The U.S. saw a 0.3 percent increase in homelessness this year, marking the second consecutive year for such an uptick, according to the U.S. Department of Housing and Urban Development’s annual report to Congress. The uptick comes at a time when unemployment is nearly at a 50-year low and incomes are on the rise. “There is a critical shortage of affordable rental housing in every jurisdiction across the country,” Barbara Poppe, an official
Home shoppers and refinancers saw some relief in mortgage borrowing costs this week. The 30-year fixed-rate mortgage moved to its lowest average since mid-September, Freddie Mac reports.“Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates,” says Sam Khater, Freddie Mac’s chief economist. “While the housing market softened in r
December is typically the slowest month in the housing market, but it can be a great month for home buyers who have been sidelined to finally make their move. This month may be busier than previous December’s for that reason, too, economists say. Some buyers may be looking to take advantage of steadier mortgage rates—which are still averaging below 5 percent—and home prices that are easing somewhat.Mortgage rates are still nearly a percenta
The Federal Trade Commission warns that a tropical investment scam is targeting Americans who hope to retire and live abroad. Developers were reportedly selling lots in a remote jungle area in Belize as a luxurious resort community. But the FTC alleges that instead the developers pocketed the investors’ money—up to $100 million--and have built barely anything.The FTC has alleged fraud and filed a lawsuit against the developers and Belize’s
Mortgage financing giant Freddie Mac is helping to lower the utility bills for hundreds of thousands of low- and middle-income renters through water and energy-efficiency improvements of units. The efforts are part of Freddie Mac’s three-year "Duty to Serve" plan, which aims to increase rental and homeownership opportunities in underserved markets across the country.“Workforce families don’t typically live in newly constructed apartment bui
Net-zero homes—those that make as much energy as they put out—may cost more up front to build, but they can save homeowners money on their energy bills. Eventually, that savings adds up and the home can pay for itself, no matter where you live, a new study shows.Net-zero energy homes usually are outfitted with rooftop solar panels, energy-efficient insulation, triple-pane windows, energy-savvy appliances, LED lighting, and smart thermostats.
Mortgage financing giants Fannie Mae and Freddie Mac announced a nationwide suspension of eviction lockouts on foreclosures for the holiday season. The foreclosure moratorium will last from Dec. 17 to Jan. 2, 2019, and applies to all foreclosed occupied homes owned by Fannie Mae and Freddie Mac.“As we have done in past years, we are suspending evictions from Freddie Mac-owned homes to help provide families with a greater measure of certainty du
Starting in 2020, all new homes constructed in California will be required to have between 2 kilowatts and 3 kilowatts of electricity sourced directly from solar panels. State legislators, who have been considering such a measure for some time, officially voted recently to amend state building codes. Other states are watching how the change plays out and may want to follow suit, California officials have said. “These provisions really are histo
Nine out of 10 millennial renters say they want to purchase a home, but few are planning to do so in the near term, according to a new survey by rental website Apartment List. The chief reasons keeping them from homeownership are affordability (72 percent) and lack of savings for a down payment (62 percent), the survey of 6,400 young adult renters shows. Nearly 50 percent of respondents say they have zero savings, while only 11 percent have saved
Home buyers may be finding a window of opportunity to lock in lower rates. Mortgage rates fell this week, after several weeks of moderating, Freddie Mac reports.“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” says Sam Khater, Freddie Mac’s chief economist. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective home buyers who have recently experienced rising rates and rising
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