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☆ Weekly mortgage demand surges 11% as more homes hit the spring market
▼ + stars: | 2024-03-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Spring hasn't officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates. Mortgage applications to purchase a home increased 11% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. There were 14.8% more homes actively for sale in February compared with the same time last year, according to Realtor.com. Notably, homes priced in the $200,000 to $350,000 range grew by 25% from a year ago, outpacing all other price categories. There are very few borrowers today with rates that are high enough to benefit from a refinance.

Persons: Mike Fratantoni, Danielle Hale, Realtor.com Organizations: Spring, Mortgage, –, MBA's Locations: Hawthorn Woods , Illinois

☆ Homebuyers should consider these 17 cheaper-than-average cities where affordable houses are becoming much easier to find
▼ + stars: | 2024-03-05 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Spring is just around the corner, and the same may be true of a housing market revival. Housing inventory is starting to rise alongside temperatures, according to a just-released report from Realtor.com. Researchers at the listings site noted in a March 5 announcement that US active property listings rose 14.8% in February from 2023, while new listings jumped 11.3%. The jump in property listings was widespread, as it occurred in 29 of the 50-largest US cities, according to Realtor.com. 25 cities where cheaper-than-average houses are prevalentBelow are the 17 US real estate markets where houses are cheaper than the national median of $415,500, and inventory growth is also positive.

Persons: Realtor.com, haven't Organizations: Realtor.com, Business, homebuyers

☆ The Austin housing market just won't quit. It's an example of what's happening nationwide despite high prices and interest rates.
▼ + stars: | 2024-03-02 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Austin's housing market is heating up again, despite recent forecasts that it would tank. Nationwide forecasts now predict a rise in home prices, despite still-high interest rates. AdvertisementJust when some people thought the Austin, Texas, housing market was going to crash, it's starting to heat up again. This sudden surge in Austin housing sales is a bit surprising. Despite high prices and interest rates, homebuyers are determinedIn 2022, Nicholas Gerli, the CEO of real estate data analytics firm Reventure Consulting, named Austin the No.

Persons: —, Austin isn't, Nicholas Gerli, Austin, Realtor.com, George Rose, Fannie Mae Organizations: Nationwide, Service, Business, Realty Austin, Reventure Consulting, National Association of Realtors, NAR, Federal Reserve Bank Locations: Austin , Texas, Austin

☆ The Best Markets for First-Time Home Buyers
▼ + stars: | 2024-02-29 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

In a market with high prices, low inventory and high mortgage interest rates, no one faces a steeper uphill climb than first-time home buyers. Generally, they have lower incomes and are younger, meaning they’ve had less time to build good credit and amass a down payment. In all, 2,738 markets within the 100 largest U.S. metro areas (with populations of more than 5,000) were considered. For geographic diversity, the top 10 list was limited to one market per metro area. The median home price in each of the top 10 markets was below $300,000 — less than the national median of about $380,000 — and in four of the 10, it was below $200,000.

Thanks to high mortgage rates, mortgage refinance rates, and even higher home prices, the mood among hopeful homebuyers has been fairly bleak. Is there a chance the housing market will crash anytime soon? Though a large number of Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond. The US is currently between 2.3 million and 6.5 million units short of a healthy housing supply, according to Realtor.com. What a housing market crash would mean for homebuyersAnything is possible, and nobody has a crystal ball to see for certain what will happen in the housing market in the coming months and years.

Persons: —, homebuyers, Fannie Mae's, Lawrence Yun, Yun Organizations: Service, Housing Survey, National Association of Realtors, Housing Locations: Chevron

☆ 'If you see a home you love, don't wait': How homebuyers should react to falling mortgage rates, according to Realtor.com
▼ + stars: | 2024-02-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Gradually falling mortgage rates will create a more challenging market, Realtor.com wrote in a new report. They said homebuyers shouldn't wait for lower rates, and buy a home when they're financially ready. Homebuyers shouldn't hold out for lower mortgage rates, as the gradual decline will only encourage other market challenges. Instead, it's best that financially prepared buyers move forward on properties that fit their needs, Realtor.com wrote in on Tuesday. Mortgage rates have been on the decline since peaking at a near-8% level last October, a high not reached since 2000.

