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☆ Why Builders Are Renting Out New Houses Instead of Cutting Home Prices
▼ + stars: | 2024-11-13 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Builders, meanwhile, are luring buyers with some perks but are barely budging on prices. That's partly because these companies have another place to turn: the rental market. Opportunistic investors — mostly small and midsize players, who own the vast majority of single-family rentals in the country — are happy to oblige. Builders have also started developing entire communities of single-family homes to be rented out rather than sold, a strategy known as build-for-rent. Their embrace of the rental market says more about the obstacles for buyers than for builders.

Persons: homebuilders, John Burns, Keith Hughes, —, Horton, Don Mullen, they've, Adam Stern, Sean Morgan, Alex Offutt, Ray Sturm, Sturm, Selma Hepp, It's Organizations: John Burns Research, Consulting, Builders, John, Houston, Owners, SFR, Sun, Dallas, Local, Business Purpose, Offutt Locations: Tampa , Florida, Carolinas, Nashville, Horton

☆ Average age of first-time homebuyers is 38, an all-time high. Here's what that says about the real estate market
▼ + stars: | 2024-11-05 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

'The biggest issue of housing today'The housing shortage in the U.S. is "the biggest issue of housing today," said Orphe Divounguy, senior economist at Zillow. As of mid-2023, there's a housing shortage of 4 million homes, according to the NAR. Rent prices increased faster than tenants' wages during the pandemic. "We're seeing renters staying renters for longer because affordability has been so squeezed," he said. High rent prices not only affect your ability to save money to buy a home, it can affect your ability to pay down any existing debt, Lautz said.

Persons: homebuyer, Jessica Lautz, Orphe Divounguy, Jonathan Scott, Scott, Selma Hepp, Divounguy, Lautz Organizations: National Association of Realtors, NAR, HGTV, CNBC Locations: U.S

☆ Pending home sales took an unexpected leap higher last month, but rates are now much higher
▼ + stars: | 2024-10-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

These so-called "pending" sales were at the highest level since March and 2.6% higher than September of last year. Since pending sales are based on signed contracts, representing people out shopping during the month, it is the most current indicator of buyer demand. "Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady." Regionally pending sales were higher year over year in the Northeast and West and flat in the Midwest and South. The levels of mortgage demand are still historically low, and sales, while higher, are as well.

Persons: Lawrence Yun, Selma Hepp Organizations: National Association of Realtors, Analysts, Mortgage News, Realtors, Mortgage, Association Locations: Northeast, West, Midwest, homebuyers

☆ Housing affordability is 'moving in the right direction,' economist says. Here's what to know
▼ + stars: | 2024-07-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

A slight decrease in mortgage rates in the month of June definitely helped buyers, said Yun. Housing affordability is improving ever so modestly, but it is moving in the right direction. While there's still an affordability challenge broadly, conditions are "moving towards a more neutral market," Orphe Divounguy, a senior economist at Zillow. Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago, according to NAR. Competition is easing fastest in the South, where all major southern markets except Dallas and Raleigh are either neutral or buyer-friendly, according to the June 2024 Zillow Housing Market Report.

Persons: Yun, Freddie Mac, Lawrence Yun, Chen Zhao, there's, Selma Hepp Organizations: Sdi, CNBC, Investors, National Association of Realtors, Zillow Locations: Redfin, Dallas, Raleigh

☆ The first Fed interest rate cut in years is on the horizon. Here's what homeowners, buyers need to know
▼ + stars: | 2024-07-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

Valentinrussanov | E+ | Getty ImagesThe Federal Reserve is poised to make the first interest rate cut in years this fall, which can influence mortgage rates to go down. To that point, people in the market to buy a home have been eagerly waiting for the Fed to cut rates. The Fed is meeting this week, but experts say it seems more likely that the first rate cut will come in September. That would be the first rate cut since 2020 in the onset of the Covid-19 pandemic. While mortgage rates are fixed and mostly tied to Treasury yields and the economy, they are partly influenced by the Fed's policy.

