Mortgage rates moderated this week after posting a big drop last week, and the Federal Reserve’s decision on Wednesday to raise its short-term key interest rate hasn't had much on an effect on rates. (The Fed’s key rate is not directly tied to mortgage rates, but does often influence it.) “The response to the recent decline in mortgage rates is already being felt in the housing market,” says Sam Khater, Freddie Mac’s
Programs important to real estate will be affected in the event of a partial federal government shutdown that could start at midnight tonight if lawmakers fail to pass short-term budget legislation.The National Association of REALTORS® is in regular communication with congressional leaders and the White House and is working with other organizations to ensure lawmakers are aware of the importance of keeping programs critical to communities
More Americans are moving to the West, according to newly released figures from the U.S. Census Bureau. Half of the fastest-growing states are all in the western part of the U.S.—however, Texas and Florida did nab the number one and two spots on the Census Bureau’s list for receiving the most new residents over the past year.But the West is definitely gaining ground. Nevada and Idaho’s populations grew by 2.1 percent between July 2017 and J
Prisons and military bases are commonly located outside small, rural towns and often are the biggest employers and economic drivers in their areas. But that’s been a double-edged sword—until now.Prisons and military bases currently count toward an area’s population, putting many communities over the threshold of eligibility for Rural Housing Service programs. A town with a population greater than 35,000 isn’t considered rural under RHS gu
The latest home design craze embraces the cozy—think fuzzy blankets and extra throw pillows. This style is called “cwtch,” and its expected to grow as a popular housing trend in 2019.Cwtch (pronounced “kutch”) means a cuddle, a hug, or a hiding place. It’s replacing hygge, another cozy design trend that made waves in home decor over the past two years.“I think of that rainy day when you just want to curl up and read a
For the second consecutive month, existing-home sales rose, as three of the four major U.S. regions saw an increase in sales last month, the National Association of REALTORS® reported Wednesday.Total existing-home sales—which are completed transactions for single-family homes, townhomes, condos, and co-ops—rose 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales, however, are still down 7 percent from a
Millions of consumers may soon see a boost to their credit scores, which could help when applying for a mortgage. One of the largest credit-reporting firms in the U.S., Experian PLC, announced it will give consumers the option to have their cellphone and utility payments factored into their credit scores early next year. About 46 million consumers who have limited credit data could instantly see an increase to their credit scores from the new dat
More consumers are getting skittish about the housing market. Only 34 percent of consumers say they strongly believe now is a good time to buy, down from 43 percent a year ago, according to the National Association of REALTORS®’ Housing Opportunities and Market Experience Survey, based on a survey of more than 2,700 households.“Consistently fast-rising home prices well in excess of income growth over recent years have left buyers frustrated
Fewer new single-family homes entered the pipeline in November as housing affordability concerns continued to hinder inventories, the Commerce Department reported Tuesday.Housing starts increased 3.2 percent in November to a seasonally adjusted annual rate of 1.26 million units, but the increase was all due to an increase in multifamily starts—apartment buildings and condos. Multifamily starts rose 22.4 percent last month, while single-family h
Though your clients can gain an advantage by continuing their home search in December, many buyers and sellers will put their real estate aspirations on hold until after the holiday season. You can use this downtime to remind customers of your local market expertise so they’re ready to make a move when it’s time to jump back in. However, you want to be mindful of how you reach out to customers. To avoid becoming a nuisance during this bu
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