Persons: Realtor.com, homebuyers, they're, Homebuyers shouldn't Organizations: Business

☆ Rent is getting cheaper in these 27 cities as rising supply makes landlords lose leverage
▼ + stars: | 2024-02-24 | by ( James Faris | ) www.businessinsider.com time to read: +1 min

Rents fell for a sixth straight month in January, though the declines aren't moving the needle much. Here are 27 metropolitan areas where rent is more affordable now than last January, per Realtor.com. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The pace of year-over-year rent declines slowed considerably to -0.3% from December's -0.8% mark, which is a clear sign that apartment prices are stabilizing. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business Locations: December's

☆ Here’s where the price of rent is dropping in the US
▼ + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

The national median price of rent for apartments ranging from studios to two-bedroom apartments fell 0.3% year-over-year to in January. Still, prices are over 18% higher than pre-pandemic levels, due to continued strong demand and limited supply in some markets. The national median rent for a two-bedroom apartment was $1,892 in January, down 0.6%, while rent for a one-bedroom was essentially flat at $1,591. Still, even with the uptick, Chicago’s median rent of $1,852 is almost $1,000 less than coastal big cities like New York at $2,844 and Los Angeles at $2,829. But the supply of new multifamily housing is growing, which helps to bring down rental prices, according to the report.

Persons: That’s, Realtor.com, ”, Danielle Hale, Hale, weren’t Organizations: DC CNN, Kansas, Las Locations: Washington, Chicago, Indianapolis, Kansas City , Missouri, New York, Angeles, Memphis , Tennessee, Atlanta, Austin , Texas, Louis , Missouri, Miami, Phoenix, Las Vegas, Los Angeles, Seattle, Boston

☆ Mortgage rates rise for the third week in a row to 6.9%
▼ + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Mortgage rates climbed for the third week in a row, inching closer to 7%. Mortgage rates have been making smaller moves over the past two months, after coming down from last year’s high, 7.79%, reached in October. Historically, Khater said, the mix of a strong economy and higher rates didn’t meaningfully impact the housing market. “In essence, Federal Reserve officials are seeking more concrete evidence of sustained improvement in inflation before making any changes,” she said. “The recent increase in mortgage rates has the potential to slow the market by disrupting the plans of many buyers, especially in a market where a significant number of consumers are anticipating lower mortgage rates, not higher,” said Xu.

Persons: Freddie Mac, who’ve, “, ”, Sam Khater, Freddie Mac’s, Khater, Jiayi Xu, Powell’s, Xu Organizations: DC CNN —, Federal Reserve, Realtor.com, Federal, Mortgage, Association Locations: Washington

☆ More Black women are becoming homeowners — it doesn’t mean it's easier, economist says
▼ + stars: | 2024-02-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Black women are outpacing Black men when it comes homebuying. Single female homebuyers are most common among Black women, representing 27% of Black homebuyers, according to the 2023 Snapshot of Race and Home Buying in America report by the National Association of Realtors. More from Personal Finance:Rental markets are cooling, but it 'doesn't mean they're falling'What renters need to know to make rent count for credit'Housing affordability is reshaping migration trends,' economist saysBut single Black women buyers still face plenty of challenges. "There are instances where Black people are buying homes, Black women are buying homes. That doesn't mean that it's easy for them and that doesn't mean that it's not being made unnecessarily difficult by certain societal hurdles that stand in the way, that should not exist," said Jacob Channel, a senior economist at LendingTree.

Persons: Realtor.com, Jacob Channel Organizations: National Association of Realtors, Finance Locations: America

☆ These are the best—and worst—U.S. metro areas for first-time homebuyers
▼ + stars: | 2024-02-19 | by ( Celia Fernandez | ) www.cnbc.com time to read: +4 min

Creditnews ranked the10 best and 10 worst U.S. metro areas for first-time homebuyers in 2024. Creditnews Research analyzed America's 50 largest metro areas to find the best and worst housing markets for first-time buyers. The best metro area for first-time buyers: PittsburghPittsburgh is the No. 2 best metro area for first-time buyers, according to Creditnews. 10 worst metro areas for first-time homebuyers: San JoseThe San Jose-Sunnyvale-Santa Clara metro area was ranked the worst for first-time buyers in 2024.

