Zillow Names Buffalo Hottest City Of 2024

Buffalo, NY, is slated to be the hottest market of 2024 as affordable metros gain popularity among money-minded Americans. Cincinnati and Columbus took numbers two and three on Zillow’s Hottest Markets of 2024 list, driving home the importance of savings for homebuyers this year. The list is made up of relatively low-cost cities, primarily in the Midwest and South. Indianapolis, IN; Providence, RI; Atlanta, GA; Charlotte, NC (2023’s hottest city, now in 7th place); Cleveland, OH; Orlando, FL, and Tampa, FL, rounded out the top ten. Zillow’s analysis looks at the 50 most populous metros and measures local home value growth and the speed at which home sellers are entering contracts with buyers, as well as job growth per new…

KeyBank, Operation HOPE Provide Homebuyer Education

KeyBank and non-profit Operation HOPE have teamed up to empower underserved Americans who want to own homes, the companies announced in a press release. An Operation HOPE financial coach will be placed in KeyBank’s East Delavan branch in Buffalo, NY, to provide education and programming to anyone at no cost. “By joining forces with Keybank, we can expand Operation HOPE’s reach and impact, bringing financial education and resiliency to those who need it the most. Together, we are creating a pathway to financial success and homeownership, empowering individuals and families to build a better future for themselves and their communities,” said John Hope Bryant, Founder, Chairman and CEO of Operation HOPE. Through this partnership, anyone in Buffalo can access personalized…

Support For Multifamily Homebuyers On The Rise

By KIMBERLEY HAAS Programs that support ownership of multifamily properties are estimated to make up almost 30% of homebuyer assistance offerings and that may present unique opportunities in markets strapped for inventory. According to the Down Payment Resource’s Homeownership Program Index, 33 new programs supporting multifamily homebuyers and builders were added in Q4 2022. Multifamily programs now make up 29.3% of all available assistance offerings, a 5.5% increase over Q3 2022, according to the index. Sean Moss, executive vice president of product and operations at Down Payment Resource, told The Mortgage Note that even first-time homebuyers can qualify for down payment assistance and become both an owner and a landlord at the same time. Moss said the buyer receiving the…

Will The Housing Market Boom Or Bust In 2022?

By KIMBERLEY HAAS As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market that has favored sellers and forced up the price of housing in many parts of the country. Numbers from the start of the year look promising for growth. On Tuesday, S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices. A 19.2% annual gain was reported in January, up from 18.9% in December. The 10-City Composite annual increase was 17.5%, up from 17.1% in December. The 20-City Composite posted a 19.1% year-over-year gain, up from 18.6% in the previous…

Home Prices Are Up But Remain Far Below April 2006 Peak

Homes are less affordable than they were a year ago, but they largely remain more affordable than at the peak of the 2006 housing boom, according to First American Financial Corporation’s Real House Price Index. In January, the RHPI rose 27% from the year prior, making it the fastest-growing RHPI – and fastest YOY decline in affordability – since 2004. This was driven by a 21.7% increase in home prices and a 0.7% rise in rates. The RHPI measures price changes for single-family properties adjusted for the impact of income and interest rate changes on consumer house-buying power. As such, it also serves as a measure of affordability. Household income was up 5% from January 2021, but that gain was…

Rents, Mortgage Payments Jumped In February

Average monthly asking rent in the U.S. leaped to new heights in February, up 15% year-over-year to a record high of $1,901, though mortgage growth outpaced it yet again, according to Redfin. Rent growth saw its largest annual increase since Redfin began tracking rental data in February 2019. Mortgage payments rose 31% YOY to $1,716, also the biggest increase recorded by Redfin. Mortgage payment increases outpaced rent increases in 44 of the 50 largest U.S. metros. “The cost of housing is going up for homebuyers and renters, but it’s going up more quickly for homebuyers,” said Redfin Chief Economist Daryl Fairweather.  “That’s because mortgage rates have increased sharply, and will likely continue to do so. When the cost of homeownership…

6 Million US Homes Are Worth $1M Or More

U.S. home prices have broken another record: 8% of homes (6 million) are now worth $1 million or more, according to a new report from Redfin. That is nearly double the share from before the pandemic when the share was only 4.8% (3.5 million). The Bay Area has the biggest share of million-dollar homes, with nearly nine out of 10 properties in San Francisco and San Jose making the list. This isn’t surprising given its long history of being the most expensive place to buy a home in the U.S. Anaheim, CA, saw the biggest increase, with its share of million-dollar homes jumping to 55% from 27% two years ago. California dominated the top five, following up with Oakland (55.1%),…