In the majority of cities, buyers who earn the median income where they live can afford a median-priced home there as well, according to a new study by online loan marketplace LendingTree. Therefore, most households considered middle-class are not being priced out of the housing market.However, “middle class” can be a broad term that consists of a variety of income levels. A household earning anywhere between two-thirds of the national median
It can be financially harmful to borrowers and investors to repeatedly refinance their mortgages, warns Ginnie Mae, a government-backed firm that guarantees government mortgage bonds. That’s why the institution is taking steps to crack down on the practice of “churning,” where lenders push borrowers to refinance their home loans over and over again.Homeowners may be drawn to the idea of lowering their monthly mortgage payments, but multiple
Following four weeks of rate increases, fixed-rate mortgages posted a drop this week. Rates remain well below their averages from a year ago, and Freddie Mac predicts that will be a boon to home sales over the next couple of months. This comes after the Federal Reserve voted Wednesday not to increase its benchmark rate.“Slightly weaker inflation and labor economic data caused mortgage rates to dip this week,” says Sam Khater, Freddie Mac
Corporate relocation volumes and budgets are increasing, helping employees to more easily make a move for a job. In particular, 60% of mid-size firms with 500 to 4,999 salaried employees reported relocation budget increases, according to national moving company Atlas Van Lines’ Corporate Relocation Survey. For comparison, about 40% of small firms (fewer than 500 salaried employees) and 40% of large firms (5,000-plus) saw employee relocation inc
Homeowners have been less transient in the last few years. In the first quarter of 2019, homeowners who sold their homes had owned them an average of 8.05 years, down slightly from a record high of 8.17 in the fourth quarter of 2018, reports real estate research firm ATTOM Data Solutions. Still, that's up a 7.75-year average recorded a year ago.Prior to the Great Recession, from the first quarter of 2000 to the third quarter of 2007, homeownershi
The median list price in the U.S. reached $310,000 in April—another record high that surpassed March’s high, realtor.com® reported in its April 2019 housing trend report this week. Listing prices continue to grow, despite an uptick in For Sale signs and home seller competition.“The U.S. median listing price set another record this month, which we expect it to continue to do through summer when prices typically hit their seasonal peak,” s
Mark your calendar: Certain times of the year can offer seller premiums of 10 percent or more, and a majority of those days are during summer months.ATTOM Data Solutions analyzed more than 28 million single-family home and condo sales over the past eight years to find the best time of year to sell. They found that the summer tends to be hot in real estate for more reasons than just the weather.“Since summer is a time for vacations and outi
The Federal Reserve voted unanimously on Wednesday to leave borrowing costs unchanged and says it will continue to be “patient” about making any moves to its benchmark rate. The Fed’s vote came despite increased calls from the White House to cut interest rates. But the central bank left rates unchanged on Wednesday, citing the lack of inflation pressure.The Fed’s closely watched benchmark rate will remain in a range of between 2.25% and 2
Pending home sales were back on track last month, reversing course after last month’s drop. Three of the four major regions saw an uptick in contract signs in March, the National Association of REALTORS® reported Tuesday.NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.8 percent last month over February, and contract signings reached a reading of 105.8. Still, contract signings are down 1.2
Homeowners continue to reap profits off their home sales. U.S. homeowners who sold in the first quarter of this year realized an average home price gain since purchase of $57,500. That is up slightly from an average of $56,733 a year ago, according to ATTOM Data Solutions’ Q1 2019 Home Sales Report. The gains represented an average 31.5 percent return as a percentage of the original purchase price.Markets along the West coast saw some of the gr
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