The U.S. Department of Housing and Urban Development released a proposal on Wednesday that would increase the amount of income that Americans living on housing assistance pay toward rent on public housing.Currently, most tenants who receive federal housing assistance pay 30 percent of their adjusted income toward rent. The government then pays the remainder, up to a certain amount. But under HUD’s new proposal, renters would devote 35 percent o
Buyer demand is high but the number of homes for sale is low. This is prompting more shoppers to stretch their budgets, put less money down, or turn to adjustable-rate loans to prevail in a bidding war for a home.“The frustration with the lack of inventory is, so many of the houses are going in bidding wars, and so you know you really have to step up to the plate and you have to do your homework to be a competitive buyer,” Patrick Clark, a r
Property owners who offer short-term rentals on sites like Airbnb and Getaround have the most lucrative type of side gig today, with the majority earning an average income of $1,000 to $5,000 per month.In March 2018, Dealspotr, a shopping and promotion-based social network, surveyed nearly 10,000 Americans across all age groups to learn about the state of the gig economy. About 500 people who responded said they have side gigs, which accounts for
The monthly payment for an entry-level home is on the rise. And the rising costs may be one reason why first-time buyers are making up a lower share of buyers this spring. First-time buyers comprised 30 percent of existing-home sales in March, which is down from 32 percent a year ago, according to data from the National Association of REALTORS®.Monthly housing costs for an entry-level buyer increased $136 to $1,641 nationwide, a 9 percent increa
As rates pressed higher last week, it seems to have been enough to make would-be home shoppers hit the pause button. The Mortgage Bankers Association reported Wednesday that loan application volume—for both refinancings and home purchases—dropped 0.2 percent for the week and are now 0.8 percent lower than a year ago.Applications for both refinances and home purchases stalled last week, with applications to refinance dropping 0.3 percent and a
More luxury buildings are trying to lure buyers by touting amenities focused on finding inner peace and lowering stress. The homes are touting everything from meditation courtyards with silken hammocks to open-air yoga studios and herbal gardens filled with calming plants.The rising popularity of wellness in real estate suggests that it’s working in attracting upscale home buyers. Luxury developers are offering morning yoga, mindfulness coache
Following population trends, the U.S. should be adding more than a million households each year for the next few years, economists note in Freddie Mac’s April Outlook report. But higher housing costs and a delay in younger adults’ buying are prompting an uptick in shared living arrangements, multigenerational households, and delayed household formation.“The broader economic environment remains favorable for home sales,” says Len Kiefer, F
Bargain hunters or those looking to break into the housing market may need to face the reality that finding a home for less than $250,000 is getting tougher and tougher. Homes priced under $100,000 plunged 20.7 percent in March month over month, and the percentage of homes under $250,000 has dropped 7.8 percent, according to the National Association of REALTORS®’ latest housing report.The median home price was $250,400 in March, up 5.8 percent
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced a $1 billion settlement with Wells Fargo, which includes penalties against the bank for allegedly delaying some customers’ loan approvals and then charging them a fee for missing a deadline to lock in mortgage rates. Wells Fargo also is being fined in relation to allegations that it forced customers into car insurance they didn’t need.Affected
Nearly 2 million homeowners are underwater on their mortgages despite huge gains in home prices in recent years. But unlike during the last housing crisis, when many made “strategic defaults” by stopping payments and walking away from their home, underwater borrowers now are trying to keep up with payments.Nearly 87 percent of underwater homeowners say they have not considered stopping their monthly mortgage payments, according to the New Yor
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