Persons: Chen Zhao, Freddie Mac, Refinance, it's, Zhao, Selma Hepp, Hepp, Jacob Channel, there's Organizations: Fed, Treasury, Mortgage, Association, Finance Locations: Redfin

☆ Defining a buyer's market 'is always a bit tricky,' real estate expert says: 4 signs to monitor
▼ + stars: | 2024-07-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Despite those headwinds, some indicators show the housing market is shifting away from a seller's market. That doesn't mean it's a buyer's market — yet: "The term buyer's market is always a bit tricky to work with," said Chen Zhao, the economic research lead at Redfin, an online real estate brokerage firm. There are "rules of thumb" to define a buyer's market, like having more than four months of supply, she said. "We're still nationwide somewhat in a seller's market, not a buyer's market yet," he said. Here are four signs that can help you recognize if the housing market in your area is more in buyers' favor: 1.

Persons: Freddie Mac, Chen Zhao, Zhao, they're, We're, Daryl Fairweather, Redfin, Julie Zubiate, Selma Hepp, Sellers Organizations: National Association of Realtors, NAR, Federal, Zillow, CNBC, Finance, Sdi, San Francisco Bay Area Locations: U.S, Redfin, San Francisco Bay

watch nowHousing inflation has remained stubbornly high even as inflation in the broad U.S. economy has cooled significantly from peak levels during the pandemic era. At a high level, "shelter" inflation is a measure of U.S. rental prices, said Jessica Lautz, deputy chief economist at the National Association of Realtors. Why CPI shelter inflation has fallen slowlyThe pullback in shelter inflation has been slower than expected, economists said. How the CPI reflects homeownershipThe shelter inflation index is meant to measure the average cost of housing in the U.S. economy, J.P. Morgan's Seydl said. "When it comes to the CPI, [shelter] does not mean the cost for homes for purchase," said the NAR's Lautz.

Persons: Joe Seydl, Jessica Lautz, Olivia Cross, We've, Jerome Powell, Selma Hepp, Morgan's Seydl, Powell, Seydl Organizations: Morgan Private Bank, Housing, National Association of Realtors, of Labor Statistics, Capital Economics, Finance, Federal, CoreLogic, BLS, Olivia Cross North, Capital, CPI Locations: North America, U.S, Olivia Cross North America

☆ Home equity is near a record high. Tapping it may be tricky due to high interest rates
▼ + stars: | 2024-06-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

But tapping it may be tough due to high interest rates, according to financial advisors. Reverse mortgageA reverse mortgage is a way for older Americans to tap their home equity. A reverse mortgage is likely best for people who have much of their wealth tied up in their home, advisors said. A home equity conversion mortgage (HECM) is the most common type of reverse mortgage, according to the Consumer Financial Protection Bureau. watch nowA reverse mortgage is available as a lump sum, line of credit or monthly installment.

Persons: Selma Hepp, Hepp, Lee Baker, Atlanta . Baker, Kamila Elliott, Grace Cary, Elliott, Baker, Alexander Spatari, Cash Organizations: Getty, Apex Financial Services, Collective Wealth Partners, Consumer Financial, Bureau Locations: Cultura, Atlanta .

☆ Home Sellers' Tough Summer: Get Ready for Lower Prices, Fewer Offers
▼ + stars: | 2024-05-08 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Rich baby boomers jumped in with all-cash offers, and sellers scored huge windfalls as weary buyers pushed prices to new heights. After all, people have to move for a wide variety of life reasons; mortgage rates be damned. "The further and further we get from the peak of the market," Peterson told me, "the harder it is to deny what's happened." Mortgage rates haven't fallen — in fact, they've gone up about 0.6 percentage points since the start of the year. "It can always be tricky telling somebody that they were just lucky because it makes you sound envious," Peterson told me.

