Existing-home sales fell 4.9 percent in March, with all four major regions of the U.S. seeing a decline, the National Association of REALTORS® reported Monday. The drop follows a surge in sales the previous month. “It is not surprising to see a retreat after a powerful surge in sales in the prior month,” says NAR Chief Economist Lawrence Yun. “Still, current sales activity is underperforming in relation to the strength in the job markets.
For the third week in a row, mortgage rates inched upward, but economists were quick to reassure home buyers and potential refinancers that rates remain still remain well below year-ago averages.“After dropping dramatically in late March, mortgage rates have modestly increased since then,” says Sam Khater, Freddie Mac’s chief economist. “While this week marks the third consecutive week of rises, purchase activity reached a nine-year high
Lenders have been much less likely to approve same-sex couples for a mortgage than heterosexual couples, according to a new study released by Iowa State University’s Ivy College of Business. Researchers analyzed national mortgage data from 1990 to 2015 and found the approval rate for same-sex couples was 3 to 8 percent lower.Researchers also factored in details about applicants’ work history and creditworthiness to see if the denial rates sti
Online shopping has surged in popularity, but don’t count brick-and-mortar stores out. Consumers still want to shop, in-person.Nearly 80 percent of consumers say they visited a store as much as or more than they did two years ago, according to a new consumer survey results conducted by ICSC, a global resource for the retail real estate industry.“We are social beings and consumers have always valued the community experience that brick-and-mort
Institutional investors with large rental portfolios have been receding from the market, making way for more small investors to find buying opportunities. You may see more everyday home buyers showing interest in investment purchases, and they’ll need your guidance to learn how to look at their real estate choices from a different perspective. Oliver Somoza, CEO of real estate development firm Turnkey Property Pro, offers three tips to help
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Nearly one in four millennial buyers say they want to buy a home before deciding to tie the knot, according to a new study from LendingTree.Young adults are getting married later in life. In 1980, the median age of a first marriage for men was 24.7 and 22 for women; by 2018, those numbers rose to 29.8 for men and 27.8 for women.But young adults—those between the ages of 22 to 37—say they aren’t waiting on homeownership for marriage, accordi
Affordability is a much more pertinent issue for renters than homeowners, according to new research from CoreLogic, a real estate data firm. Since 2005, the monthly cost to rent a single-family home has risen significantly, while the monthly principal-and-interest mortgage payments of homeowners dropped slightly.CoreLogic’s national rent index jumped 36 percent in December 2018 compared to December 2005. On the other hand, the typical mortgage
Homeowners significantly underestimate the costs involved when planning a home improvement project, finds a new study from Discover Home Equity Loans, based on a survey of 1,200 Americans. Estimated Cost of Common Interior Remodeling ProjectsNew master suite/owner’s suite: $125,000Kitchen upgrade: $35,000Complete kitchen renovation: $65,000Bathroom renovation: $30,000Adding a new bathroom: $59,000Basement conversion to living area: $40,000
This week’s fire at Paris’ Cathedral of Notre Dame is bringing a realization that historic buildings may be prone to such tragedies. The fire spread through the wooden attic, bringing down its 300-foot spire and engulfing two-thirds of the roof, and occurred over just an hour.Building the cathedral attic required the wood of more than 1,300 trees. Attics tend to be dry spaces and, when dust and debris accumulate, they can be even more flammab
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