Vacant buildings—especially ones that stretch through blocks of neighborhoods—have reached “epidemic levels” in some cities, according to a new report by the Lincoln Institute of Land Policy titled “The Empty House Next Door.” Formerly industrial cities in the Rust Belt are seeing the highest levels of what researchers call “hypervacancy.” Hypervacancy consists of blocks and neighborhoods of vacant buildings and lots that comprise
First-time home buyers are flocking to the real estate market in larger numbers, comprising 46 percent of mortgages backed by Freddie Mac—excluding refinancings—that were issued in the first quarter of this year. That marks the largest quarterly share that Freddie Mac has recorded, dating back to 2012.“This is a millennial-driven rise,” Sam Khater, Freddie Mac’s chief economist, told Bloomberg. “You’ve got a strong economy that’s
Recent income growth has not been enough to keep up with rising mortgage rates and home prices, according to a new report by Black Knight, a real estate technology and data firm. Rising home prices and mortgage rates have increased the monthly payment of a median-priced home purchased with a 20 percent down payment on a 30-year mortgage by $150 per month. That marks about a 14 percent increase since the start of 2018.While housing affordability s
New construction inventory has reached its highest point since the Great Recession, with the number of new single-family homes rising 7.7 percent between 2016 and 2017 to 795,000 units, according to the Census Bureau’s 2017 Characteristics of New Housing report. “It’s good that there’s more construction, but there’s still plenty of room for more building,” says realtor.com® Chief Economist Danielle Hale. “Builders are obviously c
Home shoppers looking for a bargain can still score deals in some areas of the country. The Rust Belt and Midwest regions tend to have the highest percentage of homes listed for less than $100,000—properties with three bedrooms, two bathrooms, and a yard. “Bargains definitely exist,” says realtor.com® Chief Economist Danielle Hale. “But buyers should go in with their eyes open. In some of those areas, $100,000 can buy a pretty decent hom
The majority of working baby boomers ages 50 and over say they expect to delay retirement, according to a survey by The NHP Foundation, a nonprofit real estate corporation supporting affordable housing. The cost of housing may be one reason why.Prospective retirees say their top three concerns are an inability to afford quality health care (36 percent); dependency on children (28 percent); and being forced to choose a living situation inferior to
Several states and cities have been offering relocation buyers financial incentives—including paying off student loan debt—to move there. Now Vermont joins the list.Vermont Gov. Phil Scott signed a bill into law last week that will give certain people who relocate there from another state up to $10,000 to cover moving expenses. The money is part of a grant program aimed at attracting tech workers and revitalizing the state’s aging work for
Just how important is a neighborhood’s “vibe” to prospective buyers? Nearly nine in 10 say the look and feel of a neighborhood is a top consideration when choosing where to live, according to an independent survey of more than 2,000 consumers conducted by Ally Home.The majority of survey respondents say they prefer a “quiet and quaint” neighborhood vibe rather than a “modern millennial” vibe. More than one-third say they want a nei
A real estate professional in Huntington Beach, Calif., was fined $2,750 by the city because he displayed too many open house signs around town, according to officials. Last month, Jerry Del Mauro, a sales associate with RE/MAX Select One, was holding an open house for a $1.4 million listing, which is situated on a desolate street on an island. In order to capture potential buyers’ attention, Del Mauro placed 18 signs advertising the open house
Facebook has indicated that the high costs of living in Silicon Valley, where it is headquartered, could prompt the company to relocate. Elliott Schrage, Facebook’s chief policy officer, said during an annual shareholders meeting this week that the pricey cost of housing in San Francisco—where another Facebook campus is planned—must be addressed “if we’re going to remain a company in Silicon Valley for the long-term.”Facebook’s anno
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