Following two consecutive months of declines, pending home sales came roaring back in May, the National Association of REALTORS® reported Monday. Every major region of the U.S. posted month-over-month increases, including the South, which also bested its levels from a year ago.Home buyers reemerged, ready to move quickly on purchases as states reopened in May. “This has been a spectacular recovery for contract signings and goes to show the res
No matter how big or small a home, terraces, porches, or backyards are skyrocketing in importance to buyers and owners. After sheltering in place from the COVID-19 pandemic, more homeowners are looking to extend their spaces to the outdoors. House hunters may be putting more weight on listings that have a yard with cozier spaces too.Designers say the outdoor space should be thought of as another room in the house, and one that needs to be furnish
The number of loans originated by independent mortgage companies has increased significantly over recent years. In 2019, these lenders originated more than half—or 56.4%--of first-lien, owner-occupied home purchase loans, up from 35% in 2010, according to a report released this month from the Consumer Financial Protection Bureau. Independent mortgage companies also originated more than half—58.1%--of first-lien, owner-occupied refinance
The 30-year fixed-rate mortgage stayed at its record low this week, offering an opportunity for home buyers to lock in the lowest rate in Freddie Mac’s records dating back 50 years.The 30-year fixed-rate mortgage averaged 3.13% this week.The mortgage market has seen a resurgence in applications for home purchases in recent weeks. “The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buye
As mortgage rates remained at record lows last week, homebuyers rushed out to apply for a mortgage. Homebuyer mortgage applications have surged for five consecutive weeks due to pent-up demand from shelter-in-place orders in March and April as well as a demand for more living space as a result of the pandemic.Purchase mortgage volume dropped 3% from last week’s high pace, but remains 18% higher than a year ago, the Mortgage Bankers Association
The luxury housing market rebounded with force in May, outpacing the rest of the market in price growth and listing views online, according to realtor.com®’s Luxury Housing Report. Second home markets are garnering particular attention from this sector of buyers.Home buyers appear to be shifting their focus from dense, urban metros to smaller, less populated areas and second-home markets.“Unlike prior downturns, the luxury market is leading
A majority of real estate investors in the U.S. say they’re optimistic about the strength of the housing market, despite the nation caught in a recession caused by the pandemic. A new survey from LendingHome, a resource for investors, reflects 600 respondents among three investment segments: house flippers, landlords of single-family rental homes, and real estate investment mortgage brokers.Eighty percent of the investors surveyed say they beli
Your identity can be bought for as little as $1,192.58, a new study from Reviews.org shows. Scammers who steal identities and private information through data breaches sell the private information on the dark web, a collection of encrypted websites accessible only through special browsers.And while you may be at more risk for identity theft depending on where you live, the danger doesn't necessarily break down into regional categories, the study
The new-home market is booming as states wind down sheltering-in-place restrictions, easing the search for a new home. Sales of newly built single-family homes last month jumped nearly 13% over 2019—that is the strongest May since 2007, according to newly released data from the U.S. Census Bureau.However, while sales are rebounding, housing starts—the construction of new homes—posted a lackluster month, showing that builders are struggling
Outdoor living spaces are growing in popularity, and Americans are reassessing their spaces to spruce them up or hunting for new homes that offer more yard appeal.“Everyone has been cooped up since mid-March,” architect Michael A. Menn, owner of a Chicago-based design/build firm, told Forbes.com. “I have seen more people ask for outdoor living environments, screened porches, gazebos and decks. Being able to spend outdoor time with your fami
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