Sales of newly built homes dropped for the fourth consecutive month, while new construction inventory reached the highest level in years, the U.S. Commerce Department reported Wednesday. Sales of new single-family homes dropped 5.5 percent last month, the slowest pace since December 2016.“New-home sales activity has slowed this summer as housing affordability remains a serious issue,” says Randy Noel, chairman of the National Association of H
The surge in off-market “pocket listings”—those held off the MLS in favor of secret channels and networks between agents or within a brokerage—is a growing issue in the real estate industry. In markets starved for inventory, real estate professionals are struggling with being kept out of these secret dealings for homes that their buyers could potentially want.In markets such as Los Angeles, for example, reports say that up to 30 percent
Which city will be the site of Amazon’s second headquarters? City officials in finalist areas are anxiously awaiting, and some investors are already betting on the winner and snatching up real estate ahead of the announcement or gathering commitments ahead of time so they’ll be ready to pounce once the winner is announced, The Wall Street Journal reports.“HQ2 is guaranteed to meet three criteria: tech job growth, tech job growth, and tech
Many consumers may see their credit scores move higher, following an announcement on Monday from FICO, a leading credit scoring company. FICO, Experian, and Finicity announced a new pilot program that will consider how prospective borrowers manage their cash that could move credit scores higher. Credit scores are a critical component when qualifying for a mortgage and getting the lowest rates.The program, called UltraFICO score, aims to help peop
Investors could be eligible for significant tax breaks when purchasing property in distressed economic areas across the country that the U.S. Treasury Department has labeled “opportunity zones.” Treasury Secretary Steve Mnuchin predicts that the newly designated zones could attract up to $100 billion in investment.The goal is to draw capital to areas where investment has lagged since the Great Recession by allowing investors to avoid some tax
Retirees may want to head to Lancaster, Pa. The town earned the top spot in U.S. News & World Report’s list of 2019 Best Places to Retire in the U.S. Lancaster’s housing affordability and its residents' high rank for their happiness, helped it to bump Sarasota, Fla., from the number one position this year.U.S. News & World Report evaluated the country’s 100 largest metro areas to see how well they met retirees’ expectations, suc
Rising home prices have been hitting the middle class particularly hard, but some states have an easier path for these shoppers to break into homeownership. Many of those opportunities are out West, according to a new analysis from SmartAsset, a personal finance website.SmartAsset researchers found that the best states for the middle class are clustered in the Western part of the U.S., including Utah, Wyoming, and Idaho. Many Midwest states also
A shift is occurring in many housing markets. Affordability may be prompting more potential buyers to pause due to rising mortgage rates over the last few weeks, and home sellers are now facing more competition. Homeowners may no longer be able to expect the quick sale they’ve seen their neighbors get in the past.The number of For Sale signs is starting to increase across the country. Unsold inventory is at a 4.4-month supply at the current sal
Following weeks of gradual increases, the 30-year fixed-rate mortgage dipped slightly this week, possibly offering a slight window of opportunity at lower borrowing costs to some would-be buyers.“The modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks,” says Sam Khater, Freddie Mac’s chief economist. “While the housing market has clearly softened in reaction to the rise in mortgage rat
Interest rates are on the rise, and home buyers are looking for savings wherever they can. Shopping around for a mortgage can offer big differences among lenders, and those differences could amount to some potentially hefty savings over the life of a loan.A new study by LendingTree measures the basis point spread between high and low annual percentage rates offered to users through the LendingTree marketplace among the 50 largest metros in the U.
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