Finance - Real Estate, Updates, News & Tips

Lenders are Shortening Closing Times

For the fourth consecutive month, lenders were able to speed up times to close, as timelines start to near pre-pandemic processing times.In April, the average days to close fell to 51; it was 52 days in March, according to ICE Mortgage Technology’s latest Origination Insight Report. That still remains higher than a year ago when the average was 42 days.Purchase mortgages showed the most improvement with closing times. The average time it took f

Read More

‘Zombie Foreclosures’ Creep Up in Second Quarter

“Zombies foreclosures” are re-emerging in real estate. About 1.4 million residential properties in the U.S. were vacant in the second quarter—1.4% of all homes—a new report from ATTOM Data Solutions shows. That represents a nearly 28% increase compared to the first quarter, revealing a potential trend of more vacant, distressed properties hitting the market.However, zombie foreclosures are still down 13% compared to a year earlier and the

Read More

Millennial Military Veterans Fuel Demand for VA Loans

Millennials—people between the ages of 25 and 40—are a force in the overall housing market, but may be even more so among veterans. Millennials accounted for 50% of all Veterans Affairs–backed purchase loans in 2020, according to data from Veterans United.Veterans United data shows these are the top five hot spots where millennial military veterans purchased homes last year:Washington, D.C.Virginia Beach, Va.San DiegoColorado Springs, Colo.

Read More

All-Cash Sales Continue to Heat Up

All-cash sales of existing homes comprised a quarter of transactions in April as competition in the housing market continued, according to the latest REALTORS® Confidence Index Survey. This marks an increase from 15% of similar sales a year ago and 20% in 2019, the survey shows.Despite low mortgage rates, more buyers are bringing cash to make their offers stand out in a bidding war.The uptick in cash buyers is most prominent among non-first

Read More

Many Renters Plan to Move but have New Needs

Many renters have been on the move during the pandemic or are planning to move soon, according to a new survey from  property management software company Entrata. Twenty-two percent of renters moved to a larger apartment with more space over the last year while 46% say they’re planning a post-pandemic move. Financial limitations are the main reason renters say they’re continuing to lease instead of buy, with 39% of survey respondents say

Read More

Sales Dip in April

Existing-home sales posted their third consecutive month of declines despite soaring home buyer demand nationwide. Despite record-high home prices, buyers remain active in the market, but the lack of homes for sale is constraining activity.However, a turnaround to ongoing inventory woes could be on the horizon, said Lawrence Yun, chief economist of the National Association of REALTORS®.Existing-home sales—completed transactions that include si

Read More

Mortgage Rates Move Up, Now Average 3%

As the economy continues to strengthen, mortgage rates are heading upwards. The 30-year fixed-rate mortgage increased from its 2.94% average last week to 3% this week, Freddie Mac reports.“Mortgage rates are more likely to continue to rise than fall throughout the rest of 2021,” Nadia Evangelou, National Association of REALTORS® senior economist and director of forecasting, writes on the association’s Economists’ Outlook blog. “The eco

Read More

Prices Surge in Opportunity Zones

Opportunity zones—federally designated areas that are ripe for investment and revitalization—are benefiting from the housing boom, too, as they see prices increase to the likes of more affluent places. In the first quarter of 2021, 75% of opportunity zones with sufficient data saw median home prices rise annually. Two-thirds of them saw prices rise by at least 10%, according to a new report from ATTOM Data Solutions.Opportunity zones were est

Read More

Buyers Go to Crazy Extremes to Win a Home

Real estate pros are report homes fetching multiple offers to the likes of 20 or even 97 bids on listings as the homebuying frenzy continues. To win in a bidding war, buyers may be willing to waive contingencies and stretch their budgets to the absolute max.Some buyers are offering $100,000 above asking price, Debbie Barrera, a broker at Realty Austin in Austin, Texas, told The Wall Street Journal. She even had a buyer offer $500,0

Read More

Rents Post Largest Uptick since COVID-19 Onset

The median rent in the 50 largest metros nationwide increased 2.7% year over year, the largest growth since the beginning of the COVID-19 outbreak, according to a new report from realtor.com®. The nation’s largest tech hubs are seeing some of the biggest rebounds in rental prices as more technology firms announce return-to-the-office plans.The U.S. median rent in April averaged $1,483, the fastest growth since March 2020. Prior to the pan

Read More

This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.