Persons: Rich, Sellers, Eric Peterson, Peterson, Austin, Freddie, they've, Selma Hepp, Freddie Mac, Mike Simonsen, Redfin, towners, Libby Levinson, Katz, Price, Levinson, John Burns, they'll, Realtor.com, you'd Organizations: Freddie Mac, Reserve, Federal Housing Finance Agency, Altos Research, Sun, John, John Burns Research, Consulting Locations: Austin, Boise , Idaho, Denver

As the weather warms up and we head into the homebuying season, high mortgage rates should keep home prices from rising too fast. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.21%, a five-basis-point increase from the previous week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Selma Hepp, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron

☆ Home Prices May Be Sky-High, but America Is Not in a Housing Bubble
▼ + stars: | 2024-02-14 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

The housing market, they claimed, was a bubble destined to burst. I’ve spent the past few years asking experts a simple question: Has the housing market reached bubble territory? AdvertisementFor a time, it seemed like the housing market was doing a speedrun through Simonsen’s checklist. And even if the economy does take a turn, a run-of-the-mill recession probably wouldn’t be enough to topple the housing market. The housing market is far from balanced, but we’re at least heading in that direction.

Persons: doomsayers, I’ve, Redfin, you’ve, you’ll, Mike Simonsen, megalandlords, ”, Ian Shepherdson, Goldman Sachs, Jerome Powell, Powell, Rick Palacios Jr, John Burns, ” doomsayers, might’ve, It’s, it’s, Logan Mohtashami, don’t, US homebuilders, “ It’s, ” Mohtashami, Selma Hepp, Fannie Mae, Palacios, ” Palacios, Mohtashami Organizations: Altos Research, Wall, John, John Burns Research, Consulting, Mortgage Bankers Association, Federal Reserve Bank of New, Federal Housing Finance Agency Locations: Charlotte, North Carolina, Austin, Las Vegas, Miami, Boise , Idaho, Dallas, Federal Reserve Bank of New York, US

Home prices declined slightly in November while posting yearly gains, suggesting the housing sector has cooled somewhat heading into 2024. The house price decline came at a time where mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data. But as more inventory comes on the market and mortgage rates remain elevated, sale prices may be beginning to wilt. That has led some analysts to say that the market could bounce back as the traditional spring buying season begins. The index tracks a three-month period when mortgage rates were zig-zagging and ended on a down note, said Danielle Hale, chief economist at Realtor.com.

Persons: ”, Brian Luke, San Francisco, Cleveland –, Luke, “, Freddie Mac, Selma Hepp, Danielle Hale Organizations: Dow Jones, Seattle, Cleveland, Midwest, Federal Reserve Locations: “, San, Miami, Tampa, Atlanta, Charlotte , New York

☆ 20 metro areas expected to see the fastest-appreciating real estate in 2024 and 5 most at risk of declining. Plus, what will happen to mortgage rates, according to a property data firm.
▼ + stars: | 2024-01-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Tight inventory, combined with pent-up demand, kept prices in an uptrend last year despite 23-year-high mortgage rates, according to Selma Hepp, CoreLogic's chief economist. AdvertisementCooling mortgage rates and newly built homes will help bring more houses on the market but won't create enough inventory to outpace demand, wrote Hepp. She isn't expecting much change to mortgage rates but said that they will likely be slightly higher from January to February, in line with historical trends that precede the busy spring sales season. If inflation remains tamed and trending downward, and the Federal Reserve begins cutting rates as a response, declining mortgage rates would follow, she added in an email to Business Insider. Metro area Forecasted YOY % change Redding CA Metropolitan Statistical Area 7.30% Santa Maria-Santa Barbara CA Metropolitan Statistical Area 6.81% Bremerton-Silverdale WA Metropolitan Statistical Area 6.51% Coeur d'Alene ID Metropolitan Statistical Area 6.49% Fairbanks AK Metropolitan Statistical Area 6.38% Santa Rosa CA Metropolitan Statistical Area 6.37% Corvallis OR Metropolitan Statistical Area 6.36% Merced CA Metropolitan Statistical Area 6.32% Bend-Redmond OR Metropolitan Statistical Area 6.29% Mount Vernon-Anacortes WA Metropolitan Statistical Area 6.20% Grand Junction CO Metropolitan Statistical Area 6.09% Longview WA Metropolitan Statistical Area 6.07% Pocatello ID Metropolitan Statistical Area 6.00% Casper WY Metropolitan Statistical Area 5.99% Walla Walla WA Metropolitan Statistical Area 5.88% Lewiston ID-WA Metropolitan Statistical Area 5.87% Santa Cruz-Watsonville CA Metropolitan Statistical Area 5.81% Prescott AZ Metropolitan Statistical Area 5.70% Lakeland-Winter Haven FL Metropolitan Statistical Area 5.67% Kahului-Wailuku-Lahaina HI Metropolitan Statistical Area 5.63%The list below is CoreLogic's forecast for the five metro areas that are at the highest risk of price declines.

