Calif. Gov. Gavin Newsom signed into law this week a measure that would cap rents throughout the state, a move that the real estate industry has warned could have dire long-term consequences.The law limits annual rent increases that landlords can enact on tenants in the state to 5% after inflation. The new limit will take effect in January.Lawmakers said the rent cap was driven by skyrocketing affordability in the state. Fifty-five percent of ren
Homeowners 62 and older are feeling richer thanks to homeownership. Senior housing wealth grew by 0.5%, or $32 billion, in the second quarter, on top of a cumulative $7.17 trillion reached in the first quarter of 2019, the National Reverse Mortgage Lenders Association reports.The increase in senior homeowners’ wealth was mainly driven by an increase in home values.“Many retired and soon-to-be-retired Americans lack financial assets for a comf
Mortgage denials have fallen to the lowest rate since the financial crisis and dating back to 2004, according to data from the Home Mortgage Disclosure Act. Still, that doesn’t mean all borrowers on the path to homeownership will qualify for financing. Nearly one in 10 borrowers get denied for a mortgage, according to a new analysis from LendingTree.LendingTree researchers analyzed more than 10 million applications available through the Home Mo
Homeowners seem to have a love-hate relationship with their homeowners associations. They appreciate those that mow the lawn, manage neighborly disputes, offer amenities, and organize social events, but they don’t agree with all their rules.The number of Americans living in a community association has grown over the last 50 years from 10,000 communities in the 1970s to more than 300,000 as of 2016, Porch.com reports. (Those figures also include
Homebuyers looking for a purchase loan and homeowners who want to refinance are responding well to low mortgage rates. “While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over 50% from a year ago thanks to increases in both refinance and purchase mortgage applications,” says Sam Khater, Freddie Mac's chief economist. "As economic growth decelerates, it is clear that low mortgage rates wi
Americans are growing concerned by the growing threats of an economic slowdown, but that doesn’t seem to be affecting housing. Recent housing reports are showing that lower mortgage rates are buoying buyer demand into the fall months.“Despite fears of an economic slowdown, the housing market continues to be a bright spot in the economy,” says Sam Khater, Freddie Mac’s chief economist. “While mortgage rates have ticked up in recent weeks
For the first time in 25 years, federal regulators are increasing the property value limit under which buyers of certain homes must obtain an appraisal as part of the selling process. Federal banking agencies have approved a plan enabling certain homes worth $400,000 or less to be subject to an evaluation rather than an appraisal.The last time this threshold changed was in 1994, when regulators set the rule for properties worth $250,000
President Donald Trump on Friday signed an extension of the National Flood Insurance Program through Nov. 21, marking the 13th time the program has been granted a last-minute reprieve from expiration. The NFIP, which faces financial challenges and is billions of dollars in debt, had been set to expire Sept. 30 until Congress rushed a bill to extend the program last week.The NFIP is the nation’s largest flood insurer and provides coverage to 22,
New York is the priciest rental market in the nation, according to a new RENTCafe report. It has 28 of the 50 most expensive ZIP codes for renters nationwide. Tenants living in ZIP code 10282, encompassing the Battery Park neighborhood of Manhattan, pay an average of a whopping $6,211 a month in rent. ZIP code 10013, which includes TriBeCa, Lower Manhattan, and Chinatown, followed in the rankings with average monthly rents at $5,237.RENTCafe anal
Pets can take a major bite out of your home’s resale value, The Wall Street Journal reports. Scratched doors, stained floors, and chewed-up furniture can prove costly for homeowners to repair.Homeowner Lexi Methvin knows all too well how pricey pet damage can be. Since purchasing her $1.25 million home in Basalt, Colo., three years ago, she told the WSJ that she estimates she’s spent between $25,000 to $30,000 on dog-related home re
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