separate report says 48.5% of singles aged 18 to 34 owned a home in 2018, the highest level since 2009.The numbers are higher because more Americans are single, analysts say. Also, an improving economy and strong job market is fuelin
Homeowners are sitting on a record amount of equity, so what has them so worried about housing? A new study by LendingTree surveyed more than 1,500 Americans to gauge their expectations of homeownership.They worry most about upcoming repairs needed on their home. Nearly one-third of respondents cited major home repairs as their top housing-related worry.More than half of respondents surveyed say that homes are becoming less affordable in their ne
The higher your credit score, the better your chance to snag a lower mortgage rate and potentially save tens of thousands of dollars over the life of a loan. But one missed payment or a default can instantly bring a credit score down.“Depending on your credit history, a 15- or 20-point shift could mean the difference between being approved or declined or better terms or higher costs,” Rod Griffin, the director of public education at Experian,
Austin, Texas, topped the list as the hottest job market nationwide for the second year in a row, according to new rankings of 381 metro areas from the Wall Street Journal and Moody’s Analytics. Nashville, Tenn., made it to the second spot, up from number seven a year ago.Austin has carved a reputation as a booming tech hub and college town that has low unemployment and high wage growth. Apple Inc. has been among the latest companies to bring m
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