A surge in first-time home buyers is expected to hit the housing market over the next three years. About 8.3 million first-time buyers are projected to enter the mortgage market between 2020 and 2022, predicts a new report from TransUnion. That marks a jump from the 7.6 million first-time buyers that were added in the previous three-year period between 2016 and 2018.However, plenty of housing market challenges persist for new buyers, including hi
For the third time this year, the Federal Reserve cut interest rates by a quarter point in an attempt to bolster a slowing economy. The federal funds rate will hover between 1.5% and 1.75%.The Fed’s benchmark rate does not directly affect long-term mortgage rates, but it does often influence them. The latest rate cut has economists torn on the effect it could have.Mortgage rates have been falling for nearly a year. The average 30-year fixed-rat
More than 1.5 million—or 1.5% of U.S. single-family homes and condos—were vacant in the fourth quarter, shows a newly released report from ATTOM Data Solutions. That marks a vast improvement, but so-called “zombie” foreclosures are still plaguing some housing markets.Despite an ongoing housing shortage, several markets are still dealing with zombie foreclosures. These are homes that have been vacated by the owners and remain vacant while
The homeownership rate rose in the third quarter, and economists are pointing to lower mortgage rates as a major reason for the uptick. The homeownership rate rose to 64.8% in the third quarter, up 0.7 percentage points from the previous quarter.While more Americans are becoming homeowners again, the homeownership rate still remains far from its 69.2% peak in 2004.However, economists are encouraged by the turnaround in the number of consumers ent
Across age groups, consumers believe that purchasing a home is a solid investment, according to a new survey from Porch.com, a home remodeling website. They’re upbeat even though many, particularly the youngest generation, believe they will face another housing crisis in their lifetime.About 76 percent of Generation Z members, between 18 to 21 years old, said they believe another housing crisis will happen within the next 10 years. Still, they
The most common siding used on new homes can vary by geographic region, but nationally, vinyl and stucco are the overall favorites. The most common exterior wall materials on homes started last year were vinyl and stucco, at 26% each, followed by brick or brick veneer at 21%, and fiber cement siding (like Hardiplank or Hardiboard) at 20%. Only about 1% of homes had stock or rock used as their principal exterior wall material, the National Associa
Consumers like the modern conveniences that digital paperwork and signings bring within a real estate transaction, but they still prefer to be face-to-face at the settlement table. Eighty-one percent of 1,000 consumers surveyed say they prefer to close a loan in person. That said, 70% still say they would like a more digital process at the closing table, according to the new survey from Solidifi, a network management services provider for the res
Down payment assistance programs are helping more consumers to become homeowners, according to a new study. Researchers with CBC Mortgage Agency, a national housing finance group, found that more than nine out of 10 home buyers would not have been able to purchase a home without down payment help. Further, more than half of the 1,100 buyers surveyed that received assistance were racial or ethnic minorities. Also, more than a third say they are th
California homeowners are again threatened by wildfires, with heavy winds fanning the Kincade Fire and creating “blowtorch-like” conditions in the northern part of the state, CBS News reports. By late Sunday, the fire had burned more than 54,000 acres and was only 5% contained. In Southern California, the Tick Fire in Santa Clarita has burned more than 4,600 acres so far and was 70% contained by Sunday evening. California Gov. Gavin Newsom ha
Accessory dwelling units are popping up in more backyards, CNBC reports. These standalone housing units are either serving as rentals to generate extra income for homeowners or extra space for aging parents or adult children who move back home.The growing interest in ADUs has sparked changes to local and state zoning rules to allow for more construction. Some communities are even pointing to ADUs as a solution for a lack of affordable housin
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