Down payment assistance programs are helping more consumers to become homeowners, according to a new study. Researchers with CBC Mortgage Agency, a national housing finance group, found that more than nine out of 10 home buyers would not have been able to purchase a home without down payment help. Further, more than half of the 1,100 buyers surveyed that received assistance were racial or ethnic minorities. Also, more than a third say they are th
California homeowners are again threatened by wildfires, with heavy winds fanning the Kincade Fire and creating “blowtorch-like” conditions in the northern part of the state, CBS News reports. By late Sunday, the fire had burned more than 54,000 acres and was only 5% contained. In Southern California, the Tick Fire in Santa Clarita has burned more than 4,600 acres so far and was 70% contained by Sunday evening. California Gov. Gavin Newsom ha
Accessory dwelling units are popping up in more backyards, CNBC reports. These standalone housing units are either serving as rentals to generate extra income for homeowners or extra space for aging parents or adult children who move back home.The growing interest in ADUs has sparked changes to local and state zoning rules to allow for more construction. Some communities are even pointing to ADUs as a solution for a lack of affordable housin
Financial experts often advise not to spend more than 30% of your annual income on housing costs. However, buyers in several areas are far exceeding that rule.LendingTree researchers recently ranked the nation’s 50 largest cities according to how much financial leverage buyers in each metro have to achieve homeownership. The study defines “leverage” as the ratio of how much money a person borrows to his or her annual income.Five of the citi
Mortgage financing giants Fannie Mae and Freddie Mac released a redesigned mortgage application form this week, after the agency that oversees them ordered a change to remove certain questions over language preferences and housing counseling information from the previous version.The Uniform Residential Loan Application is a standardized form used by borrowers when applying for a mortgage. This is the first time in 20 years there has been a change
Airbnb has seen explosive growth the last few years, even as some cities have fought to manage short-term rentals that they fear are overtaking communities. Still, homeowners and investors are cashing in.Florida is Airbnb’s hot spot, finds a new study released from IPX 1031, a 1031 exchange resource. For homeowners or investors looking to rent out housing on a short-term basis, the state is home to seven cities with the most per capita rentals
The median price for a new home posted a significant drop last month, but it’s not because builders are discounting their inventories or offering any special deals. Instead, the drop in prices was due to a greater mix of price points that builders are now selling.The median price of a newly built home was $299,440 in September, down 8% compared to a year ago, census data shows. That is also the lowest median price reading since 2016. A year ago
The 30-year fixed-rate mortgage was on the rise last week, leaping to a 12-week high. But rates are still well below year-ago levels.“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are following suit but are near historic lows
Last year was a record-setting one for weather-related losses to properties, shows the LexisNexis’ Home Trends Report. More than half of all catastrophic claims in 2018 centered in four states: California, Colorado, Florida, and North Carolina.Hurricanes, wildfires, and hail prompted a 17% increase in the severity of catastrophic claims among insurers last year, the study shows. Some of the biggest weather-related events that shaped 2018 includ
Lower mortgage rates may be getting offset by higher home prices. Single-family homes and condos sold for a median price of $270,000 in the third quarter—up 8.3% from a year ago and a new high, a newly released report from ATTOM Data Solutions shows.Homeowners who sold in the third quarter earned a median profit of 34.5%—a postrecession high. They saw an average home price gain since purchase of $68,686, according to the report.The National A
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