DIRS.INFO The most relevant business & tech news

☆ Here are the US cities where home prices are actually falling
▼ + stars: | 2023-02-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

San Jose, California, was the most expensive place to purchase a home in the United States in the fourth quarter. Prices for San Francisco homes are already down 21% in the fourth quarter from the peak median price of $1,550,000 in the second quarter. Among the most expensive cities that saw prices falling are Anaheim, California, with the median price of $1,132,000, down 1.6% from a year ago; Los Angeles, with the median price of $829,100, down 1.3%; and Boulder, Colorado, with the median price of $759,500, down 2.0%. Other places with falling prices saw the big price increases during the frenzied home buying market of the past few years. Instead, prices for single-family homes climbed in nearly 90% of metro areas tracked by NAR in the fourth quarter: 166 markets out of 186 saw prices still going up.

☆ In this volatile housing market, here's how to know when the bottom is in
▼ + stars: | 2023-02-18 | by ( Tim Mullaney | ) www.cnbc.com time to read: +13 min

"People for the most part have come to terms with interest rates." No return of 2008, or 3% mortgage rate The biggest reason why housing prices aren't plunging like they did after 2008? At current levels, the Housing Affordability Index says the median buyer can afford the median U.S. home — but barely. Having seen 6 percent interest rates when she bought her first place in 2007, she's not daunted by today's rates, she said. "People have wrapped their heads around where interest rates are, and they have adapted," Fisher said.

☆ China’s property crash is prompting banks to offer mortgages to 70-year-olds
▼ + stars: | 2023-02-17 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Some banks in the cities of Nanning, Hangzhou, Ningbo and Beijing have extended the upper age limit on mortgages to between 80 and 95, according to a number of state media reports. China’s property market is in the midst of a historic downturn. The mortgage borrower’s age plus mortgage length should not usually exceed 70 years, according to previous rules published by the banking regulator. Separately, a branch of Citic Bank has extended the upper age limit on its mortgages to 80, the paper said, citing a bank client manager. Other than Beijing, some banks in Nanning, the provincial capital of Guangxi province, have raised the upper age limit on mortgages to 80, according to the city’s official newspaper Nanguo Zaobao.

☆ China's new home prices rise in Jan for first time in a year
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

More major cities among the 70 surveyed by NBS reported increases in new home prices last month, with prices rising in 36 cities, up from 15 in December. Analysts see rising home prices as a positive sign, but believe more stimulative policies are needed to lift currently dismal demand and spark a longer-term recovery. The property sector, once an engine of the world's second-largest economy, has been hobbled by fragile demand and developers' mounting debt defaults. Prices were down 1.5% year-on-year in January, with the rate of decline unchanged from December. "The roots of the crisis in China's property sector lie in the worsening long-term outlook for demand," said Mark Williams, chief Asia economist at Capital Economics.

☆ Inflation pushes up mortgage rates for second week in a row
▼ + stars: | 2023-02-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates climbed higher for the second consecutive week, following four weeks of declines. After climbing for most of 2022, mortgage rates had been trending downward since November, as various economic indicators indicated inflation may have peaked. Inflation is keeping mortgage rates volatile, said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Last week, applications fell 7.7% from one week earlier, according to the Mortgage Bankers Association.

☆ US new home construction fell in January for the fifth straight month
▼ + stars: | 2023-02-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —US home building fell again in January, marking five straight months of declines, even as mortgage rates moderated and inflation cooled. Housing starts, a measure of new home construction, fell by 4.5% in January from December. Starts in January fell to a seasonally adjusted annual rate of 1.31 million, down from the revised December estimate of 1.37 million. Housing starts had big drops in May and July last year, when spiking mortgage rates pushed many prospective home buyers to the sidelines. With mortgage rates that have trended lower since November, builders have begun to feel more optimistic that conditions may improve in 2023.

☆ The Outlook for Home Buyers This Spring: Not Terrible
▼ + stars: | 2023-02-15 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

The cutthroat pandemic-fueled home-buying frenzy is over, but hopeful home buyers shouldn’t expect an easy process this spring. Working against buyers is a continued affordability crunch given the median single-family existing-home price rose 4% in the past year to $378,700, according to the National Association of Realtors. Mortgage rates are hovering above 6%, with more rate increases to come. In addition, inventory levels remain low since about 70% of homeowners have a locked-in lower mortgage rate.

☆ How Buyers Can Up Their Chances in a Thawing Housing Market This Spring
▼ + stars: | 2023-02-15 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

The pandemic-fueled home-buying frenzy is over, but hopeful home buyers shouldn’t expect an easy process this spring. Working against buyers is a continued affordability crunch given the median single-family existing-home price rose 4% in the past year to $378,700, according to the National Association of Realtors. Mortgage rates are hovering above 6%, with more rate increases to come. In addition, inventory levels remain low since about 70% of homeowners have a locked-in lower mortgage rate.

