The Biden administration announced on Wednesday a goal to increase the nation’s affordable housing supply with 100,000 new units available for homeowners and renters over the next three years. To do that, the administration called for a number of new policies and efforts, such as greater financing for manufactured homes and two-to-four unit properties as well as called for state and local governments to reform zoning restrictions that are limit
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Hurricane Ida continues to leave a long trail of destruction across Louisiana, Alabama, and Mississippi. Damages could total between $15 billion and $20 billion, Wells Fargo and Fitch Ratings estimated. Ida is tied for the fifth-strongest hurricane ever to hit the U.S. mainland.Hurricane Ida was predicted to damage 1 million homes along the Gulf Coast once it made landfall. The damage has been so extensive that officials warn it could take weeks
Most renters aspire to be homeowners. But down payment barriers have many concerned if they’ll ever be able to own one day, according to a survey of 2,500 consumers from LendingTree.Eighty-eight percent of respondents said they’d rather own a home than rent. Yet, 48% of renters say they worry about whether they’ll ever be able to buy, the survey shows.Down payment barriers, home prices being too high, and difficulty qualifying for a mo
The suburbs have been in big demand since the pandemic as more families look for more room to spread out, desiring bigger homes and yards.“More people are making the decision to move a bit farther away from work to find more affordable housing where there are still some urban amenities,” Jung Choi, a senior research associate at the Urban Institute, told realtor.com®.Realtor.com® researchers identified their 2021 picks for the best family-f
Paradise, Calif., faced the deadly and destructive 2018 Camp Fire, and officials want to make sure history never repeats itself. To that end, officials are buying up properties that are most at risk for wildfires to protect future homeowners and the town by turning these purchased properties into fire-resistant green spaces, NPR reports.The 2018 Camp Fire wiped out a large section of Paradise, marking one of the deadliest and destructive wildfire
The housing market took a slight dip in contract signings in July, but that could potentially mark an opening for home buyers who have been shut out by fierce competition over recent months.The National Association of REALTORS® reported this week that pending home sales dropped by 1.8% in July compared to June, the second consecutive month for declines. Only the West saw contract signings increase last month. But all major regions across the cou
Mortgage rates continue to hover at all-time lows, marking the ninth consecutive week that rates have averaged below 3%.“The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Sam Khater, Freddie Mac’s chief economist. “Overall, rates continue to be low, with a window of opportunity for those who did not refinance under 3%. From a homebuyer perspective,
Aspiring first-time homebuyers may not want to give up on that competitive house hunt: In many markets, they could save money by owning.Buying a starter home is more affordable than renting in nearly half of the largest U.S. metros, according to a new study released by realtor.com®.The U.S. median rental price has climbed nearly 10% year over year to $1,607. That is 15.5% higher than the monthly payments for a starter home, the lower-priced tier
In a 6-3 decision late Thursday, the U.S. Supreme Court ended the Centers for Disease Control and Prevention’s eviction moratorium. The move brings relief to the country’s small housing providers, who have faced financial hardship for more than a year.In a statement sent to all members overnight, the National Association of REALTORS® said, “This decision is the correct one, from both a legal standpoint and a matter of fairness. I
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