Mortgage rate increases are chipping away at home buyer sentiment, shows the latest reading from Fannie Mae’s Home Purchase Sentiment Index. For the fifth consecutive month, consumer sentiment dropped in December and most of that centered on perceptions over rising borrowing costs.The share of consumers expecting mortgage rates to drop over the next 12 months, as well as those who believe their household income is significantly higher today com
Traffic is getting worse across the country. The average American commute time is at a record high: 26 minutes. And more of the public has become “megacommuters,” spending up to 90 minutes in the car each way.Some cities are trying to deflate commute times by adding bike and walk lanes into the infrastructure to encourage more people to get out of the car and find different ways to work or recreation.For example, protected bike lanes are slow
On the surface, buying an existing home seems like the most affordable route to go. After all, the median cost of an existing single-family home is $223,000. On the other hand, the average cost for building new construction averages $289,415.Obviously, there is quite a bit of variations in sorting out those costs. Plus, the price you pay upfront is only part of the equation when deciding to buy an existing home or build a new one.A recent article
Vow to make 2017 your best year yet in the real estate business. But that means giving up some bad habits that may stand in your way of obtaining ultimate success. Entrepreneur recently highlighted several of the following “bad habits” that could be hindering your business:Having a sense of entitlement.The world doesn’t owe you anything. “If you want success, you need to make it happen,” the article notes. If you want a flood of new cli
Rural areas are expected to see more growth in the 65-and-older population than urban areas over the next few decades, according to a report by the Urban Institute. But for those expecting to grow old in their home, it could prove problematic. Many of the aging homes in rural areas are not suitable for elderly homeowners, the report says.Sixty-one percent of homeowners age 55 and older say they plan to remain in their home as they age, according
Mortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27, the federal government announced today.“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” Julian Castro, secretary of the U.S. Department of Housing and Urban Development, announced today.NAR President Bi
The demand for rental apartments remains high as few renters are being tempted to leave apartments to take on homeownership. But industry insiders expect that to soon change, and they believe entry-level condos will be key to pressing more renters to make that leap.“We expect homeownership to return to favor, likely in the form of entry-level condos that offer the same amenities many urban apartment dwellers prefer,” says John Affleck, a rese
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Millennial motherhood is on the rise. Could the increase in births for the millennial generation bode well for real estate and finally convince them to move into homeownership?About 1.3 million millennial-aged women gave birth in 2015, which accounts for 82 percent of all U.S. births that year, according to Pew Research center data. Millennial women have lagged other generations in birth rates. Nearly half of Generation X women were already into
Borrowing costs moved lower this week. But most economists aren’t predicting the trajectory to continue.This marked the first time in 10 weeks that mortgage rates moved lower, Freddie Mac reports."The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent,” says Sean Becketti, Freddie Mac’s chief economist. “This marks the first time since 2014 that mortgage rates
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