Persons: Creditnews, Motley, Sir Francis Canker, Austin, Martin Vargas, Jose Organizations: Pittsburgh Pittsburgh, Hoover, AL Jacksonville, FL New, Fort, West Palm Beach , FL Dallas, Austin, U.S . Austin, , Texas, Fortune, Jose, eBay, PayPal, Jose , CA San, San Bernardino -, CA San, Hillsboro , WA Salt Lake, UT, San Diego Locations: U.S, Pittsburgh, Pennsylvania, Austin, , TX, Antonio, New Braunfels , TX Birmingham, AL, FL, FL New Orleans, Metairie , LA Miami, Fort Lauderdale, West Palm Beach ,, Fort Worth - Arlington , TX Cleveland, Elyria ,, Raleigh, NC, The Texas, ,, Texas, San Jose, Sunnyvale, Santa Clara, San Francisco, Silicon Valley, Jose , CA, Jose , CA San Diego, Carlsbad, CA Los Angeles, Long, Anaheim , CA Denver, Aurora, Lakewood, Riverside, San Bernardino, San Bernardino - Ontario, CA, CA San Francisco, Oakland, Hayward , CA, Warwick , RI Sacramento, Roseville, Arden, CA Portland, Vancouver, Hillsboro , WA Salt, Hillsboro , WA Salt Lake City, San Diego, Carlsbad , California, Los Angeles, San Diego , California

☆ Why it’s so hard to find an apartment you can afford
▼ + stars: | 2024-02-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Washington, DC CNN —Finding a new apartment to rent can be a slog. In New York City, the rental vacancy rate, which is the share of habitable unoccupied units, has dropped to a record low 1.4%. In Boston, the rental vacancy rate was a very tight 2.6% at the end of last year, according to the Census Bureau. However, the most recent vacancy rate is also lower than the more typical 3.6% from prior to the pandemic. In the fourth quarter of 2023, the rental vacancy rate was 6.6%.

Persons: Maria Torres, ”, Orphe Divounguy, “, that’s, Lawrence Yun, Yun Organizations: DC CNN, New York City Department of Housing Preservation, Development, Census, New York City, Springer, Real Estate Investment Services, Joint Center for Housing Studies of Harvard University, National Association of Realtors Locations: Washington, Northeastern, New York, Boston, New York City, Yorker, Manhattan, Northeast, Southern, Austin , Texas

☆ The housing market is very undersupplied right now, says Realtor.com's Danielle Hale
▼ + stars: | 2024-02-16 | 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 EmailThe housing market is very undersupplied right now, says Realtor.com's Danielle HaleDanielle Hale, Realtor.com chief economist, joins 'Squawk Box' to discuss the state of the housing market, supply and demand imbalance, and more.

Persons: Danielle Hale Danielle Hale

☆ Mortgage rates rise for the second week, reaching 6.77%
▼ + stars: | 2024-02-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation reports. “On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The addition of needed inventory and the prospect of lower mortgage rates this year may spur buyers to jump into the market. “This spring, buyers are likely to see lower mortgage rates than in the fall of 2023, which may mean more eager buyers in the market,” Jones said.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Broeksmit, Jerome Powell, Hanna Jones, who’ve, Lisa Sturtevant, Jones, Alicia Huey, ” Jones Organizations: DC CNN, “, Mortgage Bankers Association, Labor Department, Federal Reserve, Realtor.com, National Association of Home Builders Locations: Washington, ”

☆ The 10 big US cities with the worst 'singles tax' on renters living alone
▼ + stars: | 2024-02-14 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The "singles tax" for solo renters has increased to an annual average of $7,110. New York City has the highest singles tax among major cities analyzed in a recent Zillow analysis. Zillow crunched the numbers on what's called the "singles tax," or how much more singles are paying to live alone without a partner or a roommate. AdvertisementZillow published what the singles tax looks like in several major cities. As seen in the table below, some of the places with high singles tax are also places where it's already costly to live.

Persons: Emily McDonald, —, valentine, Zillow, what's, McDonald, it's, haven't, It's Organizations: New, Service, New York, San Francisco Locations: New York City, York

☆ Spring homebuying and selling season just kicked off. Are you ready?
▼ + stars: | 2024-02-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +9 min

So if you’re planning to be in the market this year, here’s what to expect this spring — and how to be ready to pounce. Don’t wait for better prices or ratesLast year was the least affordable housing market since the 1980’s as mortgage rates spiked to 23-year highs at the end of October. But a slightly brighter season is dawning this spring. This spring is offering a bit of rate and price stability said Betty Jans, an Annapolis, Maryland-based real estate agent. “If you wait, and all of the sudden we have a little dip in rates, you’re going to be competing with everyone else that wants to buy then, too,” Jans said.

