As the economy improves, Millennials and Baby Boomers are on the move, but they’re heading in opposite directions, according to a new analysis by real estate data firm RealtyTrac. Find out why Millennials won't buy a home that looks like their parents' home. Each year, 17 million Americans (or about 6 percent of the population) move into a different county, according to Census Bureau data. Continue Reading
Down Payments for Lower-Priced Homes Double
Buyers looking at lower-priced homes are not only facing major inventory hurdles, they’re also finding that they have to bring more money to the closing table. The median down payment for the cheapest 25 percent of homes was 7.5 percent of the sales price last year, up from a low of 3.1 percent in 2006. That also compares to an average of 4.2 percent from 2001 through 2007, according to Continue Reading
Drop in Refi Applications Softens Loan Demand
Mortgage applications slipped in the latest week, despite mortgage rates continuing to hold near yearly lows and keeping borrowing costs down. Recent Coverage of MBA Reports Refi Applications Boost Loan Demand Loan Demand Slips on Drop in Refi Applications Refis Drive Rise in Mortgage Applications in Latest Week A mini boom in refinance applications last week, with a 3.8 percent jump in Continue Reading
FICO Scoring Changes May Help More Qualify for Mortgages
FICO, the nation’s most popular credit-scoring system, announced it is tweaking some of the criteria used in coming up with consumers’ scores, which could help consumers save more money in qualifying for mortgages and other types of loans. FICO recently told lenders their high credit score "cutoffs" were stricter than necessary, and urged lenders to consider lowering minimum score Continue Reading
Millennials Outnumber Baby Boomers: A Cue for Real Estate?
The Millennial generation is larger than the baby boomers — 87 million versus 76 million — and they’re expected to be a huge force in the real estate market in the coming years. Selling to Millennials Generational Differences Drive Housing Preferences Why Builders Are Worried About Millennials Millennials Say They Don't Want a Home Like Their Parents' The number of households in Continue Reading
Housing Slowdown Could Be Good for Buyers
The growing signs of a slowdown in the housing market might be good news for home buyers. Slowing home prices—after the double-digit increases last year—mixed with still-low interest rates are making homes more affordable. Also, the supply of homes for sale today represents 5.8 months of demand, the most since October 2011, giving buyers more choices than they have had in the recent past, as Continue Reading
Why Buyers Are Annoyed With New Homes
An increasing labor shortage among homebuilders reportedly is causing more new homes to be delivered late, and buyers say they're getting frustrated that builders don't come back to fix common issues such as sticky doors and loose floor tiles after they move in. "Builder tardiness" is a growing problem because the economic downturn drove hundreds of thousands of craftsmen and laborers away from Continue Reading
Mortgage Rates Hover Near Yearly Lows
Fixed-rate mortgages remained mostly unchanged this week, with borrowing costs just slightly above their lows for 2014, Freddie Mac reports in its weekly mortgage market survey. Are low interest rates spooking your potential move-up buyers? Read this:Understanding and Combatting the Rate Lock-in Threat Freddie Mac reports the following national averages with mortgage rates for the week ending Continue Reading
3 Challenges Still Facing the Housing Market
Existing-home sales gained momentum in June, reaching an annual pace of 5 million sales for the first time since October 2013, according to the National Association of REALTORS®’ latest housing report. Rising inventories also are pushing the overall supply of homes for sale toward a more balanced market, with unsold inventories 6.5 percent higher than a year ago, NAR notes. “Inventories are at Continue Reading
Why the Second Half of 2014 Will Be Better Than the First
The housing market has been sluggish in many markets over the past six months, after last year’s double-digit appreciation. But researchers at the real estate brokerage Redfin say they see signs that the housing market is now edging back to normal. In a new report, they say they expect the market in urban areas to regain its footing over the second half of 2014. “The second half will not be Continue Reading
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