Many Americans begin looking for a home to buy without understanding the fundamentals of applying for a mortgage or what it takes to qualify for one, according to a new survey by Ally Home, a direct-to-consumer mortgage business.Ninety-two percent of the more than 2,000 U.S. adults who responded to the survey admit they don’t know how much mortgage they can afford. Further, most say they’re confused about “rates” versus “points,” and
Only two weeks after Congress passed a bill to reopen the federal government following a three-day shutdown, a repeat of that quagmire is looming. The budget bill Congress passed funds the federal government through Feb. 8, when another shutdown is possible if lawmakers don’t agree on a long-term funding before then. What impact will real estate feel should the government close once more?Most home sales likely will be minimally affected because
The Federal Reserve voted on Wednesday to leave its benchmark interest rate unchanged, but it continues to leave the door open to future increases this year. The Fed’s benchmark rate will remain in the range of 1.25 percent to 1.5 percent, which is low by historical standards. Fed committee members said that by leaving the rate unchanged, they hope the low rates will help support broader job growth and stronger inflation.Lawrence Yun, chief eco
For the first time in 13 years, the U.S. homeownership rate ticked up, and millennials are behind the long-awaited boost. The U.S. Census Bureau reported Tuesday that the rate increased to 64.2 percent in the fourth quarter of 2017, up from 63.7 percent a year prior.The lion's share of the boost came from younger Americans. The homeownership rate among households headed by someone under the age of 35 increased to 36 percent in the fourth quarter,
A Manhattan real estate broker with Douglas Elliman has sued representatives of pop superstar Taylor Swift, alleging the singer refused to pay commission after the purchase of a townhouse.The suit claims a written promise to the unnamed broker for exclusive representation of Swift in the purchase of the townhome. The broker claims to have shown two properties to Swift, including the townhouse she purchased, along with other work on the star's
Mortgage rates were on the rise for the second consecutive week, causing some borrowers to show reluctance. Total mortgage application activity—which reflects both refinancing and home purchase demand—dropped 2.6 percent last week, the Mortgage Bankers Association reported Wednesday. Nevertheless, mortgage volume remains 6.6 percent higher than the same week a year ago."Rates moved higher last week driven by concerns over a weaker U.S. dollar
Contract signings on home sales rose slightly in December, reaching their highest level since last March, the National Association of REALTORS® reported Wednesday. NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, moved 0.5 percent higher to a reading of 110.1 last month, 0.5 percent higher than a year ago.“Another month of modest increases in contract activity is evidence that the housing market has a s
In a decision that aligns with arguments by NAR and other industry groups, the U.S. Court of Appeals for the District of Columbia Circuit reinstated a previous decision that shot down a controversial Sec. 8 anti-kickback enforcement action taken by the Consumer Financial Protection Bureau in 2016. The court said the CFPB incorrectly levied a $109 million fine on a mortgage company, PHH Corp., for entering into an arrangement with mortgage insur
The renter population is outpacing homeowners in many of the nation’s largest cities. The most recent data shows a slowing rental market as homeownership rates continue to gradually recover from the recession.RentCafe, an apartment and house rental listing company, recently analyzed U.S. Census data to study the change in the number of people living in renter- and owner-occupied housing units over a decade. They compared data from the years 200
As more states legalize marijuana for recreational and medical purposes, the housing industry is increasingly looking to embrace it as a building material too, The New York Times reports.North Carolina boasts the first modern U.S. hemp house, which was constructed in 2010. About 50 homes in the country have since popped up with hemp built in.Hemp structures date back to Roman times. But now, some builders want to bring it back to their markets
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