Persons: it’s, Fannie Mae, Betty Jans, Tiffany Hagler, homebuyers, ”, Jans, Berkshire Hathaway, PenFed, ” Jans, “, Mike Mravca, Mravca, ” Mravca, “ I’ve, Hillary Nash, Nash, “ It’s, you’re Organizations: Washington CNN, NFL, Super, Geard, Bloomberg, Getty, Berkshire, Taylor Properties, NAR, District of Columbia, of Housing, Urban Development, National Housing Conference Locations: Annapolis , Maryland, Larchmont , New York, Virginia , Maryland, Delaware, Washington, Washington , DC, Maryland, Virginia

☆ The most expensive home for sale in the U.S. goes up for $295 million in Naples, Florida
▼ + stars: | 2024-02-10 | by ( Ray Parisi | ) www.cnbc.com time to read: +7 min

The most expensive home for sale in the U.S. hit the market this week for $295 million. Gordon Pointe, as it's called, is a roughly 9-acre compound in Naples, Florida, on the Gulf Coast, in an affluent enclave called Port Royal. The mega-listing includes a main house that spans about 11,500 square feet, with six bedrooms. Two guest houses, each over 5,000 square feet, bring the estate's total interior living space to 22,800 square feet. The residence sits high atop 217 West 57th Street, overlooking Central Park, spanning three floors and over 17,500 square feet.

Persons: Gordon Pointe, Leighton Candler, Corcoran, Candler, Gordon, John, Rhodora Donahue, John Donahue, Hermes, Dawn McKenna, McKenna, she's, It's, Cody Boone, Ryan Serhant, Serhant, naysayers, Donna Olshan, Karen Winnick, Gary Winnick, Kurt Rappaport, that's, Jonathan Miller, Miller Samuel, Jeff Bezos, Clodagh Kilcoyne, Ken Griffin, Larry Ellison, Marc Andreessen, Jim Bartsch, Jerry Perenchio, Miller, Lachlan Murdoch, Rupert Murdoch Organizations: Royal, CNBC, U.S . Army Corps of Engineers, Dawn McKenna Group, Coldwell, Coldwell Banker Realty, St, SERHANT Studios, Encantada, U.S, Washington , D.C, Reuters, Amazon, Oracle, Bel Air, Fox Corp Locations: Gordon Pointe, U.S, Naples , Florida, Gulf, New York, of Mexico, Pittsburgh, Port Royal, America, New York City, Central, Manhattan, Los Angeles, Bel, Washington ,

A combination of inflation, increased interest rates, and the end of pandemic-tied relief, such as the moratorium on student loan payments, has led to record credit card debt, experts say. A recent report from credit rating company Moody’s found credit card delinquencies are now well above 2019, or pre-pandemic levels. If you're facing increased credit card debt, while feeling the ongoing effects of inflation, here's what to consider:ASK FOR A RATE CUTPhotos You Should See View All 45 ImagesOne of the first things you should do is ask your credit card company to lower your rates. While the Federal Reserve signaled Wednesday that its first interest rate cut is likely months away, the average credit card interest rate is already far and away higher than the rate set by the Fed. PAY OFF HIGHER-INTEREST DEBT FIRSTKnown as the “avalanche approach,” paying off debt that accumulates interest more quickly will always be more efficient than paying off lower-interest debt first.

Persons: Moody’s, Silvio Tavares, ”, Kia McCallister, Charles Schwab Organizations: —, Federal Reserve, ASK, Fed, National Foundation, Credit, nfcc.org, Federal Trade, Public, Bureau of Labor Statistics, Consumer Federation of America, America, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: realtor.com

☆ Homebuyers searching for a bargain should target these 10 cities where home prices are down even as the housing market heats up
▼ + stars: | 2024-02-01 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Read previewThe US housing market is showing signs of life again after the weakest year for home sales since the financial crisis . Home transaction volume tanked in 2023 as buyers and sellers became dissatisfied with the state of the real estate market. Would-be buyers became renters as mortgage rates surged to levels not seen since the turn of the century, hurting home demand and frustrating sellers. Mortgage rates are down over one percentage point from their fall peak, though they're still much higher than they were throughout the 2010s. 10 cities where prices are downThe outlook for buyers is finally improving, especially in cities where home prices are falling.

