Mortgage applications dropped last week, slammed by back-to-back major hurricanes and higher interest rates. Total mortgage application volume, which includes for home purchases and refinances, dropped 9.7 percent week-over-week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Further, weekly applications were 21.5 percent lower than the same week a year ago.Broken out, applications to buy a home dropped 11 per
During September’s REALTOR® Safety Month, be sure to take precautions to protect yourself from physical harm—and to protect both yourself and your clients in today’s digital world, says Marc Gould, vice president of business specialties for the National Association of REALTORS® and executive director of REBAC.Gould warns in a recent column at RISMedia about the threats cybercrime is posing to real estate transactions. An email-based sche
For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable “to break out,” according to the National Association of REALTORS®’ latest housing report, released Wednesday.Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South a
Entrepreneurs in Seattle have come up with an idea to help aspiring home buyers overcome the down payment obstacle: They’re offering down payments to those willing to be an Airbnb host for up to three years, renting out a room in their new homes.Loftium is providing prospective home buyers with up to $50,000 for a down payment, but the buyer must be willing to continuously list an extra bedroom on Airbnb for one to three years. Homeowners al
Real estate associations and firms are rushing to help thousands of displaced hurricane victims find temporary housing in the Houston area. The Houston Association of REALTORS® launched a housing section on its website to help victims of Hurricane Harvey find a temporary place to live. The site allows real estate professionals, property owners, landlords, and property managers to post homes they agree to make available. Some of the homes poste
Real estate professionals in South Florida say housing was largely spared the wrath of Hurricane Irma last week, and they expect only minor delays in closings. Homes that were under contract when Irma hit will need to be reinspected, says Jim Flood, regional manager for Supreme Lending in Fort Lauderdale. Some lenders are covering the average $200 cost for reinspections and extending interest rate lock-ins for 10 days to help clients minimize del
In the second quarter of this year, 5.6 percent of all home sales were flips, according to ATTOM Data Solutions’ Q2 2017 U.S. Home Flipping Report. The report defines a flip as a property that is sold for the second time within a 12-month period.As housing inventory remains low and buyers get more competitive, home flippers are employing a number of strategies to gain an edge and improve their ROI, says Daren Blomquist, senior vice president a
The recent Equifax data breach, which exposed the personal information of about 143 million Americans—one of the largest hacks on record—could put home sales at risk. For consumers trying to get a mortgage, the data breach, which compromised people’s Social Security numbers, addresses, and credit card information, could stall their loan approval or put them at risk for having their information stolen and used in unlawful real estate transa
Young adults strapped with student debt are delaying buying a home an average of seven years, according to a joint study by the National Association of REALTORS® and American Student Assistance released Monday. The average student debt load among survey respondents—who are millennials between the ages of 22 and 35—is $41,200, which is higher than their average annual income of $38,800, the study shows.Eighty percent of the more than 2,000
Mortgage rates mostly held at last week’s year-to-date lows, offering another opportunity for borrowers to take advantage of savings.“Following a sharp decline last week, the 10-year Treasury yield rose 11 basis points this week,” says Freddie Mac chief economist Sean Becketti. “The 30-year mortgage rate, however, remained unchanged at 3.78 percent. If Treasury yields continue to rise, mortgage rates could see an increase in next week’s
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