The U.S. Census Bureau and the Department of Housing and Urban Development’s most recent residential construction report shows the number of single-family homes that began construction in March was 14.2 percent lower than the month before. The decline, mostly due to economic uncertainty amid rising material costs, brought starts to their lowest level since last summer. But while the number of houses that began construction was down from the month before, the number of single-family homes that were completed rose 1 … [Read more...]

If you’re buying a house and haven’t thought about property tax, you should. It can add hundreds of dollars to your monthly household expenses and, according to one new study, it’s rising. ATTOM Data Solutions released its 2024 property tax analysis for 85.7 million single-family homes across the country and it shows the average annual tax rose to $4,172 last year – a 2.7 percent increase over the year before. Rob Barber, ATTOM’s CEO, says higher property tax isn’t just about home values. “While rising home values … [Read more...]

Economic uncertainty has home builders concerned but an early-spring mortgage rate retreat helped bump builder confidence higher, according to the latest results of the National Association of Home Builder index. The index, based on a monthly survey, measures how optimistic home builders are on a scale where any number above 50 indicates more builders view conditions as good than poor. In April, the index bumped up one point to 40. Buddy Hughes, NAHB’s chairman, says builder confidence was helped by rates. “The … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates spiked last week from one week earlier. Rates were up across all loan categories including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Mike Fratantoni, MBA’s senior vice president and chief economist, says the increase slowed mortgage demand. “Mortgage rates moved 20 basis points higher last week, abruptly … [Read more...]

For the most part, home buyers aren’t looking to move too far from home. In fact, 60 percent of us live within 10 miles of our childhood home, according to numbers from Consumer Affairs. That means most us who are thinking about making a move are thinking about moving within our own state. But which state has the most in-state movers? A new study looked at the numbers. It found the state best at keeping its residents was Texas, with 93 percent of Texans looking for a house somewhere in Texas. Next up was Michigan … [Read more...]

The Mortgage Bankers Association’s Mortgage Credit Availability Index is a monthly measure of whether obtaining a mortgage has become easier or more difficult for borrowers. A decline in the Index indicates lending standards have tightened while an increase means credit has loosened. In March, the Index rose 2.5 percent. That’s good for potential buyers, as it means their ability to secure financing has improved. Joel Kan, MBA’s vice president and deputy chief economist, says credit availability is now at its … [Read more...]

Every successful home buyer becomes a mover. But when you’re caught up in the home search, moving can seem too far off in the future to think about yet. After all, you’ve got a lot to do first before you can start planning for your new house. That’s true, but it’s still smart to get an idea of what you might spend settling into your new place. Especially since, according to a new analysis from the National Association of Realtors’ consumer website, it can be a significant amount. In fact, the analysis found home … [Read more...]

There are a lot of costs associated with owning a home but the monthly mortgage payment is the big one. It’s also the measuring stick prospective home buyers use when determining whether or not they’ll be able to afford a particular home. That’s why the Mortgage Bankers Association keeps a monthly gauge of median payments based on loans applied for by buyers. According to their most recently released data, mortgage payments ended the winter flat. Edward Seiler, MBA’s associate vice president, housing economics, and … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell week-over-week to the lowest level since last October. Rates were down last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Favorable rates helped spur a 20 percent surge in mortgage applications. Joel Kan, MBA’s vice president and chief economist, says borrowers … [Read more...]

New home construction is good for the housing market. When more homes are built, it keeps prices in check and offers buyers more options. Over the past few years, new home construction has ramped up and helped reduce some of the housing market’s inventory problem. It’s also helped reduce price spikes. But the rate of new home construction – and the cost of a new home – depends in part on the price of materials. So how will newly announced tariffs affect the housing market and home prices? Well, according to the … [Read more...]