Persons: —, Selma Hepp, it's, Hepp, isn't Organizations: Service, Business, Federal Reserve, Redding, Santa Barbara, Metropolitan, Silverdale WA Metropolitan, Coeur, Fairbanks AK Metropolitan Statistical, Santa, Corvallis, Longview, Longview WA Metropolitan, Casper, Casper WY Metropolitan, Walla Walla WA Metropolitan, Lewiston, Prescott, Prescott AZ Metropolitan, Lakeland Locations: Metro, Maria, Santa, Bremerton, Silverdale WA, Coeur d'Alene, Santa Rosa, Merced CA, Redmond, Vernon, Anacortes WA, Longview WA, Pocatello, Casper WY, Walla Walla WA, Santa Cruz, Watsonville CA, Prescott AZ, Haven, Lahaina HI

☆ US home prices jump another 5% on tumbling mortgage rates and tight supply
▼ + stars: | 2024-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US home prices climbed 5.2% year-over-year in November, according to CoreLogic. Falling mortgage rates and a dwindling supply have helped prop up the market. AdvertisementUS home prices have continued to climb, according to CoreLogic data, with tumbling mortgage rates helping prop up the nation's supply-starved housing market. The US housing market stagnated last year – but there have been signs of a thaw in recent months, with mortgage rates falling away from 23-year highs. Home prices rose the most in the US's northeastern region in November – with the Rhode Island, Connecticut, and New Jersey housing markets each experiencing double-digit year-over-year growth.

Persons: Selma Hepp, —, Freddie Mac Organizations: Service, Biden Administration, National Association of Realtors Locations: –, Rhode Island , Connecticut, New Jersey, Idaho , Utah, Washington

☆ Home prices are surging — and Detroit gained the most in November, beating Miami for the first time
▼ + stars: | 2024-01-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Home prices are rising faster and faster each month, fueled by a decline in mortgage rates. Areas seeing year-over-year price declines in November were Idaho (-1.3%); Utah (-0.4%); and Washington, D.C. (-0.2%). The lower the mortgage rate, the greater the buying power for consumers. While prices are expected to soften slightly later next year, much of that will depend on supply. At current low supply levels and demand increasing due to lower mortgage rates, for now at least, prices have nowhere to go but up.

Persons: Selma Hepp, CoreLogic Organizations: Northeast, Rhode, D.C Locations: Connecticut, New Jersey, Idaho, Utah, Washington

☆ 50 cities showing where rents are surging or dropping compared to home values — and how to determine whether it's worth buying or renting, according to experts
▼ + stars: | 2023-11-30 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

But home prices are still on the rise, according to a November 28 note from Selma Hepp, the chief economist at CoreLogic. The outcome is that many remain renters, which drives up demand for rental property and the cost of rent. If the cost of rent is 20% below the price of owning a home monthly, then it may be comparable. Rent prices are based on listings from Rent.com. For example, take the cost of rent over five years; let's say it's $3,000 x 12 months = $36,000 annually.

