Many housing markets remain weak overall, but those with stronger economies and favorable demographics are improving at a much stronger pace, according to Freddie Mac’s latest Multi-Indicator Market Index. The so-called MiMi monitors the stability of the nation’s single-family housing market by looking at home purchase applications, payment-to-income ratios, on-time mortgage payments, and the Continue Reading
Millennials and Boomers Trading Places
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
Millennials Keep Current on Mortgage More Than Other Ages
Mortgage borrowers under the age of 30 have the lowest mortgage delinquency rate of any other age group, according to a newly released TransUnion mortgage report. However, the age group also makes up the smallest share of all mortgage accounts at 4.16 percent, TransUnion notes. Is Mortgage Activity Improving? More Focusing on Paying Down Mortgage Foreclosures Drop to Lowest Level Since the Continue Reading
New-Home Sizes Show Signs of Leveling Off
Following two years of increasing home sizes, the median size of new-homes appears to be leveling off as entry-level buyers return to the market drawn to more modest homes, The Wall Street Journal reports. The median size of homes that builders started construction on in the second quarter was 2,478 square feet, holding the same as the previous quarter. It remains near the record high of 2,491 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
8.56 AC Parcel Sells for $2.2M in First Chandler Business Park
CHANDLER, AZ – An 8.56 acre commercial parcel at the SEC of Germann and Stearman Roads in First Chandler Business Park sold for $2.221 million ($5.95 PSF). The fully-improved parcel is located within First Chandler Business Park and will be the future home of Crown Castle, a wireless infrastructure provider. Plans call for the construction of a 70,000-square-foot built-to-suit office building. LGE 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
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