California’s largest single wildfire on record continues its long trail of destruction in the northern part of the state, scorching an area more than twice the size of New York City. Nearly 900 homes have been destroyed since the Dixie Fire began in mid-July. A historic Gold Rush town in Greenville has mostly been destroyed.Firefighters reported on Monday that the Dixie Fire has been about 25% contained. But blazing temperatures forecast for th
Housing inventory is increasing with an uptick in more affordable homes, which could lead to a possible door opening for more first-time buyers. New listings rose 6.5% in July, marking the fourth consecutive month for annual increases, according to realtor.com®’s Monthly Housing Report.“July housing trends show a market still working its way back toward some version of normal,” said Danielle Hale, realtor.com®’s chief economist.
New fears over the fast-spreading COVID-19 delta variant are moving mortgage rates lower. The 30-year fixed-rate mortgage spent another week under 3%.“With global uncertainty surrounding the delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit,” said Sam Khater, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 20
Higher home prices are translating into mega wealth for those who own.Thirty-four percent of residential properties in the U.S. with a mortgage were considered “equity rich” in the second quarter, which means the combined estimated amount of loans secured by the properties was at least 50% of its estimated market value, according to a new report from ATTOM Data Solutions. The number continues to grow, increasing from 31.2% in the first quarte
Apartment rents are on the rise and the number of vacancies has dropped as more people head back to work. The trend is especially being driven by the return of young professionals to cities, The Wall Street Journal reports.Median rents have jumped by more than 10% over the past year, according to Apartment List. Nearly every major metro area is now seeing rents move higher than they were a year ago.Housing providers are removing incenti
Bidding wars and high home prices are increasingly sidelining first-time home buyers. To make matters more challenging, they are also up against investors willing to pay cash for a home, which they are typically unable to do. They are losing out on homes facing multiple offers and missing some of the lowest mortgage rates of all time—under 3%.But “the American dream [of homeownership] is not dead,” Jessica Lautz, vice president of research
Unlike past housing booms, the real estate market is seeing a surge in sales at the very top of the housing market. More expensive properties are selling nearly twice as fast as lower- and mid-priced homes.“Wealthier Americans have benefited greatly during the pandemic thanks to the rising stock market, which typically helps grow net wealth,” Lawrence Yun, chief economist at the National Association of REALTORS®, told The Washington Pos
Profit margins for home sellers took an unexpected dip in the second quarter, but they continue to significantly exceed levels from a year ago. The dip may be a sign that investment returns may be declining, according to ATTOM Data Solutions’ second-quarter 2021 U.S. Home Sales Report.In the second quarter, the typical single-family and condo sale in the U.S. posted an average profit of $94,500. That was up from $90,000 in the first quarter and
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Three in 10 home sellers say they’ve used a hidden camera during an open house or showing at their home, according to a new LendingTree study of more than 2,000 consumers.The most common reason, cited by nearly half of those who provided reasons, is to understand what home buyers do and don’t like about the homes. Thirty-six percent of those respondents said they wanted to use the camera to gather information that could be useful during negot
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