Thirty-five percent of home buyers who purchased a home in November and December said they made an offer on the home without seeing it first in person, according to a newly released survey of more than 1,500 home purchasers conducted by the real estate brokerage Redfin. That is up from 33 percent in May 2017 and from 19 percent in June 2016.By age group, millennial home buyers are the most likely to make an offer on a home without visiting it fir
New-home sales plunged in the first month of the new year, and some economists blame it on rising mortgage rates that caused home shoppers to pause in January.Sales of newly built single-family homes dropped 7.8 percent in January month over month to a seasonally adjusted annual rate of 593,000 units, the U.S. Commerce Department reported Monday.“The moderation in new home sales may be attributable to the interest rate environment, which could
Quicken Loans has surpassed Wells Fargo as the number one mortgage lender in the country, the company announced. In the fourth quarter of 2017, Quicken Loans garnered $25.1 billion in originations compared to Wells Fargo’s $22.9 billion, according to data from Inside Mortgage Finance. But for the entire year, Wells Fargo was still the leader, with $94.7 billion in originations compared to Quicken Loans’ $86 billion.Still, Quicken Loans may be
Salt Lake City is quickly becoming one of the hottest housing markets in the country, and researchers note that home prices there are following a similar growth pattern as in Denver, where rapid increases began in early 2015. Realtor.com® projects that Salt Lake City will have one of the strongest housing markets in the nation this year. Home prices and sales are expected to surge 4.5 percent and 4.6 percent, respectively.Why is Salt Lake City b
The Federal Housing Administration is expanding mortgage relief to FHA-insured homeowners who live or work in areas that were affected last year by Hurricanes Harvey, Irma, and Maria, as well as wildfires and mudslides in California. Mortgage servicers in those areas will offer additional payment options to help disaster victims remain in their homes.The FHA is launching a “Disaster Standalone Partial Claim” option, which covers up to 12 mont
Because millennials, Generation X members, and baby boomers are in different stages of their lives, they are seeking different types of real estate markets that meet their specific needs. Realtor.com® found the hottest locations for each age cohort based on migration data for each of the major U.S. metros, home-search activity on realtor.com®, and the percentage of positive change in homeownership for each city from 2016 to 2018. The research s
The 30-year fixed-rate mortgage shows little signs of stopping its gradual move upwards week to week. This marks the seventh consecutive week for higher mortgage rates, and rates continue to be at a four-year high.“Fixed mortgage rates increased for the seventh consecutive week, with the 30-year fixed mortgage rate reaching 4.40 percent in this week’s survey; the highest since April of 2014,” says Len Kiefer, Freddie Mac’s chief economist
Home prices in ZIP codes with the highest environmental hazard risk are appreciating at a faster pace than the overall housing market in the past year and over the last decade, according to ATTOM Data Solutions’ 2017 Environmental Hazards Housing Risk Index.Researchers analyzed more than 8,600 ZIP codes in the U.S. looking for four environmental risks: Superfund sites, brownfields, polluters, and poor air quality. They found that median home pr
Taxpayers can continue to deduct the interest they pay on home equity loans when the funds are used for home improvements, the IRS confirmed in a statement on Wednesday. The status of home equity deductions has been in question following the limits on the mortgage interest deduction included in recent tax reform legislation. The IRS says it has been fielding more questions from taxpayers and tax professionals on whether the interest on home equit
Consumers across the globe tilt in favor of homeownership, despite steady gains in renting. Twenty-nine of 30 countries recently analyzed have a majority of homeowners, with Switzerland being the sole exception, according to a new analysis by RentCafe, a nationwide listing service for renters.While the number of renters is on the rise in 21 of the 30 countries, homeownership still prevails. The number of renters in the United States, for example
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