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…
Competition for limited inventory has led to surprisingly hot home prices this spring season. Zillow’s latest market report found that home values grew 1.4% between April and May, the highest since June 2022. This is cooler growth than the previous two springs, but more than in 2018 or 2019. The typical home is valued at…
By KIMBERLEY HAAS Officials at the U.S. Department of Justice announced on Tuesday that they reached a $9 million agreement with an Ohio-based bank to resolve redlining allegations. Redlining is an illegal practice in which lenders avoid providing credit services to individuals living in certain communities because of their race, color, or national origin. It…
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…
Multifamily saw a stunning reversal in the fourth quarter of 2022 as apartment supply finally surpassed demand, creating a “swift and unprecedented” downturn. A new report from Apartments.com found that multifamily fundamentals declined in Q4, driven largely by limited absorption and supply/demand imbalances. “We ended the year with absorption barely remaining positive and vacancy rates…
By KIMBERLEY HAAS Industry leaders are sharing their thoughts as 2022 winds down and they are expressing gratitude despite challenges in the current market. Bill Banfield, EVP of Capital Markets at Rocket Mortgage in Detroit, Michigan, said he appreciates the mental stimulation of navigating a tough market because people are forced to get creative in…
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