Lumber prices are falling quickly from record highs, and that may be happening at the right time for the new-home market. Home builder sentiment sank to its lowest level since August 2020, with builders blaming increasing material supply challenges for their outlook, according to a newly released report from the National Association of Home Builders. Builders said that declining availability for softwood lumber and other building materials i
U.S. median rental prices have surpassed pre-pandemic growth and are now at their highest point in two years, according to realtor.com®’s latest Monthly Rental Report.Monthly rents rose 5.5% year over year and averaged $1,527 in May. One-bedroom and two-bedroom rentals climbed to the highest levels since May 2019 at $1,718 and $1,422, respectively. Rents for studio apartments rose for the first time in the last 10 months, reaching a median of
With a low supply of homes for sale, sellers are finding quicker sales and fetching higher offers. Eighty two percent of homeowners who sold in the last six months accepted offers at list price or above, according to a new survey of about 1,600 homeowners conducted by Homes.com.What’s more, homes are selling fast too: A quarter of home sellers said they had five or fewer showings before finding a buyer. Twenty-six percent had between six and 10
Mortgage rates dropped again this week and have now remained below 3% for the last eight weeks, opening further opportunities for home buyers to lock in historically low rates.“The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months,” says Sam Khater, Freddie Mac’s chief economist.Freddie Mac reports the following national averages with mortgage rates
Existing homeowners may be feeling richer since they've received a notable boost to their home equity over the last year. Homeowners with a mortgage have seen their equity climb nearly 20% year over year, according to a new report from CoreLogic, a real estate research firm.In the first quarter of 2021, the average homeowner gained about $33,400 in equity over the past year, the study shows.Idaho, California, and Washington saw the largest equity
Million-dollar homes are not too uncommon in some markets, making them prime areas for real estate professionals to build a luxury real estate niche.Where are million-dollar houses most prevalent? The four areas with the highest percentage of million-dollar homes are in California, driven by a high concentration of wealth originating in the tech and entertainment industries, a new study from LendingTree notes. In San Jose, Calif., 47% of homes ar
Mortgage rates were on the rise last week but remained just below 3%, offering borrowers another opportunity to lock in historically low rates.Still, the National Association of REALTORS® cautions that borrowers should expect mortgage rates to increase modestly in the following months as the economy continues to recover. NAR forecasts the 30-year fixed-rate mortgage to average 3.20% in 2021.“Home prices continue to accelerate while inventory r
The Federal Housing Finance Agency—the regulator of Fannie Mae and Freddie Mac—has extended pandemic-related forbearance options for multifamily properties until the end of September. This marks the third extension of the program, which most recently had been set to expire on June 30.Property owners with a Fannie Mae or Freddie Mac-backed multifamily mortgage can enter a new or modified forbearance if they experience a financial hardship due
Pandemic-related moratoriums on foreclosures and evictions are set to expire June 30, and some lenders plan to start resuming foreclosures in July. About 2.1 million homeowners are still in mortgage forbearance, according to the Mortgage Bankers Association. As of April, about 1.8 million households who aren’t in forbearance were 90 days delinquent on their loan, according to Black Knight data.Bank of America says its suspension of foreclosures
Ultra-low mortgage rates returned this week, with lenders offering home buyers and refinancers a chance once again to lock in a rate below 3%. But the National Association of REALTORS® warns that these low rates in the 2% range won’t last much longer, and mortgage rates likely will edge up soon. The 30-year fixed-rate mortgage averaged 2.95% this week, Freddie Mac reports.“Mortgage rates are continuing to offer many homeowners the potential
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