Persons: Selma Hepp, they'll, Suzanne Miller, Miller, Price, Shmuel Shayowitz, Shayowitz Organizations: Business, Home, Empire State, Seattle -, Dallas, Fort, Redfin, Kansas, Jacksonville, Birmingham, NA Milwaukee, Phoenix, Boston, Orlando, Virginia, KY, UT, Oklahoma Locations: Redfin . Metro, Seattle, Dallas, Seattle - Tacoma, Bellevue, Everett, Tacoma, Fort Worth, Metro, Columbus, Providence, RI, Kansas City, Angeles, Buffalo, NY, Indianapolis, York, Hartford, Jose, Antonio, Minneapolis, Detroit, MI, Virginia Beach, Louis, Washington, San Diego, Atlanta, Richmond, Cincinnati, San Francisco, Philadelphia, Tampa, WA, Denver, Riverside, CA, Cleveland, Baltimore, Pittsburgh, Charlotte, NC, Orleans, LA, Nashville, TN, Memphis, Raleigh, Louisville, Jefferson County, Houston, Salt Lake City, Miami, Chicago, Sacramento, Vegas, Portland, Austin, New York City

☆ 20 US cities where home prices are expected to take off due to affordability and tax advantages — plus where mortgage rates could be by the end of 2024, according to a property-data firm
▼ + stars: | 2023-11-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Contagion from spiking yields quickly trickled into real estate, lifting the average 30-year fixed mortgage rate above 8%. "Even before mortgage rates went up to 8%, we saw significant slowing in home sales activity, and some recent reports pointed to a 12-to-13-year low." But where mortgage rates will be depends on the fed funds rate. Following this trend, CoreLogic indicators forecast that mortgage rates could be at about 6.3% by year-end. Forecasts are based on multiple metrics including home prices, the unemployment rate, real disposable income per capita, and population growth.

Persons: Selma Hepp, Hepp Organizations: Reserve Locations: California

Home prices rose 0.4% in August and at an annual rate of 2.6%, as low inventories buoyed prices even while mortgages hit the 7% level. The CoreLogic Case-Shiller index for the month found 12 of the 20 cities in the index saw higher prices in August from the year-ago period. home prices continued to rise in August 2023,” said Craig J. Lazzara, managing director at S&P DJI. “The year’s increase in mortgage rates has surely suppressed housing demand, but after years of very low rates, it seems to have suppressed supply even more. Political Cartoons on the Economy View All 604 Images“The affordability challenge is being exacerbated by persistently higher mortgage rates,” said Lisa Sturtevant, chief economist for Bright MLS.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, Lisa Sturtevant, Hannah Jones, That’s, Rhys Williams, It’s, Venkat Balakrishnan, –, Dana Peterson, “, ” Peterson Organizations: Bright MLS, Federal Reserve, ”, Census Bureau, “, Realtor.com, Management, Fed, Conference Board, Hamas, Financial Group Locations: Chicago, New York, Detroit, Las Vegas, “, Israel

☆ 3 reasons it could be the right time to buy a home, despite high interest rates
▼ + stars: | 2023-10-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Despite high prices and mortgage rates, they said homeownership will pay off for many people in the long-run. Many Americans have been left wondering when — if ever — the time will be right for them to enter the housing market. "Many homeowners first bought their home when interest rates were high — the 50-year average rate on a mortgage is 7.8%," he said. Even if cuts to interest rates cause mortgage rates to fall, they're unlikely to return to the near-zero levels they were in 2022. If and when mortgage rates fall, Yun said that some homeowners who have been eager to move — but have been reluctant to give up their low interest rates — will likely decide to sell.

Persons: homeownership, —, Andy Walden, homebuyers, Jerome Powell, Alex Wong, Daryl Fairweather, Redfin's, Lawrence Yun, Yun, Selma Hepp, Connolly, Mott aren’t, David Meyer, Redfin's Fairweather, Fairweather, There's, there's, Jenna Stauffer, Hepp, Meyer Organizations: Service, National Association of Realtors, ICE Mortgage Technology, CNBC, Federal Reserve, Reserve, CoreLogic, Brigade, Homeowners, International Realty Locations: Washington , DC

☆ US home prices rose in July to record-high levels
▼ + stars: | 2023-09-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. Compared to a year ago, the national composite index also rose, with prices up 1% from July 2022, the prior peak, according to Case-Shiller data. In July, prices rose in all 20 cities after seasonal adjustment. Prices in Las Vegas were down 7.2% from a year ago and in Phoenix prices were down 6.6%. The West, where prices are down 3.8% from a year ago, and the South, with prices down 3.6%, continue to see annual price declines.

