Affordability remains one of the largest hurdles the housing market faces, and no state struggles more than California. A new report from Attom found 16 of the 50 highest risk markets — those more vulnerable to declines in home affordability, equity and other measures — were in California, followed by nine in New Jersey, four […]
California tops list of riskiest housing markets Read More »
The Federal Housing Administration once helped finance thousands of loans for manufactured housing. An effort to restart that program would help millions of Americans afford their own homes, writes Scott Susin, of the Center for Mortgage Access.Kybele – stock.adobe.com The Federal Housing Administration, or FHA, was once a major player in lending for manufactured homes
Reviving this one FHA program could greatly boost homeownership Read More »
Despite increasing home prices, homebuyer affordability improved in October on the back of year-low mortgage rates, the Mortgage Bankers Association said. The national median payment for purchase applicants fell nearly $30 to $2,039 last month compared to September, according to the MBA’s Purchase Applications Payment Index. That’s down $88 from a year ago and $61
Homebuyer affordability improves for fifth straight month Read More »
A 50-year mortgage on a median-priced US home could reduce borrower’s monthly repayment, but also double the amount of interest the owner pays over the life of the loan, according to UBS Group AG analysts. The longer mortgage could lower the monthly payment by about $119, or increase an average consumer’s purchasing power by almost
A 50-year mortgage to double interest paid over tenor, UBS says Read More »
Home prices continue to rise across the country, despite the market tilting in favor buyers. The national median single-family existing-home price increased 1.7% year over year to $426,800 in the third quarter, the same annual growth rate as the second quarter, an analysis by the National Association of Realtors found. “Home sales have struggled to
Home prices trend up despite little seller leverage Read More »
Every day my family rents to people who pay their rent on time, balance their budget and save responsibly. Yet when the time comes for them to buy a home, the traditional credit system does not recognize their financial discipline. According to the 2023 National Association of Realtors report, 65% of Millennials and Generation Z
Why renters deserve a fair credit score Read More »
Homeowners are seeing smaller profits from sales compared to a year ago, but the latest numbers still surpass pre-pandemic levels, as growing numbers hold onto their properties amid surging equity accrual. Sellers gained an average of 49.9% in profit after transactions closed during the third quarter, according to the latest home sales report from real
Homeowners see slimmer profits from third-quarter sales Read More »
Bilt Rewards, best known for offering renters rewards points for paying on time, plans to do the same for mortgages through a partnership with United Wholesale Mortgage LLC, its first tie-up with a home lender. Bilt, which more than tripled its valuation in July to $10.8 billion, will allow homeowners with new or existing mortgages from
Startup that turns rents to rewards points expands to mortgages Read More »
The average starter home in the United States sold for a record high last month, yet sales notably increased. The average price of a starter home rose 2.2% from last August to $206,508, while starter-home sales increased 3.8% year over year, according to a new report from Redfin, a subsidiary of Rocket Cos. August marked
Starter home sales climb despite record-high prices Read More »
Home buyers saw hints of easing affordability throughout the summer, as mortgage payment levels dropped month to month, but prices and inventory still prove to be formidable obstacles. The median payment on new mortgage applications in August came in at $2,100, a 1.3% decrease from July. August’s number still clocked in 2.1% higher compared with
Mortgage payment levels see fourth straight monthly drop Read More »