After last week’s first rate drop of the year, mortgage rates showed little change this week—a welcome sign for the week’s kickoff to the spring home shopping season.But home buyers and borrowers should expect several rate increases over the next few months, economists caution.“The Federal Reserve raised interest rates [this week]—a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen,”
More millennials are bypassing high-priced coastal markets in favor of the Rust Belt and Midwest, shows a new analysis by LendingTree, an online loan marketplace.The report shows that millennials in Pittsburgh, Des Moines, Iowa, and Buffalo, N.Y., are pursuing homeownership more than their counterparts in any of the nation’s 100 largest cities. LendingTree analyzed mortgage requests and offers of borrowers ages 35 years old and under between Fe
The Thomas Fires, the largest wildfire in California’s modern history, ignited late last year and blazed throughout Southern California for more than a month, leaving hundreds of homes and buildings in ash. Real estate professionals who lived near the affected areas have been quick to respond to families who are still struggling to rebuild.The magazine for the Ventura County Coastal Association of REALTORS® recently featured several stories of
Many homeowners and buyers in flood-prone areas will see higher flood insurance premiums starting April 1. The premium hikes, which are required by law, will be as little as 2 percent for some properties and as high as 24 percent for others. On average, the increase will be about 8 percent.“The National Flood Insurance Program requires premiums to rise on certain classes of properties over a period of years until they’re paying the full actua
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Generation Z—the post-millennial generation—is already making a move into homeownership. This generation—which tops out at age 23—consists of those born in 1995 or later. Nearly 100,000 members of Gen Z have a mortgage, according to data from TransUnion, a credit agency. Their average loan balance is $140,000.Certainly, Gen Z’s homeownership presence is much smaller compared to older generations. In comparison, 12 million millennia
University of Maryland researchers announced they’ve created a way to make wood stronger, lighter, and cheaper than steel. The researchers see the super wood as having a major influence in the building industry one day.“This new way to treat wood makes it 12 times stronger than natural wood and ten times tougher,” says Liangbing Hu, a Maryland professor and leader of the team who conducted the research. “This could be a competitor to stee
Under an umbrella of higher home prices, mortgage financing giants Fannie Mae and Freddie Mac have recently taken several efforts to try to open up housing options for low- and middle-income buyers. The government-sponsored enterprises have added support for three lower-cost housing options: rural homes, manufactured housing, and the existing stock of affordable homes.More than 23 percent of Americans live in rural areas. The median incomes in ru
A San Francisco real estate agent was held at gunpoint and robbed during a midday open house she was hosting last Saturday, the San Francisco Police Department reports. The house is located on a privately owned street in San Francisco’s Bayview Heights neighborhood.The 55-year-old agent was in the home’s kitchen prepping for the open house on March 17 when she heard footsteps inside, police said. The agent went to greet who she thought was a
With six months remaining in the 2018 fiscal year, the National Association of REALTORS® urges the passage of the “omnibus appropriations bill” agreed upon by U.S. House and Senate negotiators last night, which is designed to fund the federal government through Sept. 30.The 2,232-page bill contains important provisions related to housing that real estate professionals have been fighting for, including alleviating the weakening of the Low-In
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