Homeowners are getting richer, thanks to rising home values. The amount of equity that homeowners can tap into is now at the highest level on record, according to Black Knight Financial Services, a mortgage and finance industry solution provider.The amount a borrower can take out of a home—while still leaving 20 percent in it—increased by a collective $735 billion during 2017. That is the largest annual increase by dollar value on record, acc
U.S. bank regulators said on Monday that more commercial real estate deals can proceed without an independent appraisal of the property’s value.The regulators raised the threshold for commercial real estate transactions that require an appraisal from $250,000 to $500,000. Commercial transactions that are valued at more than $500,000 must still have an independent third-party check on the property value before the bank will process a loan; tr
Seven of the top 10 cities to sell a home in 2018 are in California, according to new rankings by SmartAsset, a personal financial website. Many markets in the state are breaking records for home prices, which means sellers are seeing hefty profits. High buyer demand and low inventory also are leading to quicker sales.SmartAsset ranked the best places to sell a house by looking at several factors, including change in home values, average days on
The Federal Housing Administration insured about $1.9 billion worth of mortgages in 2016 that it never should have, according to a new report from a federal watchdog. The Department of Housing and Urban Development’s Office of the Inspector General found that in 2016, the FHA insured about 9,507 borrowers who were barred from receiving FHA loans under federal requirements, either because they had delinquent federal debt or were subject to fede
Middle-class earners are being hit with income stagnation, rising housing costs, and increasing debt loads, but there are several markets across the country that could offer relief. The middle class is defined as households who earn between $42,000 to $125,000 annually, according to the Pew Research Center.Realtor.com® analyzed the nation’s 100 largest metros with the highest share of homes on the market that are priced for middle-income worke
As home prices rise, more homeowners are turning to home equity lines of credit, but they have concerns about cashing out on their home. The number of American consumers expected to take out a HELOC is projected to double to 10 million over the next five years, according to the J.D. Power 2018 U.S. Home Equity Line of Credit Satisfaction Study. The study looked at HELOC preferences among consumers, including customer choice and satisfaction bas
The 30-year fixed-rate mortgage fell 1 basis point to an average 4.44 percent this week, Freddie Mac reports.“Treasury yields fell from a week ago, helping to drive mortgage rates modestly lower,” explains Len Kiefer, Freddie Mac’s deputy chief economist. “The yield on the 10-year Treasury dipped below 2.8 percent for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets
A growing number of startups are helping renters and landlords navigate an increasingly hot rental market. Some companies aim to teach cash-strapped renters how to qualify for an apartment and budget for hikes in rental costs, while others help them raise thousands of dollars for a security deposit or improve their credit to get approved for a lease.Still others are focused on protecting landlords. For example, startup company Rhino offers securi
Housing affordability is worsening nationwide, beyond just the coastal markets. The median home price was not affordable to the average wage earner in 68 percent of counties tracked in the first quarter of 2018, according to a new report by ATTOM Data Solutions.ATTOM researchers determined affordability for average wage earners by calculating the amount of income needed to make a monthly house payment (including mortgage, property taxes, and insu
If you're interested in cryptocurrency, such as bitcoin and etherium, and live in a chilly climate, a new device that might help you earn some digital money while it warms your home.European startup Qarnot is getting ready to roll out its QC-1 room heater, which it says is powered by two GPU digital mining devices. The power the graphical processing units consume while mining digital coins is sufficient, according to the company, to warm a room o
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