Persons: —, Realtor.com, Danielle Hale, they're Organizations: Service, Business Locations: Denver, Seattle, Miami

☆ Rent is unaffordable for over half of US tenants, but the cost is cooling
▼ + stars: | 2024-01-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak. However, median rent is still $309 higher than the same time in 2019, before the pandemic. What’s more, 12 million of those renters are severely cost burdened, which means they are paying more than half of their income on housing. Following changes in housing needs during the pandemic and an already existing low supply of multifamily housing in some markets, rents surged in 2021 and 2022. Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.

Persons: Chris Herbert, ”, Whitney Airgood, Douglas Elliman, Miller Samuel Real, “, Anthemos Georgiades, ” Georgiades Organizations: DC CNN, Harvard University’s, for Housing Studies, Harvard Joint Center for Housing Studies, Harvard, Census Bureau, Builders, National Association of Home Builders, Baby Boomers Locations: Washington, United States, Manhattan

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

☆ The housing market is heating back up. But only a small percentage of new homes are fully-built.
▼ + stars: | 2024-01-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Read previewNew-home sales rebounded in December, rising 8% as homebuyers rushed to take advantage of falling mortgage rates, US Census Bureau data shows. But while consumers appear eager to re-engage with the housing market, new purchases don't mean an immediate move-in for some. This decline from 8% peak levels in October was spurred by bets that the Federal Reserve would start cutting interest rates. Of that, new homes took on a bigger share of the inventory, as high mortgage rates kept homeowners from selling. Still, NAHB's CEO Jim Tobin separately expects construction and demand to take off in 2024, once consumers realize ultra-low mortgage rates aren't coming back.

Persons: —, homebuyers, Skillington, Jim Tobin Organizations: Service, Business, Federal Reserve, National Association of Homebuilders

☆ A Gen X woman bought a crumbling 1890s manor. She thought she'd be done restoring it a year into the project, but the work kept coming.
▼ + stars: | 2024-01-22 | by ( Amanda Goh | ) www.businessinsider.com time to read: +7 min

Read previewNear downtown Rensselaer, Indiana, stood a charming old house that Tabetha Heemstra fell in love with at first sight. The Queen Anne-style property was in disrepair, but even with paint peeling off its exterior, Heemstra could see its potential. She has to use different types of paint scrapers and even dental tools on some of the exterior details. Sometimes Heemstra even had to resort to using dental tools to scrape the old paint off. That would've meant that Heemstra completed the restoration project within a year of buying the home.

Persons: —, Tabetha Heemstra, Anne, Heemstra, George F, Barber, It's, that's, she'll, She's, I've Organizations: Service, Business, National Register of Historic Places, BI, McKinley Locations: Rensselaer , Indiana, McKinley, Rensselaer, Chicago, Indianapolis, Jasper

☆ December home sales slump to close out worst year since 1995
▼ + stars: | 2024-01-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales were 6.2% lower than in December 2022, marking the lowest level since August 2010. Full-year sales for 2023 came in at 4.09 million units, the lowest tally since 1995. Regionally, on a month-to-month basis, sales were unchanged in the Northeast and fell 4.3% in the Midwest. There were 1 million homes for sale at the end of December, making for a 3.2-month supply at the current sales pace. Individual investors, who make up a large share of all-cash sales, bought 16% of homes, down from 18% in November.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Midwest ., Mortgage News, Homes Locations: Northeast, West

“Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations,” Hsu added. “Like December, there was a broad consensus of improved sentiment across age, income, education, and geography,” Hsu said. There may, however, be some relief in 2024 as mortgage rates fall in line with reduced interest rates from the Federal Reserve. “Mortgage rates will continue to remain a wild card for home shoppers,” said Danielle Hale, chief economist at Realtor.com. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."

Persons: Joanne Hsu, ” Hsu, ”, Danielle Hale, Lawrence Yun Organizations: University of Michigan, Republicans, Federal Reserve, National Association of Realtors, “, Realtor.com, National Association of Home Builders, Federal Reserve Bank of New, Federal Reserve Bank, Atlanta’s Locations: “, Federal Reserve Bank of New York

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