Nearly half of all opportunity zone redevelopment areas have seen prices rise at least 20% annually, according to a new report from ATTOM Data Solutions. Home values in opportunity zones are moving up and parallel the broader U.S. housing market.Opportunity zones, established by Congress in the Tax Cuts and Jobs Act of 2017, were created to help revitalize low-income areas, offering investors significant tax breaks over several years to those who
Rising mortgage rates don't seem to be scaring off home buyers. Mortgage applications to purchase a home, viewed as a gauge of homebuying demand, increased 2% last week, the Mortgage Bankers Association reported Wednesday.Homebuilders are reporting stronger buyer traffic too after a brief lull earlier this fall, according to a recent builder sentiment report released by the National Association of Home Builders.“Purchase applications incre
While more homeowners have been interested in gaining space during the pandemic, the market for tiny homes is still appealing to certain segments, particularly investors and first-time home buyers.The affordability of these homes is one of the biggest draws. Many tiny homes cost between $30,000 to $60,000. For comparison, the median price for a starter home is $233,400, according to the National Association of REALTORS®.IPX1031, a 1031 exchange
Home buyers and homeowners got another chance this week to lock in historically low rates. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” says Sam Khater, Freddie Mac’s chief economist. “These low mortgage rates, combined with the tailwind of first-time home buyers entering the market
Homeowners are striking gold in real estate. The percentage of financed homes that were equity rich in the third quarter grew to nearly 40%, up from 28.3% a year ago, ATTOM Data Solutions reports. A home is considered equity rich when the combined estimated amount of loan balances on the property is no more than 50% of the estimated market value.“Homeowners across most of the United States could sit back with a smile yet again in the third quar
Home prices continue to rise rapidly as homeowners see double-digit gains over the past year. The median sales price of single-family existing homes rose 16% in the third quarter, an increase of $50,300, according to the latest quarterly report from the National Association of REALTORS®. Three metros saw price gains of more than 30% compared to a year ago.The median sales price of a single-family existing home rose to $363,700 in the third
Homeowners are keeping up with their mortgage payments or arranging for loan modifications with their service providers. But housing analysts say that while the real estate market still faces pandemic-related fears about a wave of delinquencies, higher home prices are helping to alleviate some of those concerns. The overall delinquency rate fell to the lowest level since the onset of the pandemic, CoreLogic, a real estate data firm, reports.
With double-digit annual gains fueling homeowner wealth, owners have gotten richer, and they’re starting to take advantage of that added equity.Cash-out refinancing, which allows owners to take out a lump sum from their equity through loans, increased by 33% in October compared to a year prior, according to Black Knight Inc.The amount of U.S. tappable home equity reached a record high in October of $9.1 trillion, according to Black Knight.“We
For the first time, the 10 most expensive ZIP codes have surpassed the $4 million mark for their median sales price this year in PropertyShark’s annual analysis of priciest places for real estate. California has six of the top 10.Researchers say the survey was completed before this year’s wildfires and tropical storms, which caused property loss to some of the places on this year’s list.PropertyShark found that Atherton, Calif., is the most
Rents have been surging. Since January of this year, the national median rent has climbed by 16.4%, according to the latest National Rent Report from Apartmentlist.com. Rents aren’t slowing down either as demand continues to remain high.Meanwhile, renters may be missing out on gaining equity. The average homeowner gained about $51,500 in equity over the past year, according to CoreLogic.Rent payments only cover the cost of shelter and the inclu
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