The Federal Housing Finance Agency will accept appraisals conducted remotely—without the physical presence of an appraiser—starting in early 2022 for qualifying Fannie Mae– or Freddie Mac–backed mortgages. The government-sponsored enterprises will use public records, including listings and tax appraisals, to process desktop appraisals for purchase loans.Sandra Thompson, acting director of the FHFA, made the announcement on Monday during t
Rents are rising quickly. Rents have increased, on average, more than 10% between the first quarter of 2020 and the third quarter of 2021, according to data from RealPage Inc. analyzed by The Business Journals. Many metros, however, are outpacing that growth.Many rental rates have surged since the COVID-19 pandemic. Pent-up demand and relocations have fueled increases in apartment rental rates, with some markets even seeing more than a 20% growth
A new study aims to put into perspective the impact curb appeal can have in a home sale. An Oct. 13 study by Trees.com shows property values can decrease by up to 30% due to poor landscaping alone. The website surveyed 1,250 real estate professionals for its study.Seventy-eight percent of real estate professionals say poor landscaping and hardscaping negatively affect a home’s value.“Landscaping provides potential buyers with a
Millions of people are reevaluating where they want to live as remote work options grow and the pandemic prompts lifestyle changes. Livability.com analyzed more than 1,000 small to mid-sized cities while factoring in safety, affordability, economic stability, outdoor recreation, accessibility, community engagement, and more.The cities that topped this year’s list “offer the exact things so many of us are craving right now: connection, afforda
Nearly half of U.S. households who heat their homes with natural gas can expect higher bills this winter—an average of 30% higher compared to last year, the Energy Information Administration warns.It could be even higher: If the winter is 10% colder than average, homeowners can expect heating bills that top 50% higher than a year ago.Even if the winter is 10% warmer than average, heating bills are still expected to be 22% higher than last year.
The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey.“As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing,” says Sam Khater, Freddie Mac’s chief economist. “Historically speaking, rates are still low, but many potential home buyers are
To keep pace with higher prices, the Federal Housing Finance Agency announced Wednesday that its 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac will rise to $78 billion for each of the government-sponsored enterprises. That is a combined total of $156 billion to support the multifamily market next year.The 2022 caps, based on the Federal Housing Finance Agency’s projections for overall growth in the multifamily originations
Demand is surging for rental units and that is pushing up prices. The amount homeowners could receive from renting their home increased by 0.4%, which may seem small but is the largest one-month increase since 2006, according to the latest Consumer Price Index. Rents of primary residences jumped by 0.5%, the largest one-month increase since 2001.“This might just be an overshoot after a couple of relatively modest increases, but we can’t rule
While U.S. foreclosure starts rose 67% in September compared with a year ago, they remain well below historic levels. The significant jump has to be seen in context: It is comparing the rate of foreclosure starts now to those of a year ago, when pandemic-led moratoriums were preventing foreclosures from moving forward.And the increase isn't likely to lead to a glut of homes on the market, says National Association of
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