When the housing market crashed and home prices fell, many homeowners found themselves underwater. The subsequent crisis meant hundreds of thousands of homeowners owed more on their mortgage than their homes were worth. That caused the number of foreclosures, vacancies, and abandoned properties to spike. Fortunately, though, home prices began to rebound in 2012 and helped reverse those losses. Now, after many years of increasing home values, a new report from ATTOM Data Solutions shows just how significant that … [Read more...]

The latest data from the U.S Census Bureau and the Department of Housing and Urban Development shows new home sales down nearly 13 percent in July. But the decreasing sales numbers are a bit misleading. That's because the decline was mostly the result of a significant revision to month-before numbers. New home sales data is an estimate based on building permits and is often revised after initial reporting. In this case, after being revised upward, the June data actually shows sales were at their fastest pace since … [Read more...]

If you're thinking about buying a house sometime soon, you should be prepared to act fast. New numbers from the National Association of Realtors show that the typical property was on the market just 29 days in July. And, while that's up from the month before and better than last year at the same time, it still means good homes are selling quickly. In fact, 51 percent of homes sold in July were on the market less than a month. Lawrence Yun, NAR's chief economist, says the market is suffering from a lack of … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week for 30-year fixed-rate mortgages with conforming loan balances. But the drop, which has rates hovering just above record lows, failed to move home buyers. In fact, demand for loans to buy homes fell from the week before. So why haven't favorable rates spurred a buying boom? Well, though low mortgage rates are good for buyers and help ease affordability conditions, they aren't the only factor affecting … [Read more...]

Buying a house is a major financial transaction no matter where you live. But just how big the transaction is largely depends on where you're buying. From one neighborhood to the next, affordability conditions can change. And when comparing metropolitan areas, that change can be even more drastic. For example, a recent analysis of metro areas looked at median incomes and median home prices in an effort to determine the country's most affordable cities. The results show that Detroit is the most affordable city in … [Read more...]

After spiking at the end of last year, mortgage rates have spent most of this year falling. Now they're, once again, a motivating factor for potential home buyers. But they're also good for existing homeowners. So much so that Fannie Mae's latest outlook sees a refinance boom ahead. “Mortgage rates are approaching their lowest level in recent decades, and as they have moved lower, more and more homeowners are finding incentive to refinance,” Doug Duncan, Fannie Mae's senior vice president and chief economist, said. … [Read more...]

Home builders have a unique perspective on the housing market. Their business depends on knowing when and where people will be looking for homes. Because of this, they have to be able to read where the market is headed. That's why the National Association of Home Builders conducts a monthly survey measuring their confidence in the market for newly built homes. In August, the NAHB's index scored a 66 on a scale where any number above 50 means more builders see conditions as good than poor. In short, home builders … [Read more...]

The latest Housing Trend report from the National Association of Realtors' consumer website is a mix of good and bad news. For example, the report shows that the number of Americans who feel now is a good time to buy a house has risen. Driven by falling mortgage rates, more potential home buyers are hitting the market. But while that's good news – as it means affordability conditions have improved and it's motivating buyers – it also puts pressure on inventory levels. Inventory refers to the number of homes … [Read more...]

For most buyers, finding a house that doesn't require a major renovation is a priority. After going through the buying process, moving, and settling in, few of us want to immediately get started on a huge home improvement project. But even if the house you buy is in perfect shape, it'll require maintenance. Eventually, you may even want to make some changes, redo the bathroom, or remodel the kitchen. According to one recent survey from Freedom Debt Relief, 69 percent of homeowners plan on renovating their home in … [Read more...]

Work is a fact of life. For the vast majority of us, it's unavoidable. After all, unless you're independently wealthy, you probably need to work for a living. And if you do, you most likely want to live fairly close to where you do it. But do most people work where they want to live or live where they found work? Well, according to one new study, 81 percent of survey respondents said they moved because they found a new job. That means, for most movers, finding somewhere to live close to the office was part of the … [Read more...]