Persons: ”, Craig Lazzara, Dow, Selma Hepp, Freddie Mac Organizations: DC CNN, Dow Jones, CoreLogic, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Las Vegas, Phoenix

Home prices rose 0.6% in July, holding their own amid high mortgage rates and a low supply of houses for sale, according to the S&P CoreLogic Case-Shiller Index released on Tuesday. On an annual basis, the national index is now up 1% from a year ago. “Areas in the Midwest continue to lead the national gains given their relative affordability. Markets that saw home prices reset following the recent surge in mortgage rates are expected to see stronger gains over the next 12 months, particularly those in the West,” Hepp added. While mortgage rates that have recently topped 8% for a 30-year fixed rate loan are dampening demand, a shortage of homes for sale is keeping prices high.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, ” Hepp, Today’s, Danielle Hale, “ Locations: Chicago, Cleveland, New York

This means mortgage rates are likely to stay near their current levels, barring any changes in the current economic outlook. Average 30-year mortgage rates will likely continue to hover right around 7% for at least the next few weeks. We'll also likely see mortgage rates drop once the Fed starts cutting rates, though that might not be until later next year. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Selma Hepp, We'll, There's, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ 20 US Cities Expected to See the Highest Home-Price Growth: CoreLogic
▼ + stars: | 2023-09-17 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Halfway through 2023, mortgage rates are still elevated compared to the last decade. It's not likely that interest rates will come down this year; Selma Hepp, the chief economist at CoreLogic, expects the year to end with mortgage rates at 6.7%. That's up from her forecast in April that saw the year ending with mortgage rates near 5.8%. "And I think with lower mortgage rates, we will see a lot of pent-up demand coming in." This year, appreciation has largely been a function of low inventory, though elevated mortgage rates are helping to mute that increase.

Persons: It's, Selma Hepp, Hepp Organizations: Federal Reserve, Treasury

☆ These are the 10 most undervalued real estate markets in America right now, according to a housing data provider
▼ + stars: | 2023-09-14 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Price growth for US homes bounced back this summer from its lowest level in over a decade, according to a new report from real estate data provider CoreLogic. Rising mortgage rates have hurt mortgage demand. 10 undervalued markets for homebuyers to look in nowIn addition to sharing their latest Home Price Index report, CoreLogic also shared exclusive data with Insider about which US housing markets are most undervalued right now. Below are 10 undervalued metropolitan areas in the US, according to CoreLogic, along with each's home price index change from the last 12 months as of July and forecasted home price index change. The cities are listed in descending order by expected home price index change.

Persons: Price, Selma Hepp, Hepp, CoreLogic Organizations: Mortgage, New, West : Locations: California , Washington, Massachusetts, Miami , Florida, St, Louis , Missouri, Detroit , Michigan, Northeast, Vermont, New Hampshire, New Jersey, West, West : Idaho, Nevada, Montana, Washington, Arizona, Utah, Oregon, Colorado, Texas, Wyoming, California, CoreLogic

☆ A California homeowner fixed up her converted garage and rents it on Airbnb. It now pays for her mortgage.
▼ + stars: | 2023-08-31 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

Selma Hepp renovated a converted garage in her Burbank backyard and now rents it on Airbnb. The state has passed a series of laws allowing for, and in some cases helping pay for, ADU construction. Courtesy of Selma HeppEighteen months into the process, Hepp finally had drawings from a different architect. During the course of construction, Hepp started dating someone new, and they ended up buying a home in Mid City, a neighborhood in Central Los Angeles. She also managed to refinance her mortgage a few times over the past several years and pays $2,700 a month, which is now covered by her ADU's rental income.

Persons: Selma Hepp, Hepp's, Hepp, It's Organizations: Service, Terner Center, Housing Innovation, University of California, Construction, Hollywood, Universal, Burbank Studios, Warner Bros . Locations: Burbank, Wall, Silicon, Burbank , California, Croatia, California, Berkeley, Los Angeles, Mid City, Central Los Angeles

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