Issues surrounding supply levels and affordability in many US metros is getting worse, with more showing a decline than an improvement. A new joint-study by the National Association of Realtors and Realtor.com shows that, out of the metros analyzed, affordability worsened in 45 and improved in 34.
Source: Affordability has worsened in more metros than have improved
The rate of homeownership rose in the fourth quarter, signaling upward momentum after staying near 50-year lows in recent years. The homeownership rate was 64.2% during the quarter, up from the 63.7% rate in the fourth quarter of 2016 and an increase from the 63.9% rate in the third quarter of 2017, according to statistics released by the US Census Bureau.
There was a decline in mortgage applications last week according to new data from the Mortgage Brokers Association. Its Market Composite Index was down 1.9% on a seasonally adjusted basis, and down 1% unadjusted, compared to the previous week.
Source: Mortgage applications dip as refinance share falls to 10-year low
While some classic home features are rarely out of favor, current trends can vary; and can add thousands of dollars to a home’s selling price. For spring 2018, sellers with heated flooring, a steam shower, or outdoor kitchen, could be achieving a sale price well above above asking.
Source: These features can add almost 30% to a home sales price
The current state of the US housing market appears to be weighing heavily on potential homebuyers. With inventory tight, demand for homes in February was down 14% from January according to the Redfin Housing Demand Index.
Mortgage borrowers who shop around for the best deal could have saved $26,166 last week, up 26% from a year ago.The figure is based on the median spread between the lowest and highest mortgage rate calculated by LendingTree for its Mortgage Rate Competition Index.
Source: Shopping around could have saved borrowers $26K last week
Potential homebuyers who are hoping rising mortgage rates may slow the fast-rise of home prices may be disappointed.That’s according to the latest analysis from First American Financial which says that even in the unlikely event that rates for a 30-year FRM doubled to near 9%, there would still be a sizeable increase in prices.
Source: Even if rates doubled prices would keep rising says FirstAM
Potential homebuyers who are hoping rising mortgage rates may slow the fast-rise of home prices may be disappointed.That’s according to the latest analysis from First American Financial which says that even in the unlikely event that rates for a 30-year FRM doubled to near 9%, there would still be a sizeable increase in prices.
Source: Even if rates doubled prices would keep rising says FirstAM
Potential homebuyers who have been declared bankrupt may believe that they cannot apply for a mortgage or other loan for many years afterwards, but a new survey suggests otherwise.With many people still recovering from the effects of the housing market crash and recession, LendingTree looked at the impact of bankruptcy.
Source: How long does it take homebuyers to recover from bankruptcy?
Potential homebuyers who have been declared bankrupt may believe that they cannot apply for a mortgage or other loan for many years afterwards, but a new survey suggests otherwise.With many people still recovering from the effects of the housing market crash and recession, LendingTree looked at the impact of bankruptcy.
Source: How long does it take homebuyers to recover from bankruptcy?
The construction industry added jobs in February but a lack of skilled workers remains a challenge.Year-over-year 35 states and DC increased the number of jobs while 35 states recorded increases month-over-month. California added 74,000, the largest gain (9.8%), more than double second-placed Texas with 33,900 (4.8%).