Would you move somewhere else if you were allowed to work remotely on a permanent basis? A survey released Tuesday by Redfin found that two-thirds of US homebuyers and sellers would consider moving (or already have) to a new city if they could work at home on a full-time basis. The survey of 1,400 people who bought or sold a home within the last year or plan to buy or sell a home in the next year found: 34 percent of buyers/sellers have already moved to a different city or area.33 percent would like to move to a different city or area.30 percent of respondents said they have already moved less than 50 miles away from their former home.23 percent…
Home building employment withstood the effects of the Covid-19 pandemic, the National Association of Home Builders reported Monday. From May through December, 472,500 residential construction jobs were created – more than offsetting the 456,800 such jobs that were lost in March and April due to the Covid-19 pandemic. Residential construction jobs surged by 22,700 in December. Comparatively, non-residential construction recovered just 61 percent of the jobs that were lost in March and April. Residential construction employment now stands at 3.0 million in December, including 848,000 builders and 2.1 million residential specialty trade contractors, NAHB reported. The six-month moving average of job gains for residential construction was 27,000 a month. Over the last 12 months, home builders and remodelers added 57,200 jobs on a…
The share of US mortgages in forbearance edged down slightly last week, though 2.7 million homeowners are still pausing their mortgage payments, according to the weekly report released Monday by the Mortgage Bankers Association. The weekly survey found: Total loans in forbearance as of January 3 decreased from 5.53 percent to 5.46 percent.The share of Ginnie Mae loans in forbearance decreased from 7.92 percent to 7.85 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.24 percent to 3.19 percent.The share of independent mortgage banks in forbearance dropped from 6.01 percent to 5.92 percent.Bank-managed mortgages dropped from 5.44 percent to 5.39 percent. “The share of loans in forbearance slightly declined for each investor category entering the…
The number of “million-dollar cities” surged significantly last year as home values climbed amid the Covid-19 pandemic, according to a report released Monday by Zillow. There are now 312 cities where the typical home value is at least $1 million, with 45 added to the list in 2020, the Zillow analysis found. Overall, the typical value of a home in the United States is $263,000. “In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021,” Zillow senior economist Chris Glynn said. “Despite the label, there are homes available in these communities for less than $1 million, but buyers must be realistic about their wish list and act quickly…
The number houses for sale in the United States reached a record low in December, realtor.com reported Thursday in its Monthly Housing Trends Report. There were fewer than 700,000 homes for sale in the US for the first time in the report’s history. The report found: The number of homes for sale was down 39.6 percent – which amounts to 449,000 fewer homes for sale than last December.The median listing price grew 13.4 percent over last year to $340,000.Homes sold in 66 days on average in December, which is 13 days faster than last year. “The shortage of homes for sale has been an ongoing issue for the last couple of years, but in December the combination of the holiday…
The new year brought the same old story – record low mortgage rates. Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday showed the 30-year fixed-rate mortgage plunged to their lowest levels in the survey’s history, dating back to 1971. The survey found: The 30-year fixed-rate mortgage averaged 2.65 percent with an average 0.7 point, down from last week’s 2.67 percent and 3.64 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.16 percent with an average 0.6 point, down from last week’s 2.17 percent and last year’s 3.07 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.75 percent with an average 0.3 point, up from last week’s when it averaged 2.71 percent and last year’s 3.30 percent. “A new…
Mortgage applications closed 2020 slightly lower than mid-December, according to the latest weekly survey released Wednesday by the Mortgage Bankers Association. Overall, applications were down 4.2 percent from two weeks earlier – with the Refinance Index down 34 percent and the Purchase Index down 0.8 percent. Year over year, however, refinances were up 100 percent from this time last year while purchases were up 3 percent. The FHA share of total applications remained unchanged from 10.1 percent. The VA share of total applications increased to 13.6 percent from 12.1 percent and the USDA share of total applications increased to 0.4 percent from 0.3 percent. “The steady demand for home buying throughout most of 2020 should continue in 2021,” said Joel…
New year, same old story when it comes to the number of homeowners in forebearance plans in the United States. The total number of mortgages in forbearance remained unchanged in the last Mortgage Bankers Association report released Tuesday, with 2.7 million homeowners pausing their mortgages as of December 27. The weekly report found: Total loans in forbearance remained unchanged relative to the prior week at 5.53 percent.The share of Ginnie Mae loans in forbearance increased from 7.87 percent to 7.92 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.26 percent to 3.24 percent.Independent mortgage bank-managed mortgages in forbearance decreased from 6.04 percent to 6.01 percent.Bank-managed mortgages increased from 5.43 percent to 5.44 percent. “The share…
The value for Black and Latino-owned homes lags behind overall home values, but the gap is narrowing, according to a new analysis released Tuesday by Zillow. The analysis found that Black and Latino-owned homes are worth 16.2 percent and 10.2 percent less than the typical U.S. home – values that have closed by roughly 4 percentage points in recent years. “It has taken nearly a decade for the home value gap to return to pre-recession levels, but still, the gap remains very large,” Zillow economist Treh Manhertz said. “With Black and brown communities and jobs hit disproportionately hard in the pandemic, there has been reason to worry another dip may be on the horizon that could slow or stop the…
Mortgage rates closed 2020 where they spent much of the year – near historic lows. For the week ending December 31, Freddie Mac’s weekly Primary Mortgage Market Survey found: The 30-year fixed-rate mortgage averaged 2.67 percent with an average 0.7 point, up slightly from last week’s record low 2.66 percent and well below last year’s 3.72 percent.The 15-year fixed-rate mortgage averaged 2.17 percent with an average 0.7 point, down from last week’s 2.19 percent and last year’s 3.16 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.71 percent with an average 0.4 point, down from last week’s 2.79 percent and last year’s 3.46 percent. “All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more…
