More home shoppers purchased newly constructed homes in November, bringing new-home sales to their best three-month performance since 2007, the U.S. Commerce Department reported Monday. Economists credit low mortgage rates, low unemployment, and strong income growth for the sales uptick.Sales of new single-family homes increased 1.3% to an annualized pace of 719,000 in November. “Fueled by the limited number of resales available for purchase, l
A regular inspection of the chimney not only can ensure your fireplace is venting properly but also protect you against a house fire and carbon monoxide poisoning.During the holidays, chimney businesses notice an uptick in service calls. These businesses use wire and nylon brushes to clean creosote buildup out of chimneys. Creosote, a byproduct from burning wood, is highly flammable and can increase the risk of a house fire if it’s not reg
Americans are boosting their credit scores, which bodes well for applicants seeking a mortgage to snag the lowest rates. The average credit score hit its highest level since 2011, reaching 682--two points higher than a year ago, Experian reports in its State of Credit report. Consumers also are taking on more mortgage debt than a year ago, and delinquency rates are decreasing too.“We’re seeing a promising trend in terms of how Americans are m
The 30-year fixed-rate mortgage averaged 3.73%, unchanged from a week ago, Freddie Mac reports.“The economy continued to pick up momentum with a solid increase in residential construction, improvement in industrial output in our nation’s factories and a rise in job openings,” said Sam Khater, Freddie Mac’s chief economist. “While the economy is in a sweet spot, improvements in housing market sales volumes will be modest heading into nex
Despite historically low mortgage rates, housing affordability fell slightly in October compared to the previous month, the National Association of REALTORS®’ Housing Affordability Index shows. However, NAR notes, housing affordability conditions have improved compared to a year ago.Home prices are continuing to rise faster than incomes and that prompted housing affordability to fall in October compared to September int here of the four major
Existing-home sales decreased in November, offsetting October’s gains. But Lawrence Yun, chief economist for the National Association of REALTORS®, says there’s no reason to believe the drop indicates a lasting downward trend heading into the new year.Total existing-home sales—completed transactions for single-family homes, townhomes, condos, and co-ops—slipped 1.7% in November, reaching a seasonally adjusted annual rate of 5.35 million,
More luxury homeowners are being drawn to “jewel box” homes, smaller footprints that are souped-up with amenities and upscale, deluxe finishes, The Wall Street Journal reports.The number of new luxury homes of 3,000 square feet or less has jumped nearly 20% since 2013. That has corresponded to a decrease in large, high-priced homes, according to data from Home Innovation Research Labs, a subsidiary of the National Association of Home Builder
Seniors who own a home should feel richer. Homeowners 62 and older saw their housing wealth grow by 0.3% in the third quarter—or $24 billion. That brought senior housing wealth to a total record high of $7.19 trillion, the National Reverse Mortgage Lenders Association reports.The increase was due to a 0.5% uptick in seniors’ home values, the report notes.“Research suggests that as we age, Americans will spend more of our hard-earned retirem
The federal government is responsible for the flooding of thousands of homes and businesses in Houston during 2017’s Hurricane Harvey by failing to accurately regulate two federally owned reservoirs, a U.S. judge ruled this week. The U.S. Army Corps of Engineers was found liable for failing to properly maintain the dams to hold the water that accumulated in the pair of reservoirs during the record-breaking storm in 2017.Hundreds of lawsuits hav
More new-home construction is coming, and builders are increasingly confident about the direction of the market. Housing starts in November rose 3.2% to a seasonally adjusted annual rate of 1.37 million units, the U.S. Commerce Department reported Tuesday.Broken out, single-family home construction rose 2.4% year over year in November, while the multifamily sector, which includes apartments and condos, rose 4.9%.In the eye of a massive housing sh
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