Residents in neighborhoods with high levels of limited English proficiency have significantly lower rates of homeownership. On the other hand, neighborhoods with fewer LEP residents have higher rates of ownership, according to a new study by the Urban Institute.“We are not sure why and how limited English proficiency interferes with homeownership, but this research establishes that it is a barrier on top of other, more researched barriers,”
Even though the costs of homeownership are on the rise as home prices and mortgage rates increase, more consumers say it’s a good time to buy a home. AJ Smith, vice president of financial education with personal finance website SmartAsset, offers three tips for helping buyers determine whether now is the right time for them to purchase. ‘Right now’ is not always the right time: Prospective buyers may feel pressure to buy a home before i
Women who work full-time jobs in Arlington, Va., rank among the top female earners in the nation, bringing in an average of more than $80,200 per year, according to a new analysis by personal finance website SmartAsset. “Today, in some American cities, women are earning large salaries, running their own businesses, and handling their mortgages with ease,” the analysis notes.SmartAsset pinpointed the U.S. cities where women are finding the mos
Housing construction has not kept pace with population growth in the U.S. for more than a decade, and in order to stymie shortages across the nation, builders will need to construct 7.3 million more homes, according to a new report. The Up for Growth National Coalition, a group of real estate developers, owners, and builders of affordable housing, finds that since 2000, builders in about 22 states and the District of Columbia have not constructed
Fear of missing out—or FOMO, as millennials have coined it—has become a powerful motivator for young buyers to pursue homeownership, according to a new Bank of America survey. In particular, social media platforms such as Facebook and Instagram, where users often post about their lives as homeowners, are big influencers on prospective buyers, the survey of 2,000 U.S. adults finds. “I think it’s motivating them to think about homeownershi
The three major credit reporting agencies are implementing policy changes for credit scoring that could lift the scores of some consumers. Equifax, Experian, and TransUnion will now exclude exclude all tax lien data from credit reports, which could raise some credit scores as much as 30 points, CNBC reports.The agencies began this process last summer, removing nearly 100 percent of data on civil judgments and 50 percent of data on tax liens from
A man in Whitehouse, Texas, was arrested last week on charges of stalking a female real estate professional. The agent filed a police report, claiming that Danny Shane Lafaitt, 44, had been repeatedly making inappropriate contact with her. Lafaitt was charged with third-degree stalking and is being held on a $300,000 bond.According to the police report, Lafaitt first came to the agent’s office to inquire about listings, but the agent said she
Builders are making efforts to ramp up construction, but a large portion of home starts are in luxury markets, leaving inventory shortages in lower price brackets that are helping to sideline many first-time buyers. In the first two months of 2018, first-timers made up 29 percent of all home buyers, down from 32 percent a year ago, according to the latest REALTORS® Confidence Index Survey. Nearly 44 percent of properties were listed at $250,000
REALTORS® are remembering the 50th anniversary of the signing of the Fair Housing Act by further advocating for inclusion and diversity in the nation’s communities.The National Association of REALTORS® designates April as Fair Housing Month and is promoting this year's landmark anniversary through a series of education offerings and events for its 1.3 million members and state and local associations.“As REALTORS® join our industry partne
In the absence of legislative reform by Congress, there’s only so much the Federal Emergency Management Agency can do to encourage the growth of private flood insurance. But FEMA, which oversees federal flood insurance, has come up with a few small but meaningful program changes that will make it easier for households to switch to private insurance if they can get a better deal that way.First, the agency has lifted the requirement that househol
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