A housing market defined by rapidly rising home prices, bidding wars, a lack of inventory, and sellers with the upper hand in negotiations may be changing. “The signs are pointing to a market that’s shifting toward buyers,” says Danielle Hale, realtor.com®’s chief economist. “But in most places, we’re still a long way from a full reversal.”After all, home sales aren’t exactly tanking. Prices for existing homes were up 4.6 percen
More young adults in search of affordable housing are moving to states like Ohio, Michigan, and Wisconsin. This area of the country—known as the Rust Belt—has seen its population decline in recent years, mostly from the loss of manufacturing and plant jobs. But the region could soon see a resurgence due to a swarm of millennials looking for a place to call home.It’s not just the affordable homes in the area that are luring this age group, C
As housing inventory increases and home prices begin to ease, the door to homeownership is opening for more buyers. But Freddie Mac economists aren’t optimistic that the real estate market will be able to break even with last year’s sales levels.In their September forecast, Freddie's economists point to a booming economy and job market, but point out a stalled housing market. They consider the main factors to be weaker housing affordabilit
The fall season is cooling down more than the temperature outside; it's also putting a much-needed chill on hot housing markets, where home prices have become unaffordable to the average buyer. More than one in four home sellers dropped their asking price last month, according to a new report by real estate brokerage Redfin. With inventory starting to inch up, sellers are facing stiffer competition in the market and adjusting their price expectat
Median home prices in cities with the highest risk of natural hazards have increased an average of 40 percent over the last 10 years, according to ATTOM Data Solutions’ 2018 Natural Hazard Housing Risk Index. That compares to an average increase of 24 percent in home values nationwide over the same time period. ATTOM Data Solutions tracked the risk of natural disasters, such as earthquakes, floods, hail, hurricane storm surges, tornadoes, and w
With home prices mostly holding to an upward trend, more owners are facing rising mortgage costs. But even so, homeowners are still paying less in mortgage payments than they did in 2006 and 2007, when mortgage costs peaked, according to research from real estate data firm CoreLogic.The typical mortgage payment nationwide in June rose 15.1 percent year over year, according to the report. On a metro level, increases in mortgage payments ranged fro
Over the past 12 months, agents credited social media for bringing them the highest number of quality leads, topping other methods such as their MLS sites, brokerage websites, and listing aggregators, according to the National Association of RELATORS®’ 2018 Technology Survey, a survey of more than 2,500 real estate professionals.Many real estate pros cite social media as offering some of the highest quality leads. But they aren’t quite in
It’s common advice to freeze your credit information when cybersecurity breaches potentially put your personal financial data into the hands of criminals who seek to exploit it. However, the three major credit-reporting agencies have routinely charged a fee to put that credit freeze in place—except in the handful of states that forbid such payments. Now all of that has changed.A federal law signed in May by President Donald Trump requires cre
For the fourth consecutive week, mortgage rates continued to climb as home buyers face higher borrowing costs.“Mortgage rates are drifting upwards again and represent continued affordability challenges for prospective buyers—especially first-time buyers,” says Sam Khater, Freddie Mac’s chief economist. “Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances, and global
With higher home prices, homeowners keep getting richer. Homeowners with a mortgage have seen the equity in their home rise by 12.3 percent year-over-year, according to CoreLogic’s newly released Home Equity Report for the second quarter. The average homeowner has gained $16,200 in home equity between the second quarter of 2017 and the second quarter of 2018.Home equity rose in nearly every state in the country in the second quarter. Western st
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