Fewer homeowners are taking forbearance to delay their mortgage payments due to the financial and economic impact of the COVID-19 pandemic. The national forbearance rate dropped 7 basis points between Oct. 19 and Oct. 25, the Mortgage Bankers Association reports. Forbearance rates dropped for every loan type.Mortgages in forbearance make up 5.83% of all outstanding mortgages, which is the lowest point since April 5, when the rate stood at 3.74%.
Several banks have rolled out programs in recent months that seek to increase buying opportunities for Black home shoppers, whose levels of homeownership lag behind other minority groups and whites.“Housing advocates are viewing the programs as efforts to repair the damage banks caused over the years, including the subprime mortgage lending in the early 2000s—risky high-interest mortgages to Americans with scuffed or limited credit—that con
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Homeownership accounts for 90% of total wealth, according to data from the 2019 Survey of Consumer Finance. Owners in areas with rapid price appreciation are filling their pockets the fastest. “Housing wealth accumulation takes time and is built up by paying off the mortgage debt and by price appreciation,” Scholastica “Gay” Cororaton, a research economist at the National Association of REALTORS®, writes on the association’s Econo
Generation Z, the oldest of whom are turning 24 this year, is a growing force in the rental market, but real estate experts are watching these consumers’ preferences closely for when they’re ready to buy. Sixty-two percent of Gen Z renters say smart-home technology is extremely or very important, according to a new RentCafe survey of about 2,500 respondents. High-speed internet was the most important feature respondents cited, coming in
Abandoned foreclosures labeled as “zombies” still haunt some housing markets even as moratoriums to stop home seizures during the pandemic remain in effect. While the number of “zombie foreclosures” has shrunk drastically during the COVID-19 outbreak, some homeowners who may be missing out on pandemic relief aid may be needlessly abandoning a home.“Zombie foreclosures” refer to homes that have been vacated by homeowners prior to
The 30-year fixed-rate mortgage continued to hover near its all-time low this week, as economists predict that historically low rates will likely remain into 2021.The 30-year fixed-rate mortgage averaged 2.81% this week, up slightly from last week’s 2.80%, which was the lowest ever in Freddie Mac’s records, dating back nearly 50 years.“The record-low mortgage rate environment is providing tangible support to the economy at a critical time,
Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.“Home sale
The new-home market continues to be a bright spot in real estate, but sales scaled back slightly in September, the Commerce Department’s latest data shows. Sales of newly built single-family homes dropped 3.5% in September to a pace of 959,000. However, sales of new homes are 32.1% higher than they were a year ago as builders try to play catch-up.“The demand for new single-family homes remains strong as interest rates are at historic low
Homeowners are watching their home values climb significantly this year, and prices are expected to continue to appreciate over the next decade. The National Association of REALTORS® reported that the median existing-home price for all housing types in September was $311,800—a 14.8% increase compared to a year ago.But how high are prices poised to go over the next decade? A new study shows that home prices in the U.S. have increased by ne
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