If consumer surveys hold true that Americans are indeed more willing to move to find affordable places to live, certain locales within the U.S. may hold the most promise and be poised for growth.Move.org, a moving resource company, analyzed the 74 most populous cities and ranked them based on how high their monthly living costs are and calculated the city’s median income. The average median individual income across the 74 cities is $33,749
Supply chain woes have been hitting the housing market, affecting appliances, windows, paint, and other items needed to build, repair, or improve home. That has driven prices higher.New-home buyers have felt the pinch: The median sales price for a new home in October was $407,700, up 17.5% compared to the same time a year ago, according to realtor.com® data. Builders point to higher material costs, as well as labor and lot shortages.The blame fo
Mortgage rates held steady this week as the world awaits more information about the severity of the omicron variant of COVID-19 and ongoing supply chain issues. The 30-year fixed-rate mortgage averaged 3.11%, Freddie Mac reports.“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “The consistency of rates in the face of changes in th
Congress cleared a short-term funding extension Thursday night, avoiding a government shutdown slated to begin this weekend. The measure keeps spending at current levels through Feb. 18 and extends authorization for the National Flood Insurance Program.The move takes one item off the legislative to-do list during a busy December. Congress has yet to pass any of the 12 annual appropriations bills and will need to strike a longer-term spending
The booming real estate market is on a pace to shatter records this year. The real estate data firm CoreLogic reports that the total value of residential real estate transactions in 2021’s second quarter topped $600 billion for the third time in the past year. That puts the market on track for a record-breaking year, CoreLogic says.“The value of transactions has skyrocketed despite sales volumes continuing a relatively normal growth trend,”
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As the latest coronavirus variant remains a wild card for the housing market, real estate experts are still predicting a mostly lively year for home sales in markets across the country.However, home shoppers may find some relief for escalating home prices, which have been trending with double-digit increases over the past year. Lawrence Yun, chief economist of the National Association of REALTORS®, said earlier this week in a housing report that
Mortgage lending declined at an unusually fast pace across the country during the third quarter, according to a newly released report from ATTOM Data Solutions on mortgage originations. The percentage of mortgages secured by a residential property in the third quarter slipped by 8% compared to the second quarter, the largest quarterly dip in more than a year, researchers note. This also marked the first time in any year since at least 2000 that l
The Federal Housing Finance Agency announced Tuesday that conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac will jump in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year.The FHFA’s House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022 conformi
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