Higher home prices are translating into mega wealth for those who own.Thirty-four percent of residential properties in the U.S. with a mortgage were considered “equity rich” in the second quarter, which means the combined estimated amount of loans secured by the properties was at least 50% of its estimated market value, according to a new report from ATTOM Data Solutions. The number continues to grow, increasing from 31.2% in the first quarte
Unlike past housing booms, the real estate market is seeing a surge in sales at the very top of the housing market. More expensive properties are selling nearly twice as fast as lower- and mid-priced homes.“Wealthier Americans have benefited greatly during the pandemic thanks to the rising stock market, which typically helps grow net wealth,” Lawrence Yun, chief economist at the National Association of REALTORS®, told The Washington Pos
Profit margins for home sellers took an unexpected dip in the second quarter, but they continue to significantly exceed levels from a year ago. The dip may be a sign that investment returns may be declining, according to ATTOM Data Solutions’ second-quarter 2021 U.S. Home Sales Report.In the second quarter, the typical single-family and condo sale in the U.S. posted an average profit of $94,500. That was up from $90,000 in the first quarter and
Borrowers can still take advantage of some of the lowest mortgage rates of all time. For the fifth consecutive week, the 30-year fixed-rate mortgage has remained below 3%. Also, the 15-year fixed-rate mortgage averaged 2.10% this week, an all-time low, Freddie Mac reported.“As the economy works to get back to its pre-pandemic self, the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgag
Consumers rated mortgage servicers’ customer service higher during the pandemic. Much of that satisfaction, however, is driven by non-bank servicers, which offer more digital solutions for consumers. Traditional banks are starting to lose their edge over non-bank lenders, according to the J.D. Power Mortgage Servicer Satisfaction Study.Bank-affiliated services have historically outperformed non-banks by a large margin in customer satisfaction.
Borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less—financial aid for businesses stemming from pandemic-related distress—may be able to apply for forgiveness directly through the Small Business Administration’s new portal.The SBA is launching a new application portal to streamline forgiveness requests: Directforgiveness.sba.gov. The platform will begin accepting applications from borrowers on Aug. 4. It will help
Investors are snatching up homes and are being blamed for contributing to the inventory shortages in several markets across the country. Investors are buying homes and then holding on to the properties, often turning them into rentals, and not returning very many homes back onto the market from their growing portfolios. Housing experts say that in some markets it's exacerbating housing shortages.Investors have been blamed for taking away the most
It’s cool to have a pool in the pandemic. The backyard swimming pool has been in demand since the COVID-19 outbreak. But pools in real estate haven’t always been a slam dunk moneymaker. Real estate pros have expressed mixed opinions on the value they add to a home, especially given their high price tag.Porch.com, a home improvement resource, analyzed how a swimming pool can impact the price of a home in the 500 largest cities across
More than one-third of over 500 college students surveyed say they cannot afford to rent an apartment in their college town, and many of them have not finalized their living plans for the school year, according to a new survey from realtor.com®.They’re blaming the hot housing market for pricing them out.The shortage of affordable housing inventory in the U.S. has pushed prices to record highs and forced more prospective home buyers into the re
Mortgage rates plunged this week as home prices reached new record highs. The 30-year fixed-rate mortgage averaged 2.78%, Freddie Mac reports. “Concerns about the delta variant and the overall trajectory of the pandemic are undoubtedly affecting economic growth,” said Sam Khater, Freddie Mac’s chief economist. “While the economy continues to mend, Treasury yields have decreased—and mortgage rates have followed suit.”But the low r
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