By ERIN FLYNN JAY As fall approaches real estate professionals are taking a pragmatic approach as they wait for buyers and sellers to gain more confidence. Gary Mintz, a realtor with Berkshire Hathaway HomeServices Fox & Roach in Philadelphia, said business was at best okay for the first half of 2024. “I am ‘hopeful’ that I…
With housing a major issue on voters’ minds and November inching closer, Vice President Kamala Harris detailed her plan to make housing more affordable. In a speech in Raleigh, NC, on Friday, Harris outlined policies intended to incentivize building and buying homes. “There’s a serious housing shortage; in many places, it’s too difficult to build…
Mortgage rates dipped to their lowest level since early this year as analysts firm up their opinions on a September rate cut from the Central Bank. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.73%, down from the week prior’s 6.78%. A year ago at this time, the 30-year FRM averaged…
High rates and soaring prices are preventing many Americans from achieving the dream of homeownership, but current homeowners are optimistic about the housing market. TD Bank surveyed nearly 2,000 homeowners across the nation and found that a majority (67%) think buying a home is still attainable, while 38% plan to buy a new house in…
Urban living is taking a back seat to spacious suburbs for both parent-aged Millennials and affordability-minded Zoomers. A recent report from StorageCafe found that housing markets in exurbs and suburbs grew faster than in principal cities over the last decade, so fast that typical life changes in the largest homebuying cohort, Millennials, can’t account for…
Americans are increasingly pessimistic about their long-term prospects in the housing market, citing unaffordability as their main concern. Fannie Mae’s Home Purchase Sentiment Index fell 2.5 points in May to a reading of 69.4, a record low for the survey. Just 14% of respondents believe it’s a good time to buy a home, a steep…
The South has lost its sparkle for American movers in the post-pandemic world, but that could change as the region doubles down on producing affordable inventory. More than half of all available inventory in April 2024 was concentrated in Southern states, according to an analysis by Realtor.com. They also boasted the most new listings at…
The number of renters who believe they’ll never afford a home has skyrocketed in the last year as rates rose and stock shortages lifted home prices out of their late-2023 spiral. A recent Redfin survey found that close to 38% of renters believe they are unlikely to become homeowners, up from 27% at the same…
Mortgage rates are marching towards 7% again as inflationary pressures threaten their stability. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.88%, up from the week prior’s 6.82%. A year ago at this time, the 30-year FRM averaged 6.27%. The 15-year fixed rate increased from 6.06% to 6.16%. A year ago,…
Foreclosures increased nationwide in Q1 2024 as mounting affordability pressures push homeowners into situations where they are unable to pay their mortgages. According to ATTOM’s latest Foreclosure Market Report, a total of 95,349 U.S. properties had foreclosure filings during the first quarter. This is up 3% from Q4 2023, but down under 1% YOY. “Q1…
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