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
When home shoppers are looking around for the best mortgage rates, they may wonder why they aren’t quoted the ones they see advertised online or by banks. Lenders usually advertise the best interest rates that are available only to their borrowers with the highest credit scores.Credit scores can have a big impact on what borrowers are quoted with mortgage rates.Forbes.com paints the following scenario in a recent article: Two neighbors are both
As prices rise, more buyers are turning to unconventional loans to finance their new-home purchase, particularly in some western southern markets.The share of unconventional financing is comprising more than a quarter—or 28.6%—of the new-home build market, a new analysis of census data by the National Association of Home Builders shows. Unconventional forms of financing include loans insured by the Federal Housing Administration, VA-backed lo
A total of 143,105 properties nationwide received a foreclosure filing—default notice, scheduled auction, or bank repossession—in the third quarter of this year, the lowest level since the second quarter of 2005, ATTOM Data Solutions reports in its latest Foreclosure Market Report. U.S. foreclosure activity is now 49% below the prerecession average of 278,912 between the first quarter of 2006 and the third quarter of 2007, ATTOM Data rep
The 30-year fixed-rate mortgage jumped 12 basis points from last week, averaging 3.69%, Freddie Mac reports. That’s no reason for home shoppers to get nervous: Economists largely predict mortgage rates will dip in the weeks ahead. Also, rates are still more than a percentage point lower than a year ago.“Despite this week’s uptick in mortgage rates, the housing market remains on the upswing, with improvement in construction an
Total housing starts dropped 9.4% month over month in September to a seasonally adjusted annual rate of 1.26 million units, the U.S. Commerce Department reported Thursday. The multifamily sector, which includes apartments and condos, plummeted 28.2% in September to a pace of 338,000. However, single-family housing starts fared much better, rising 0.3% to 918,000 units.Overall, builders are happy with the numbers.&nbs
Housing experts say that homeownership is growing out of reach for a rising number of minority households. Fewer than one in 10 homes for sale last year were affordable to African American households in several major cities, such as San Francisco, Denver, Boston, Los Angeles, and Seattle, a newly released study from Redfin reports.The report calls out San Francisco, where less than 1% of homes for sale last year were affordable for African Americ
The number of older American households is climbing to record high levels, and the housing industry is closely monitoring their evolving housing needs. The number of homes headed by a person age 65 or older rose from 27 million to 31 million between 2012 to 2017.Over the next 20 years, the oldest age groups—age 65 and over—are expected to increase their share of all U.S. households from 26% in 2018 to 34% by 2038, according to a newly release
Students are borrowing more money nowadays, not only causing them to face higher bills but also forcing them to delay homeownership, the study notes.The average student loan borrower owes $34,500, which is $8,500 more than the typical down payment of $26,000. More than a quarter of millennials say that student loans are the primary barrier to saving up for a down payment, according to a separate report from the National Association of REALTO
The economy shows signs of sluggishness, but not the housing market, according to a new report released this week from the Federal Reserve Bank of New York. Consumer spending is softening and wage growth is “moderate,” but the housing market has rebounded, the Fed says.“Housing activity indicators displayed further gradual improvement in August,” according to the report. Over the last three months, single-family housing starts and permits
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