As home shoppers find fewer existing homes for sale, they’re increasingly turning to new construction, The Wall Street Journal reports. New single-family home sales jumped nearly 14% in July from June and are at the highest level since December 2006, the Commerce Department reports.“The demand feels really good right now,” Martin Connor, chief financial officer at Toll Brothers Inc., told The Wall Street Journal. “The longe
Many adult children are choosing to return to live with their parents—or not to leave—for many reasons, including the economic downturn, high rent or housing costs, and the pandemic. But some areas of the country show a higher proportion of adult children who are at home with their parents.MagnifyMoney, a branch of LendingTree, recently analyzed data from the American Community Survey to identify the cities where adults aged 25 to 40 still li
Many Americans are saving more and spending less during the pandemic. Forty-six percent of more than 5,000 U.S. adults said they are “more of a saver now” than before the pandemic, according to a recent survey conducted by CNBC + Acorns Invest in You.Certainly, millions of Americans are still unemployed due to the COVID-19 pandemic and have seen their finances take a major hit. For those still employed, however, they may be feel able to build
The real estate industry is closely watching the remote work trend as it could have a big influence on clients' future homebuying decisions. More Americans have been working from home due to the COVID-19 pandemic, but some areas of the country may offer more prime remote work conditions.Forsyth County, Ga., topped a new study on the best places to work from home, released Tuesday by the National Association of REALTORS®.NAR assigned
Every year since 2010, fewer than 10% of units have been deemed affordable to renter households that earn 50% of the median renter income, according to a new report released from Freddie Mac.The “Rental Affordability Reexamined” study found that despite some claims otherwise, affordability levels in the rental sector have not improved in recent years.Freddie Mac researchers isolated renter income to capture the availability of affordable hous
Young prospective home buyers in their 20s and 30s who were once reluctant to purchase are now driving the housing market recovery during the pandemic, The Wall Street Journal reports.Even prior to the pandemic, millennial buyers were starting to increase in number, accounting for more than half of all new-home loans early last year. They have consistently stayed above that level in the first months of this year, too, realtor.com® data
Waterfront homes have been growing in demand since the COVID-19 pandemic began in spring. Sales of lakefront homes have increased more than 40% year over year, Glenn S. Phillips, CEO and lead economic analyst at LakeHomes.com, told realtor.com®.“People saw their friends and family go to the lake and realized that if you are social distancing and home schooling, the lake is a far better place than most primary residences,” Phillips told realt
Just 1.6% of homes in the U.S.—or 1.5 million residential properties—are vacant. Of those, 7,960 are considered “zombie foreclosures,” or those still in limbo in the foreclosure process, according to ATTOM Data Solutions’ Q3 2020 Vacant Property and Zombie Foreclosure Report.The number of properties in the foreclosure process has dropped 16% in the third quarter compared to the second quarter, but the number of abandoned zombie for
Mortgage rates remain near all-time lows, and many economists believe they will stay for the remainder of this year and well into next year.“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain” low, says Sam Khater, Freddie Mac’s chief economist. “These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall.
The summer homebuying spree continues as buyers rush to apply for mortgages, CNBC reports. The COVID-19 pandemic and stay-at-home orders delayed the spring housing market and fueled pent-up demand that took off well into the summer, making “August the new April,” CNBC adds.Mortgage applications to purchase a home inched up 0.4% last week compared to the previous week, and are now 33% higher than a year ago, the Mortgage Bankers Association re
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