Every year since 2010, fewer than 10% of units have been deemed affordable to renter households that earn 50% of the median renter income, according to a new report released from Freddie Mac.The “Rental Affordability Reexamined” study found that despite some claims otherwise, affordability levels in the rental sector have not improved in recent years.Freddie Mac researchers isolated renter income to capture the availability of affordable hous
Young prospective home buyers in their 20s and 30s who were once reluctant to purchase are now driving the housing market recovery during the pandemic, The Wall Street Journal reports.Even prior to the pandemic, millennial buyers were starting to increase in number, accounting for more than half of all new-home loans early last year. They have consistently stayed above that level in the first months of this year, too, realtor.com® data
Just 1.6% of homes in the U.S.—or 1.5 million residential properties—are vacant. Of those, 7,960 are considered “zombie foreclosures,” or those still in limbo in the foreclosure process, according to ATTOM Data Solutions’ Q3 2020 Vacant Property and Zombie Foreclosure Report.The number of properties in the foreclosure process has dropped 16% in the third quarter compared to the second quarter, but the number of abandoned zombie for
Mortgage rates remain near all-time lows, and many economists believe they will stay for the remainder of this year and well into next year.“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain” low, says Sam Khater, Freddie Mac’s chief economist. “These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall.
The summer homebuying spree continues as buyers rush to apply for mortgages, CNBC reports. The COVID-19 pandemic and stay-at-home orders delayed the spring housing market and fueled pent-up demand that took off well into the summer, making “August the new April,” CNBC adds.Mortgage applications to purchase a home inched up 0.4% last week compared to the previous week, and are now 33% higher than a year ago, the Mortgage Bankers Association re
Existing-home sales soared 24.7% in July, outpacing their record growth of 20.7% in June, when the nation’s economic reopening ignited homebuying activity, the National Association of REALTORS® reported Friday. Now 8.7% higher year over year, the strong rise in existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—is fueling optimism in the real estate market through the rest of the year.“The ho
Utility bills can add up, especially in a pandemic that has forced people to spend more time at home. On average, renters are spending between $100 to $150 per month on utilities, whereas homeowners are paying an average of $400 per month, according to Move.org.Home shoppers would be wise to inquire about the average utility costs of homes they’re looking at to help avoid sticker shock when they get their first bill. Move.org provides the follo
Home loan activity through the Department of Veterans Affairs has jumped to a new high, climbing 114% since the beginning of the 2020 fiscal year, according to VA data. Refinance loans are a big portion of the increase, with homeowners looking to lock in lower mortgage rates.During the first three quarters of fiscal 2020, the VA loan program backed more than 865,000 loans—a record high. The VA’s fiscal year doesn’t end until Sept. 30, and i
As mortgage rates remain low and people look for pandemic-safe getaways, vacation homes are growing in demand, according to Vacasa, a vacation rental management platform.“We’ve seen a surge in demand for vacation homes across our portfolio, and real estate transactions are up as much as 35% in some of our vacation rental markets across the county when compared to July 2019,” says Shaun Greer, vice president of sales and marketing at Vacasa.
Mortgage rates inched up slightly this week but still remained near historical lows. The 30-year fixed-rate mortgage averaged 2.96% this week, up from last week’s record low of 2.88%, Freddie Mac reports.“Home buyer demand remains strong, especially for those in search of an entry-level home, where the improvement in affordability via lower mortgage rates has a material impact,” says Sam Khater, Freddie Mac’s chief economist. “Even with
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