Amid the coronavirus pandemic, nearly one in six renters are late on their payments, according to a LendingTree analysis reflecting data from late September to early October. Further, more than one in four renters say they have no confidence or are only slightly confident in being able to make next month’s payment.A federal eviction moratorium will expire Dec. 31. That could leave many renters without a home and property managers with missed pa
The interest rate for a 30-year fixed-rate mortgage rose to a 2.84% average this week but remains near all-time lows. Last week, the rate for a 30-year fixed-rate mortgage set a record low of 2.78%. “Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine,” says Sam Khater, Freddie Mac’s chief economist. “Despite this rise, mortgage rates remain about a percentage point below a year ago, and the low-rate envi
In the third quarter, 16.7 million residential properties in the U.S., or 28.3% overall, were considered “equity rich,” according to a new report from ATTOM Data Solutions, a real estate research data firm. A property is considered equity rich when the property owner has at least 50% equity in the home.“Homeowner equity in the third quarter added another pebble to the pile of markers showing that the U.S. housing market continues to defy th
Home shopping was down last week as the nation focused its attention on a heated presidential election and a surging number of coronavirus cases across the country, realtor.com® reports in its Weekly Housing Report.Mortgage demand from home buyers dropped to the lowest level in six months, the Mortgage Bankers Association reported on Wednesday. Its weekly mortgage index showed that loan applications to buy a home dropped 3% last week. Applicatio
Home prices continue to climb in a market with limited number of homes for sale and high buyer demand. The majority of major metros across the U.S. posted double-digit price gains in the third quarter. Single-family existing home prices increased in all 181 metro areas tracked in the National Association of REALTORS®’ latest quarterly report, released Thursday.The price of single-family homes surged 12% year over year to $313,500. The Western
The COVID-19 pandemic has had a noteworthy impact on homeownership. Although the virus continues to take a toll and unemployment remains above pre-pandemic levels, the housing market has been booming, and trends are starting to emerge, according to the National Association of REALTORS®’ newly released “2020 Profile of Home Buyers and Sellers.”The profile, produced annually, contains a new section this year that examines how the pandem
Mortgage rates at all-time lows have helped drive U.S. home sales to a 14-year high. Existing homeowners also are rushing to take advantage, prompting a 200% annual increase in refinancing. Mortgage lenders have faced a hectic business during the pandemic as many systems were quickly forced to go remote.“It’s been a complicated year for the mortgage industry,” says Jim Houston, managing director of consumer lending and automotive finan
Monday’s announcement of promising COVID-19 vaccine test results prompted investors to get bullish on several real estate stocks, notably within sectors of the market that have faltered during the pandemic. The Wall Street Journal reported as part of Monday’s vaccine news: “The share prices of some of the country’s biggest property owners were up more than 20% Monday compared with a roughly 3% increase in the Dow Jones Industria
Certain housing trends emerging from the pandemic likely will outlast the virus, real estate professionals predict. “The idea of what is necessary is changing,” Camille Thomas, a real estate professional in Jackson Hole, Wyo., told realtor.com®. “The home has become more than a living space.”The Great Escape The suburbs have become a hot place to be in the pandemic. Some real estate experts have called urban flight a myth, but Americans
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