The median price for a new home posted a significant drop last month, but it’s not because builders are discounting their inventories or offering any special deals. Instead, the drop in prices was due to a greater mix of price points that builders are now selling.The median price of a newly built home was $299,440 in September, down 8% compared to a year ago, census data shows. That is also the lowest median price reading since 2016. A year ago
The 30-year fixed-rate mortgage was on the rise last week, leaping to a 12-week high. But rates are still well below year-ago levels.“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are following suit but are near historic lows
Last year was a record-setting one for weather-related losses to properties, shows the LexisNexis’ Home Trends Report. More than half of all catastrophic claims in 2018 centered in four states: California, Colorado, Florida, and North Carolina.Hurricanes, wildfires, and hail prompted a 17% increase in the severity of catastrophic claims among insurers last year, the study shows. Some of the biggest weather-related events that shaped 2018 includ
Lower mortgage rates may be getting offset by higher home prices. Single-family homes and condos sold for a median price of $270,000 in the third quarter—up 8.3% from a year ago and a new high, a newly released report from ATTOM Data Solutions shows.Homeowners who sold in the third quarter earned a median profit of 34.5%—a postrecession high. They saw an average home price gain since purchase of $68,686, according to the report.The National A
Millennials are increasingly using Veterans Affairs loans to become homeowners. The number of loans backed by the Department of Veterans Affairs rose 2.3% annually in September. The uptick was led by a 14% jump in the number of mortgages for millennial veterans and active-duty military personnel, according to a report by Veterans United, one of the nation’s largest VA lenders.“There has been a question in real estate circles for years about w
When it comes to selling a home, the small tweaks can sometimes make the largest difference. From the tile grout to the smells, Apartment Therapy recently asked real estate pros to chime in with the easy-to-overlook attributes of a home that could increase a home’s value.The often overlooked areas that can make some of the biggest difference include:Clean surfaces and crevicesTake note of those baseboards and tile grout because the cleaner they
Opportunity zones have been called one of the biggest real estate tax breaks ever, but investors have been hesitant to take advantage, a new study shows. The tax breaks—which were spawned from the 2017 federal tax overhaul--aim to spur economic growth in nearly 9,000 low-income communities designated across the country. Investors who hold onto the investments for 10 years receive the greatest tax breaks. Read more: Get Up to Speed on O-Zon
Facebook has become the latest company to pledge money to help ease a housing crisis that critics blame big tech for. The social media giant on Tuesday said it would allocate $1 billion in grants, land, and loans to generate more affordable housing in California's Bay Area. The funds will be used to build an estimated 20,000 housing units for middle- to low-income households.In June, Google pledged $1 billion in land and money to build
One in five U.S. homeowners say they feel house rich but cash poor, according to the newly released Hometap Homeownership Study. The rising costs of homeownership nationwide prompted nearly 20% of 675 homeowners surveyed to classify themselves as feeling “house rich, cash poor” most of the time, according to the study produced by Hometap, a firm that provides loan alternatives for tapping home equity. Seventy-three percent of respondents say
The lights are the jewelry of a space. Swap out light fixtures to instantly update the style of a kitchen, designers say. Houzz recently featured an article offering tips on how to choose kitchen lighting. Among its insights:Layer the lights. “Light layering involves creating different shades of light, playing with shadows and using colors to highlight a room’s best features,” interior design writer Georgia Madden notes. “In the kitc
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