Housing markets in the U.S. remain resilient against a pandemic, recession, and high unemployment. Cooped-up buyers have flooded markets this summer, and median list prices have jumped more than 9% over last year’s levels, according to realtor.com® data.“Right now we’re seeing markets recover faster where they’re able to contain the virus better,” says Javier Vivas, realtor.com®’s director of economic research. “Markets with stron
Young professionals in the early stages of their careers are facing a lot of uncertainties today, including where to live and put down roots.SmartAsset, a financial resource website, recently analyzed 150 cities to pinpoint the best places for young professionals. Researchers considered metrics like the percentage of the population between 25 and 34; county-level unemployment rates from May 2020; labor force participation for young professionals;
The Coronavirus Aid, Relief, and Economic Security Act moratorium on evictions expired last week. It prevented landlords from evicting tenants from homes with federally backed mortgages during the COVID-19 outbreak. But with the protections now gone and unemployment still high, many renter households could be at risk.The National Association of REALTORS® and the Institute of Real Estate Management released a leasing conditions survey t
Home buyers’ most wanted home feature sparked by the COVID-19 pandemic: more space, both indoors and out.Extra space tends to come at a premium, but in some markets, buyers are finding they can get more room without busting their budgets.“With many working from home now, it’s nice to have space to separate from children, spouses, or roommates to get some quiet and focus,” says Danielle Hale, realtor.com®’s chief economist. “Even if y
While unemployment remains high and the economy continues to suffer from the COVID-19 pandemic, the housing market is proving resilient. During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions. The second-quarter figure represents a 36.3% return on investment—the highest level since the Great Re
Mortgage rates increased for the first time in weeks, but rates remain near historical lows.The 30-year fixed-rate mortgage shattered records last week, averaging 2.98%. This week, they increased slightly to a 3.01% average, Freddie Mac reports. “While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop,” says Sam Khater, Freddie Mac’s chief economist. “In the sh
Mortgage applications have been on the rise in the last few weeks, and a housing report from the National Association of REALTORS® on Wednesday finally saw that translate into higher sales—in a big way. NAR reported that existing-home sales surged to a record pace in June, increasing nearly 21% compared to May.For the ninth consecutive week, mortgage applications posted annual gains, and those increases are widening too. This signals that
Existing-home sales rebounded at a record pace in June, following three consecutive months of sales declines, the National Association of REALTORS® reported on Wednesday. Each of the four major regions of the U.S. posted month-over-month increases in June, with the West posting the largest jump.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 20.7% from May to a season
Landlords are finding little room to raise rents on single-family homes. Single-family rents increased 1.7% annually in May nationwide, their slowest rate in nearly a decade, according to a new report released by CoreLogic, a real estate research data firm.Single-family rentals comprise 35% of all rental housing in the U.S.Prior to the pandemic in February, rent growth for single-family homes was at its highest pace in four years.“Single-family
Foreclosure filings—including default notices, scheduled auctions, or bank repossessions—dropped 44% in the first six months of 2020 from the same time period a year ago. They are also at a record low, despite the global pandemic and skyrocketing unemployment, ATTOM Data Solutions reports in its Midyear 2020 U.S. Foreclosure Market Report.A total of 165,530 U.S. properties received a foreclosure filing in the first six months of this year.But
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