☆ The property market is so bad in China that some banks are letting people be on mortgages till they are 80
▼ + stars: | 2023-02-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Some banks in China are now extending the upper age limit for mortgage borrowers to 80. Banks in cities like Beijing, Nanning, and Ningbo have raised the upper age cap. To attract more mortgage-seekers, some banks are starting to extend the upper age limit for homeowners servicing mortgages to 80 years old, according to various local media outlets. The upper age limit is typically 65 to 70 now, according to news outlet Sixth Tone. Banks have extended the upper age cap for mortgages in cities like Beijing and Nanning, the Beijing Youth Daily reported on February 14.

☆ Home builder sentiment sees biggest monthly jump since 2013
▼ + stars: | 2023-02-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Home builder confidence jumped this month by the largest amount in almost 10 years, as falling mortgage rates pulled in more buyers. All three metrics rose in February for the second straight month, showing the strongest reading since September and the largest monthly increase for builder sentiment since June 2013. “Even as the Federal Reserve continues to tighten monetary policy conditions, forecasts indicate that the housing market has passed peak mortgage rates for this cycle,” he said. But mortgage rates that are lower now than they were last fall are improving affordability for buyers. The average mortgage rate for a 30-year, fixed-rate mortgage rate peaked last year at 7.08% in November, according to Freddie Mac.

☆ Israel delays bill to freeze mortgage rates for first-time buyers
▼ + stars: | 2023-02-12 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 12 (Reuters) - Israel will delay passing a new law that would freeze mortgage rates for first-time home buyers, Finance Minister Bezalel Smotrich said on Sunday, as the proposed legislation faces opposition from the country's central bank. Gafni and Smotrich said they would meet with the banking regulator, which is part of the central bank, to come up with a solution for mortgage holders. The benchmark interest rate is expected to soon reach at least 4%. Gafni for months has promoted a bill to protect some mortgage holders from higher rates to help ease the financial burden. Last week, he said he planned to bring the bill to the government's ministerial legislation committee on Sunday.

☆ Don't think you have enough money to invest in real estate? Here's how 4 investors got started with less than $10,000 upfront.
▼ + stars: | 2023-02-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

They used strategies like buying with an FHA loan and partnering with someone to split the costs. Wanot isn't the only successful property investor Insider has spoken with who got started without much cash. Dominic Kosteris bought a modest starter home even though he could have afforded moreReal estate investor Dominic Kosteris and his family. Sean Allen bought out-of-state in a more affordable market and invested with a friendLos Angeles-based real estate investor Sean Allen and his fiancé. Becoming a property investor all started with a conversation with his friend back in 2013.

☆ Here's what you can do now to be ready to buy a home this spring
▼ + stars: | 2023-02-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Mortgage rates have been ticking down, yet remain volatile. If you are ready and able to buy a home, the day-to-day movements of rates should matter less than finding a home you can afford. Borrowers can also lower monthly payments by paying more upfront to buy down their mortgage rate. Buyers can then use that money to buy down the interest rate on their mortgage and reduce their payments. Mortgage rates are trending down, but it’s not going to be a perfect downward curve, said Melissa Cohn, regional vice president of William Raveis Mortgage.

☆ Affordability constraints continue to deter first-time home buyers, says Fannie Mae's Doug Duncan
▼ + stars: | 2023-02-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAffordability constraints continue to deter first-time home buyers, says Fannie Mae's Doug DuncanCNBC's Diana Olick and Fannie Mae's Chief Economist Doug Duncan join 'Power Lunch' to discuss the potential for a housing comeback, housing sector recession forecasts, and homebuilder stocks rallying this week.

A bad credit score with FICO is below 670, while a bad VantageScore credit score is below 661. FICO breaks its risk categories into the following:Poor: Below 580Below 580 Fair: 580-669580-669 Good: 670-739670-739 Very good: 740-799740-799 Excellent: 800 and aboveUnder FICO, any credit score below 670 is considered a bad credit score or a subprime credit score. What's the Difference Between Having a Bad Credit Score and No Credit Score? That's why having no credit score is, in many ways, better than having a bad credit score because you're starting from a clean slate. Bad Credit Score Frequently Asked Questions (FAQ)What goes into credit score calculations?

☆ The Fed Keeps Hiking Interest Rates. Here’s Why You Should ‘Absolutely’ Act Now for Better Savings and CD Rates
▼ + stars: | 2023-02-01 | by ( ) www.wsj.com time to read: +6 min

By Martha C. WhiteThe Fed is set to send savings and CD rates higher yet again. On Wednesday, the Fed announced a quarter-percentage-point interest rate increase to its benchmark federal-funds rate, following its Jan. 31-Feb.1 meeting. Policy makers’ economic projections released in December show that Fed officials don’t expect inflation to hit 2.1% until 2025. “It’s going to be slow, but I think the trend is going to be higher” rates. If that’s your bank, he adds, you “absolutely should be taking advantage of a higher rate savings account.”

☆ Here's why the housing market could see more action this year - and what it means for affordability
▼ + stars: | 2023-01-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now — into the housing market we go. Nadia Evangelou, senior economist for the NAR, told me recently the housing market could turn around in 2023, but unaffordability would remain a prevailing theme. In other news:People sit outside the New York Stock Exchange (NYSE) in New York City, U.S., September 15, 2016. Elon Musk said he's worried about the Fed "crushing" the value of the entire stock market. The current uncertainty in the housing market can be paralyzing for investors, but there's still opportunities to make money, he explained.

