The Tax Cuts and Jobs Act, an overhaul of the U.S. tax code enacted in 2017 that puts a cap on some deductions for homeowners, has “negatively impacted the housing market” by tamping down sales volume, according to a new study from the New York Federal Reserve. A slowdown in home sales from late 2017 through the third quarter of 2018 can be partially attributed to the changes in the tax law, in addition to interest rate hikes during that time
A growing number of Americans who lost their homes to foreclosure or a short sale during the housing crisis are re-emerging in the housing market and buying a home again, USA Today reports. “Boomerang buyers,” as they’re nicknamed, are coming back, and some economists contend they are a critical component to driving a big uptick in the housing market over the next few years.“I think the next phase of the housing recovery will be
Mortgage rates have slowly been inching up over the past month, but they remain below their levels a year ago.“Despite the recent rise in mortgage rates, both existing- and new-home sales continue to show strength—indicating the lagged effect of lower rates on housing demand,” says Sam Khater, Freddie Mac’s chief economist. “This, along with improved affordability, should push housing activity higher in the coming months.”Freddie Mac
Affordability and a good job market are the two chief influencers for moving millennials, according to the National Association of REALTORS®’ new report “Most Popular Areas for Millennials: Where They Move and Stay.” Millennials, those between the ages of 21 and 38, account for 37 percent of all home purchases—making up the largest buying force in the housing industry, according to NAR.Other Key Findings on Millennial MoversOne out of 2
Renters aren’t always honest with landlords. For example, nearly a quarter of renters recently surveyed admitted to not disclosing a pet to their landlord—their top lie. They also were prone to not telling their landlord that they broke household items when moving out or that someone else was living in the home who wasn’t on their lease, according to a new survey from Porch.com, a home remodeling website.Porch.com surveyed 563 renters and 5
A Native American group in Utah is suing the U.S. Department of Housing and Urban Development over its newly issued down payment assistance rules for Federal Housing Administration mortgages. The groups argue that the new rules are unlawfully targeting Native American tribes and bands by prohibiting them from participating in home-purchase assistance programs.The Cedar Band of Paiutes, the Cedar Band Corporation, and the CBC Mortgage Agency filed
Economists are sounding more upbeat toward the housing market this year. Realtor.com® has revised its 2019 housing forecast, reflecting optimism for a much stronger market. Lower mortgage rates are mostly behind the shifts in attitude.Realtor.com® economists are projecting mortgage rates to average 4.5 percent by the end of the year—nearly a percentage point lower than they originally forecasted. The lower mortgage rates are increasing buyers
Working with tenants is stressful, landlords agree. Eighty-eight percent of landlords recently surveyed say they have experienced some stress renting out their properties, yet 80 percent say the money from being a landlord is worth the stress, according to a new survey from Porch.com, a home remodeling website.Nearly 49 percent of landlords say they’ve had a tenant ask to break a lease early; 45 percent have had to evict a tenant; and about 41
Housing starts continued to underperform in March, despite calls from the housing industry to build more to help inventory-starved markets. Total housing starts fell to a seasonally adjusted annual rate of 1.14 million in March, the lowest since May 2017, the Commerce Department reports. Starts are 14.2 percent lower than a year ago. “Despite signs of stabilization of confidence in the marketplace, housing affordability continues to be a concer
Homes near charging stations for electric vehicles command higher sales prices, according to a new analysis from realtor.com®. Researchers found that the combined median listing price for areas that are most accommodating to electric vehicles is $782,000—1.5 times more than their surrounding areas and 2.6 times higher than the rest of the country.“Our data shows there’s definitely a link between the prevalence of electric vehicle charging
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