Escalating borrowing costs may interrupt a rebound in home sales—if only briefly.Mortgage rates have started climbing again, reaching the highest level since mid-December. The 30-year fixed-rate mortgage jumped to an average of 6.9% this week, Freddie Mac reports. Home prices also are weighing on buyers’ budgets, with the median price nationwide surging last month to a record $379,100, the National Association of REALTORS® reported.What’s
Navigating the challenges and opportunities of property managementBecoming a landlord can be a promising avenue for generating passive income and building wealth — but it’s not without challenges. From understanding legal requirements to managing tenant relationships, there’s a lot to consider before taking the plunge. These eight essential factors can help you prepare for the responsibilities and opportunities of being a landlord.Foll
Existing-home sales decreased 1.7% annually in January, according to the National Association of Realtors. However, sales did improve 3.1% from DecemberExisting-home sales struggled to break out of a winter slump, according to a National Association of Realtors report published on Thursday.The sale of existing single-family homes, townhomes, condominiums and co-ops declined 1.7 percent year-over-year from 4.03 million in January 2023 to a se
Homeownership rates are up across racial and ethnic groups, according to NAR data, but disparities persist.Homeownership among Asians and Hispanics in the U.S. has hit an all-time high, reaching 63.3% and 51.1%, respectively, according to the National Association of REALTORS®’ 2024 Snapshot of Race and Home Buying in America. The report, which reflects 2022 data, the most recent available, shows an uptick in homeownership rates across min
More apps are popping up to help owners leverage their home in creative ways to earn extra money.Some homeowners are earning extra cash to offset their living expenses by renting out their yards as private dog parks to people with pets.Elizabeth Morton, a homeowner in Candler, N.C., charges $11.50 an hour per dog and earned $36,000 last year renting out her yard. She says she often has 10 bookings a day from pet owners eager to rent her fenced-in
Research from Colliers found that lease rates reached $9.72 per square foot last year despite supply far outpacing occupancy.Despite a considerable increase in available U.S. industrial real estate capacity during 2023, rent rates for warehouse and distribution space jumped far faster.According to year-end data from real estate firm Colliers, lease rates for U.S. warehouse and distribution space spiked 20.6% year-over-year last year and reach an
With a strong economy, the first rate cut may not come soonAs the Rockettes high-kicked their way to a record box office for the annual “Christmas Spectacular” at New York’s Radio City Music Hall, they were doing more than just entertaining.They were also showing the limits of the Federal Reserve’s power over the economy.If the Fed’s interest rate increases had worked after the pandemic the way they had in the past, Americans would ha
Loans for office buildings specifically dropped 68% year over year and 32% quarter over quarter as investors remained wary about the risk-heavy sectors and interest rates remained highBorrowing for commercial and multifamily buildings fell off sharply on an annual basis during the fourth quarter of 2023 as investors remained wary about the risk-heavy sectors and interest rates remained high.Commercial and multifamily loan orig
Fewer fluctuations in borrowing costs may give potential home buyers more confidence to jump back into the housing market this spring.For eight consecutive weeks, mortgage rates have held mostly steady in the mid-6% range. This week was no different, with the 30-year fixed-rate mortgage rate clocking in at 6.64%, according to Freddie Mac. After facing a surge in mortgage rates late last fall, aspiring home buyers are now better able to budget for
The number of people living in the country has returned to pre-pandemic levels. These are the states benefiting the most.The U.S. gained more than 1.6 million people in 2023, with most states reporting population growth, according to data from the Census Bureau. The U.S. population saw its largest increase since 2018 due to fewer deaths, which were elevated during the COVID-19 pandemic, and rising migration, researchers say. The states seei
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