Rents in America’s largest markets are rising fast, and urban dwellers may be finding it more difficult to afford their rent.“Because of high home prices and rising rents, people are getting creative and looking [for rental apartments] in areas that they might not have looked at before,” says Danielle Hale, chief economist at realtor.com®. “When you’re looking for affordability, you’ve got to make trade-offs. … There might not be
The U.S. Housing and Urban Development released new income guidelines for who can qualify for its low-income housing assistance, and one city’s “low income” level is turning heads. In San Francisco, HUD has deemed those earning $117,400 a year as having low income. The income is based on a family of four.Each year, HUD sets income limits that determine who can qualify for housing assistance, such as Section 8 vouchers, public housing, and
Commercial and multifamily properties across the country are seeing, in some cases, very steep rises in property taxes as assessors reset values at higher levels, the National Real Estate Investor reports. Rising property taxes are proving to be a big concern for landlords and tenants alike.Property tax appraisals can take time to catch up to the current market conditions. Some areas assess commercial property values every year while others do i
Mortgage rates declined this week, marking the fourth drop in the past five weeks, Freddie Mac reports.“The decrease in borrowing costs is a nice slice of relief for prospective buyers looking to get into the market this summer,” says Sam Khater, Freddie Mac’s chief economist. “Some are undoubtedly feeling the affordability hit from swift price appreciation and mortgage rates that are still 67 basis points higher than this week a year ago
Consumers who buy a condo or refinance an existing condo mortgage may be eligible to bypass an in-person appraisal and have a faster automated appraisal, Freddie Mac announced this week.Freddie Mac’s automated collateral evaluation appraisal waiver gives eligible borrowers of mortgages for condos the opportunity to save on the traditional appraisal. Borrowers could save about $500 on appraisal fees and potentially close seven to 10 days faster,
A coalition of fair housing advocates, led by the National Fair Housing Alliance, filed a federal lawsuit against Bank of America and Safeguard Properties Management this week that alleges the firms failed to provide routine exterior maintenance on foreclosed homes in neighborhoods with predominantly African-American and Latino residents.The NFHA is accusing Bank of America in the lawsuit of neglecting 1,600 homes across 37 U.S. metro areas. The
The median listing price for homes nationwide reached an all-time record in June, realtor.com® reports. List prices soared to a median of $299,000 this month, as a shortage of homes for sale and high buyer demand continued to push asking prices higher.“Limited options, fast-selling properties, and escalating home prices have been a persistent challenge for would-be buyers,” realtor.com® notes in its June 2018 monthly housing trend report.O
For the fifth consecutive month, pending home sales dropped in May—a sign that the recently ended spring buying season didn’t live up to the hype typical for real estate’s traditionally busiest time of year, the National Association of REALTORS® reported Wednesday. Contract signings also eased last month, and a significant sales decline in the South offset gains in other regions of the country.NAR’s Pending Home Sales Index, a forward-l
This summer’s pricey and ultra-competitive housing market may be spooking some would-be home buyers. Total mortgage application volume for home purchases and refinances dropped last week by 4.9 percent on a seasonally adjusted week-to-week basis, the Mortgage Bankers Association reports. Applications are now 12 percent lower than they were a year ago.Home loan applications led the decline, with total applications dropping 6 percent last week. P
Homeowners are eyeing their kitchens and bathrooms when it comes to home sprucing. The median spending cost on kitchen remodels rose 10 percent year over year in 2017, according to home remodeling website Houzz’s latest study, “2018 Houzz & Home: Overview of U.S. Renovation.” Other bathrooms and master bathrooms were the second and third most popular rooms, respectively, that homeowners claimed they wanted to renovate.Four in five reno
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