☆ Lumber soars 13% as the housing market shows signs of a rebound for the first time in a year
▼ + stars: | 2023-01-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Lumber futures soared 13% on Friday as the housing market finally shows some signs of life. The essential building commodity is up 21% since encouraging housing market data was released earlier this week, and is up 37% year-to-date. Lumber had been pummeled throughout 2022, falling 67% as soaring mortgage rates weighed on the housing market considerably. And that decline in mortgage rates has helped breathe some life into the housing market, with mortgage application volume jumping 7% last week. While we do expect a near-term slowdown in housing (a primary driver of lumber demand), in our opinion long-term fundamentals remain strong for housing demand," Domain's Scott Reaves told Insider in an email.

☆ Home Buyers Get Ahead of Supply-Chain Issues by Purchasing the House and Everything Inside
▼ + stars: | 2023-01-26 | by ( Katherine Clarke | ) www.wsj.com time to read: +1 min

Last year, Gerardo and Rita Luna upgraded from their roughly 2,700-square-foot home in Oxnard, Calif., to a much larger house in nearby Santa Paula, paying $2.4 million. The Santa Paula estate, on 6 acres, fit the bill perfectly. They didn’t have nearly enough furniture to fill the nearly 7,000-square-foot house, and what they did have didn’t fit the French Country style of their new home. Plus, they knew that global supply-chain issues would likely make buying new furniture difficult and time-consuming. Instead, Mr. Luna proposed an unusual solution: They offered to buy all of the seller’s furniture, although the heavy draperies and plaid upholstery didn’t exactly fit their taste.

☆ Mortgage rates tick down ahead of Fed meeting next week
▼ + stars: | 2023-01-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates fell slightly this week, staying almost flat ahead of the Federal Reserve’s closely watched interest rate-setting meeting next week. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Mortgage applications riseThe downward trend for mortgage rates since November has had a positive impact on home affordability for mortgage borrowers. “Borrower demand, thanks to lower mortgage rates, continues to rise in early 2023,” said Bob Broeksmit, MBA president and CEO.

☆ With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home
▼ + stars: | 2023-01-23 | by ( Jason Stauffer | Benji Stawski | ) www.cnbc.com time to read: +7 min

Is now a good time to lock-in your mortgage rate? As long as the Federal Funds rate stays high, so will mortgage rates. Today's 30-year mortgage rates are currently 0.93% lower than they were last fall, when rates hit 7.08%. The upcoming FHFA fee changes affect conforming conventional loans, which can be sold to Fannie Mae or Freddie Mac by lenders. The future fee changes will add an additional layer of complexity to a process that already causes heads to spin.

☆ If You Want to Sell a Home, Put Gas Stove in the Listing
▼ + stars: | 2023-01-23 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

On the question of which type of stove is best for your open house, real-estate agents say there is a clear winner: Gas fuels home sales. Home buyers prefer gas ranges because they say food cooked over flames heats more evenly and tastes better than when done on a traditional electric stove, said Damien Rance , a Realtor in Weehawken, N.J. A gas range may slightly boost a home’s value, especially if the stove’s overhead exhaust vents, said Realtors from across the country.

☆ Gas Stoves Sell Homes, Realtors Say
▼ + stars: | 2023-01-23 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

On the question of which type of stove is best for your open house, Realtors say there is a clear winner: Gas fuels home sales. Home buyers prefer gas ranges because they say food cooked over flames heats more evenly and tastes better than when done on a traditional electric stove, said Damien Rance , a Realtor in Weehawken, N.J. A gas range may slightly boost a home’s value, especially if the stove’s overhead exhaust vents, said Realtors from across the country.

☆ Nanny sharing, co-parenting, and the YMCA are helping parents meet their childcare needs as costs rise and shortages persist
▼ + stars: | 2023-01-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

They're turning to a variety of options to get by, including nanny sharing and co-parenting. Unable to find or afford childcare, many parents are exploring all their options on the table. While she told Insider this is meeting most of their childcare needs for now, it's costing them $1,000 to $1,500 per month. Some families have tried "nanny sharing" — when two or more families hire one nanny to watch their children at one of their homes and split the expense. "It seems that it eases the cost a bit," said Wilson-Demarco, who says she knows some families that have nanny shared.

☆ Looking to ditch the crowded cities? Consider these 10 outdoorsy zip codes that are drawing Americans looking for affordable housing.
▼ + stars: | 2023-01-22 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

The draw of affordable suburbs was as strong as ever for movers as 2023 began, Opendoor data show. The top zip codes for movers were all in the south, but popular cities like Miami missed the list. Americans want the warm temperatures and favorable tax policies that many southern states can offer, Opendoor's analysis shows. Opendoor's ranking was derived through an analysis of homes sold in the 53 metro areas where it operates. If you're pondering a move, and thinking like the millions who did so last year, behold, these zip codes are the ones to consider.

Search resuls for: "Home Buyer"

25 mentions found