The majority of working baby boomers ages 50 and over say they expect to delay retirement, according to a survey by The NHP Foundation, a nonprofit real estate corporation supporting affordable housing. The cost of housing may be one reason why.Prospective retirees say their top three concerns are an inability to afford quality health care (36 percent); dependency on children (28 percent); and being forced to choose a living situation inferior to
Facebook has indicated that the high costs of living in Silicon Valley, where it is headquartered, could prompt the company to relocate. Elliott Schrage, Facebook’s chief policy officer, said during an annual shareholders meeting this week that the pricey cost of housing in San Francisco—where another Facebook campus is planned—must be addressed “if we’re going to remain a company in Silicon Valley for the long-term.”Facebook’s anno
Rents nationwide posted the weakest annual growth in May since 2010, according to a new analysis released by RentCafé, a national apartment search website. The average rent in the country in May was $1,381 per month, up 2 percent year over year.But that doesn’t mean renters are finding relief yet. Overall, prices in 16 of the 20 cities with the largest number of rental apartments climbed faster than the national average, according to the analy
House flipping activity surged to an 11-year high this year, with more than 207,000 homes flipped, according to ATTOM Data Solutions, a real estate data firm. But the key is knowing where to be and when. “The sweet spot for successful home flipping is finding the neighborhoods just emerging as the next hot neighborhoods in a city,” says Daren Blomquist, a senior vice president at ATTOM Data Solutions. The firm says the average profit for a
U.S. prices surged to an all-time high and homes sold faster than they ever have in May, according to a new report released by realtor.com®. Home prices averaged $297,000 in May, and homes sold in just 55 days.Despite recent upticks, however, the market is showing a few signs of slowing momentum, according to the report.“We’re in the thick of the hottest homebuying season of all time,” says Javier Vivas, director of economic research at r
Mortgage rates eased last week following recent increases, but would-be home buyers or refinancers didn’t bite. Total mortgage application volume, which reflects for refinancings and home buying, dropped 2.9 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. This marked the sixth consecutive week of losses in applications.Mortgage application volume is now 10 percent lower than a year ago, the
Around the country, home buyers are facing escalating prices as they compete for a limited number of homes for sale. But there are exceptions popping up in some markets. In a few metro areas, buyers are seeing the reverse: prices coming down.Realtor.com® researchers found that 27 of the nation’s 350 largest metros are seeing price drops. In those 27 markets, the reason for the decline in prices was generally attributed to overbuilding; layoff
Home sales are still on track to eke out a gain in 2018, but buyers are encountering three big obstacles as they shop: Swift price growth, climbing mortgage rates, and low supply of homes for sale.Freddie Mac researchers are calling it a “trifecta” of challenges for home buyers in the first five months of 2018. Nevertheless, researchers say they expect the healthy economy and strong consumer confidence to lead to a 3 percent increase in total
Mortgage rates were on the rise again this week, reaching their highest level since 2011. The 30-year fixed-rate mortgage rose six basis points last week to an average of 4.66 percent.“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” says Sam Khater, Freddie Mac’s chief economist. “Through May, rates have risen in 15 out of the first 21 weeks (71 percent), which is the highest share s
Sales of newly built single-family homes fell in April—a time that is usually the bustling springtime home buying market. But builders remain upbeat and are quick to point out that sales are still near a post-recession high, regardless of the latest drop.Sales of newly built, single-family homes dropped 1.5 percent in April, reaching a seasonally adjusted annual rate of 662,000 units, the U.S. Commerce Department reported Wednesday.“Builde
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