A new program being piloted in west Denver sets out to help low-income homeowners build accessory dwelling units, or “granny flats,” onto their homes to then rent out and earn extra money as landlords. The program hopes to add more affordable units will help to address the area’s housing shortage.Mortgage financing giant Fannie Mae is funding the program, selecting it as one of three “innovative ideas” submitted by city officials this y
Borrowers saw a slight cool down in mortgage rates this week following last week’s seven-year high. The 30-year fixed-rate mortgage dipped for the first time after five consecutive weeks of increases, averaging 4.71 percent.But the higher rates may be deterring some would-be home buyers. “The strength in the economy has failed to translate to gains in the housing market as higher mortgage rates have contributed to the decrease in home purchas
U.S. home prices in the third quarter were at the least affordable level since the third quarter of 2008—a 10-year low, according to ATTOM Data Solutions’ Q3 2018 U.S. Home Affordability Report. Researchers calculate affordability based on the percentage of income needed to purchase a median-priced home compared to an area’s historic averages.Seventy-eight percent of the 440 U.S. counties analyzed had homes that were less affordable than th
Even if they’re part of an entertainment activity, you can still take tax deductions on your business meal expenses, the IRS clarified in temporary guidance issued this week. The real estate community has been anticipating this clarification, which REALTOR® Magazine reported on last week.The tax reform law, which was enacted at the start of the year, ended deductions for business-related entertainment, amusement, or recreation but created u
Consumers can have a lot of assumptions about the housing market. Some of those beliefs may cause them to miss out on a great house. HouseLogic.com recently featured some of the biggest misconceptions that buyers have, including:1. Assuming you need 20 percent for a down payment. Buyers who may be waiting to save 20 percent for a down payment on their home purchase may end up missing out. About 60 percent of home buyers actually put down less t
Everything is bigger in Texas. The Lone Star state boasted three of the top five cities with the largest homes in the country in new rankings released by LendingTree, an online lending resource.In fact, Southern cities in general tend to have larger homes than elsewhere across the country. Houston topped LendingTree’s list with a median size of 1,952 square feet, followed by Atlanta at a median of 1,914 square feet.Researchers from LendingTree
Consumers drowning in student loan debt say that it is delaying their purchase of homes—a concern most often faced by women and millennials, according to the sixth annual NeighborWorks America at Home report, a survey of about 1,000 U.S. adults.Rising costs has prompted overall student loan debt to climb 130 percent since 2008. Student loan debt has surpassed $1.5 trillion and now makes up 42 percent of all consumer debt, according to the repor
The 30-year fixed-rate mortgage—the most popular loan for home buyers—is inching closer to the 5 percent range. The rise in mortgage rates coincides with years of home price increases. Could this erode affordability more and cause would-be buyers to sideline themselves from the housing market?The Mortgage Bankers Association reports mortgage rates have surged to 4.97 percent. When including fees, most 30-year borrowing costs have already rea
Higher rent costs are prompting some tenants to take part in rent strikes, which are often seen as renters’ last option to not get priced out. During a rent strike, tenants withhold their rent checks in an attempt to pressure landlords to negotiate rents and typically to improve building maintenance, too.The move forces landlords to comply or take each of the tenants who are striking to eviction court individually to argue their case. That mov
Users of short-term rental sites such as Airbnb and VRBO who book accommodations directly with property owners in New Jersey must pay a 5 percent tax—unless they, instead, use a real estate agent to complete the transaction.The loophole in the state’s occupancy tax could be a boon for practitioners but also may cause headaches for homeowners who advertise short-term rentals. “Since 50 percent of bookings are direct by owner, it’s going to
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