The impact immigrants have on U.S. real estate is growing, as 13 percent of the nation’s population—about 42 million people—hails from foreign countries, according to the National Conference of State Legislatures. “Immigrants are a big driving force for housing markets across the nation,” Kusum Mundra, an economics professor at Rutgers University in Newark, N.J., told realtor.com®. “Most want the American dream, which is to own a hom
More home buyers have co-signers on their mortgage loans in order to help defray the rising costs of real estate, according to a new report released by real estate data firm ATTOM Data Solutions. In the second quarter of this year, 22.8 percent of mortgage applications involved a co-borrower, up from 20.5 percent a year earlier, the report shows.Dozens of programs and private companies are emerging to act as co-borrowers for consumers by offering
After the House and Senate approved a three-month extension of the National Flood Insurance Program this week, President Donald Trumped signed it into law Friday as part of a legislative package releasing more than $15 billion in assistance for storm-ravaged areas in the country.“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” William E. Brown, president of the National Association of REALTORS®,
Medical professionals may be eligible for a mortgage up to $750,000 without a down payment or private mortgage insurance needed. PhysicianLoans, an Ohio-based mortgage lender, says its “Doctor Loan” is available to medical doctors, dentists, and veterinarians.The company lends in 18 states, including Georgia, Michigan, Minnesota, Pennsylvania, Ohio, Texas, and Wisconsin, among others.PhysicianLoans has offered zero-down loans for doctors pr
For the third consecutive week, the 30-year fixed-rate mortgage averaged a new year-to-date low.“The 10-year Treasury yield fell 9 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent.”Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 7: 30-year fixed-rate mortgages: a
The credit reporting firm Equifax announced a massive cybersecurity breach that likely comprised the personal information of up to 143 million Americans—essentially half of the country, CNN reports.Hackers gained access to sensitive information such as names, social security numbers, birth dates, addresses, and driver’s license numbers between mid-May and July, Equifax reports. The breach was discovered on July 29 by the firm. Credit card num
About 60 percent of home buyers put 6 percent or less down on their home purchase, according to data from the National Association of REALTORS®. Considering the median existing-home price is $258,300, a 6 percent down payment would be $15,498.Some aspiring buyers may be unsure of how to come up with that amount. But there are plenty of seemingly simple things they can do to start saving. NAR offers the following infographic. Sou
Many home sellers succumb to myths about home pricing that don’t match the reality of the housing market. Realtor.com® recently highlighted several of those common pricing myths, including:You won’t always make money on the sale of a home.Home sellers shouldn’t always assume they’ll walk away with a profit. The National Association of REALTORS® estimates home prices will increase 5 percent by the end of this year. That said, 23 markets
Following several weeks of drops, mortgage application volume pushed higher last week. The uptick was mostly due to an increase in refinancers who took advantage of lower mortgage rates.Total mortgage application volume, which reflects refinance and home-buying activity, rose 3.3 percent week over week on a seasonally adjusted basis last week, the Mortgage Bankers Association reported Wednesday. However, volume remains 23 percent lower than a yea
Hispanics are increasingly making up what’s considered the typical American home buyer, Curbed.com reports. Latinos are expected to make up 52 percent of new home buyers between 2010 and 2030, largely driven by the country’s 14.6 million Latino millennials.Since 2000, the number of Hispanic households has jumped by 6.7 million, which comprises 42.5 percent of the country’s overall household growth. Hispanics’ “fervent desire to own a ho
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