Congress has approved a one-week extension of the National Flood Insurance Program, which was set to expire Friday, preventing a lapse in federally provided insurance critical to homeowners who live in or near flood zones. The House on Thursday night approved the extension in a 350-46 vote. The Senate also passed a seven-day extension by unanimous consent. The legislation is expected to be signed Friday by President Donald Trump, who has signed
New museums and art districts not only prompt new cultural and commercial development in an area—they also have the potential to make nearby real estate values surge. Indeed, property values of homes near new museums can surge between 20 percent to 50 percent over a period of five years, according to a new study from Stephen Sheppard, an economics professor at Williams College in Massachusetts.Sheppard refers to this as the “Bilbao effect,
Mortgage rates mostly held steady this week—and homebuyers responded by rushing to lock in rates. The 30-year fixed-rate mortgage averaged 4.81 percent, Freddie Mac reports.“Mortgage rates stabilized the last couple of months as interest rate-sensitive sectors, such as new auto and home sales, have clearly softened the outlook for the economy,” says Sam Khater, Freddie Mac’s chief economist. “Homebuyers pounced on the stability in rates
More millennials are pursuing homeownership now than ever before. The national homeownership rate rose to 64.4 percent in the third quarter this year—an increase of half a percentage point over a year ago, according to the U.S. Census Bureau. That's largely attributed to the rise in new, first-time home buyers.As 2018 comes to a close, Dana Bull, an agent with Sagan Harborside Sotheby’s International Realty who has significant experience wo
October marked the 10th consecutive month of decreases in contract signings—not a good sign for the housing market as it starts the traditionally slower months of sales. The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator based on contract signings—fell 2.6 percent to a reading of 102.1 in October. On a year-over-year basis, contract signings plunged 6.7 percent.“The recent rise in mortgage rat
An increasing number of Americans are living in what’s considered wildland-urban interfaces—near forests, grasslands, and scrublands—and it’s putting more homes at risk of fires. Researchers say that wildfires pose the greatest risk to people who live along these wildland-urban interfaces, which was evident once again with the deadly Camp and Woolsey fires in California this month.About 25 million more people live in these wildland-urban
Conforming loan limits got a boost for 2019 in nearly every part of the U.S. The Federal Housing Finance Agency, a regulator for mortgage financing giants Fannie Mae and Freddie Mac, announced that conforming loan limits will rise in 2019 to $484,350 in most parts of the country. That marks a 6.9 percent increase over this year’s $453,100.The FHFA limits set the maximum single-family mortgage amounts that Fannie Mae and Freddie Mac will finance
Residential property owned by black Americans has been greatly undervalued, a newly released joint Brookings Institution and Gallup study suggests. Homes in majority-black neighborhoods consistently sell or are appraised for lower prices, by an average of $48,000 per home, researchers found. That amounts to $156 billion in cumulative losses nationwide.Homes of similar value with similar features are valued at 23 percent less in majority-black ne
Rising mortgage rates and home prices may prove a bigger thorn to home buyers in 2019 as buying a home gets more expensive in the new year. Meanwhile, as more homeowners list their homes, sellers will face greater competition, possibly increasing the need for concessions.Mortgage rates are forecast to reach 5.5 percent by the end of the year, and monthly mortgage payments will increase 8 percent. That could put homeownership more out of reach to
Household debt levels have reached a record high of $13.5 trillion this year, according to the Federal Reserve Bank of New York. Many of these financial woes are from housing.“Escalating rises in real estate prices are causing more consumers to be stretched,” Eric Tyson, co-author of Mortgages for Dummies, told realtor.com®. “In the years ahead, we could reach the point where it really puts a lid on future price appreciation.”Realtor.co
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