If you've been paying attention to this year's housing market, you already know that there's been a high level of demand and a lower-than-normal number of homes for sale. That lack of balance has led to rising prices and more competition. But, despite the challenging conditions in many markets across the country, home buyer demand has not let up. Mostly, that's due to an improved economy and job market. Mike Fratantoni, the Mortgage Bankers Association's chief economist, recently told CNBC the job market is the … [Read more...]

There are two reasons home buyers typically have to pay more for a house on the water. The first is that people want to live on the water. It's a desirable location. Secondly, there are a limited number of houses with water access. And when you combine high demand and low supply, you usually have a recipe for higher prices. But new research shows that waterfront property isn't selling at as high a premium this year. In fact, waterfront homes in the first quarter sold for a 36 percent premium, which is the lowest … [Read more...]

When it comes to deciding whether or not it's a good time for you to buy a house, your personal finances are a big factor. After all, feeling secure in your job, income, and debts can make taking on a large financial transaction far less stressful. For that reason, Fannie Mae's most recent Home Purchase Sentiment Index may be encouraging news for the housing market. That's because, though confidence in most of the components – including whether this is a good time to buy or sell a home – was flat or down, those … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were down last week for 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed rate loans. But despite falling rates, demand for mortgage applications remained flat, with refinance activity dropping 2 percent and purchase activity up just 1 percent from the week before. Michael Fratantoni, MBA's chief economist, told CNBC that, though a … [Read more...]

Perception doesn't always match reality but, when it comes to financial markets, that doesn't necessarily matter. For example, if you've ever invested in the stock market, you know that a company's stock can rise or fall based on the day's news, even if the company's fundamentals and outlook remain the same as the day before. In short, perception matters. And, in today's housing market, there's a perception that there are few affordable homes available to prospective buyers. In fact, according to a recent analysis … [Read more...]

Suburbs sprouted out of a desire to have the conveniences of urban life but also the space and privacy of living outside the city. In other words, the best of both worlds. And for decades, suburban areas, based on that promise, grew at a faster rate than the nation's cities. Americans spread out from city centers and moved further and further away. But, according to a new report from the Urban Land Institute, we may now be starting to move back. In fact, between 2010 and 2015, dense urban locations saw their … [Read more...]

In recent years, there's been a lot of discussion about millennial home buying preferences. Mostly, this is due to the fact that first-time home buyers have historically made up about 40 percent of the home sales in any given year. And, because they account for a large number of the homes sold each year, any fluctuation in those numbers is notable. That's why Freddie Mac recently took a look at why the homeownership rate among young adults has dropped 8 percent since hitting its peak in 2004. As you might imagine, … [Read more...]

When debating whether to rent or buy your next place, the argument in favor of renting usually includes the fact that it'll be cheaper – especially since you don't have to pay for closing costs or save for a down payment. However, renting a place isn't all that cheap these days and, depending on what you're looking for, prices may be rising even faster than expected. According to recently released data, rental rates are increasing and particularly among two and three-bedroom homes. In fact, rental homes, generally, … [Read more...]

The National Association Of Realtors' most recent Pending Home Sales Index shows that the hot summer housing market has not deterred hopeful home buyers from looking for a house to buy. But though there is a high level of demand from buyers, supply issues continue to hold back sales numbers. In fact, the index found that the number of contracts to buy homes signed in May was essentially flat from the month before. Lawrence Yun, NAR's chief economist, says sales are being hurt by low inventory but recent news that … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications survey, average mortgage rates were up-and-down last week, with rates for 30-year fixed-rate mortgages with conforming loan balances relatively flat and mortgage rates for jumbo loans and those backed by the Federal Housing Administration down from the previous week. Joel Kan, an MBA economist, told CNBC rates are reacting to concerns over trade policy. “Concerns over trade between the US and China persisted last week,” Kan said. “And, these … [Read more...]