Home buyers are putting more money down on a home, as the median down payment for a single-family home or condo in the third quarter was $20,000—a new record high, according to ATTOM Data Solutions’ Q3 2017 U.S. Residential Property Loan Origination Report. The average down payment equaled 7.6 percent of the median home sales price of $263,000, according to the report.“Buying a home has become a full-contact sport in many markets across the
The California Department of Business Oversight issued a warning to consumers to beware of email scams purporting to be from representatives of Impac Mortgage Co.The emails originate from a fake email address, impacmortgagecorp@gmail.com, and appear legit, using Impac Mortgage’s logo and invoking the name of CEO Joseph Tomkinson. The scammers are sending unsolicited emails to recipients, offering them loans and requesting that the recipient pa
A majority of recently surveyed homeowners say that changing homeownership tax incentives would restrict their mobility and cause them financial strain, according to new data from the National Association of REALTORS®’ fourth-quarter Housing Opportunities and Market Experience survey.Proposed tax bills currently in the House and Senate could “undercut the incentive of owning a home and would have a detrimental effect on many homeowners’ fi
Republican lawmakers in conference committee Wednesday announced a tentative agreement on melding the House and Senate versions of tax reform into a final bill. A formal vote is expected soon. The National Association of REALTORS® is seeking changes to make the final bill less harmful to homeownership. Here’s a Q&A on what to look for over the next week or so based on a Facebook Live event NAR hosted yesterday. Participating in the live di
Loan demand dropped 2.3 percent last week as a slight increase in rates may have spooked potential home buyers and refinancers.The Mortgage Bankers Association reported that applications to refinance saw the bulk of the decrease last week, dropping 3 percent for the week. Applications to purchase a home saw a 1 percent decrease for the week. However, applications to buy are still 10 percent higher than the same week a year ago, the MBA reports.Th
Several malls in the U.S. are getting a new owner. Mall operating giant Westfield is being acquired by Unibail-Rodamco, a commercial real estate giant based in France, in a deal valued at nearly $16 billion. The sale comes at a time when the mall sector is struggling to define itself as it competes with growing threats from online shopping.Westfield is an Australian firm that operates 33 malls across the U.S. Its mall portfolio includes New Yorkâ
Many retirees are worried if they’ll ever be able to pay off their mortgage. Forty-four percent of 60- to 70-year-old retirees have a mortgage in retirement, according to American Financing’s 2017 Retirement and Mortgages Survey. Thirty-two percent predict it will take still take them more than eight years to pay off their mortgage.Baby boomers are carrying mortgage debt into retirement more than previous generations, a survey by Fannie Mae
Fannie Mae and Freddie Mac announced a nationwide suspension of evictions on foreclosed single-family homes during the holiday season, between Dec. 18 to Jan. 2. The moratorium applies to all foreclosed, occupied homes owned by Freddie Mac or Fannie Mae.Legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their home over the holidays.“As we have done in past years, we are suspending evictions
Do you have the chops to be successful at home flipping? ATTOM Data Solutions, a real estate data firm, reveals some of the top criteria from successful flippers. It based its findings on the most profitable flipping markets in the third quarter, which were: Pittsburgh, Baton Rouge, Philadelphia, Baltimore, and Cleveland.A few habits of effective home flippers are:They know how to find a great deal.Home flippers in the most profitable markets pu
With rising home prices, more state lawmakers are proposing legislation to help home shoppers tackle the down payment obstacle. More states this year have considered or are considering passing laws to allow for tax-saving down payment accounts to aid first-time buyers.Three states authorized such accounts this year: Iowa, Minnesota, and Mississippi. Colorado, Montana, and Virginia already have such accounts in place.The established down payme
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