As home prices have increased, so has the share of homeowners who can consider themselves equity rich – meaning the combined amount of loan balances secured by their home is no more than half the home's value. That's a good position to be in as a homeowner and its one in which a significant share of homeowners find themselves, according to a new report from ATTOM Data Solutions. ATTOM's third-quarter U.S. Home Equity & Underwater Report shows 47.4 percent of mortgaged homes in the country were equity rich in … [Read more...]

October is the first full of month of fall and a time when more than just the weather cools off. Typically, the housing market does too. Summer shoppers have settled in and the number of active buyers and homes for sale both tend to decline as winter approaches. This year, however, the typical seasonal slowdown in homes for sale has reversed, according to the National Association of Realtors’ consumer website. The site’s October Monthly Housing Trends Report found that, in October, the number of homes for sale … [Read more...]

There are a lot of numbers to keep track of when you’re a home buyer trying to figure out how much you can afford. There’s the price of the home, your prospective mortgage rate, your down payment, closing costs, and moving expenses. It can be dizzying. In the end, though, after all the upfront costs are paid for, what you’ll be left with is your monthly mortgage payment. So how much can you expect to pay each month after the dust settles? Well the Mortgage Bankers Association tracks median mortgage payments with … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average mortgage rate for 30-year fixed-rate loans with conforming loan balances fell last week for the first time in more than a month. The decline is encouraging news for prospective borrowers but Joel Kan, MBA’s vice president and deputy chief economist, warns rates are still high. “Mortgage applications declined for the third straight week as mortgage rates remained elevated, with all rates around 30 basis points higher than they … [Read more...]

The double-digit home price increases seen a couple of years ago have subsided, but that doesn’t mean prices aren’t still increasing. In fact, according to the latest S&P Case-Shiller Home Price Indices – considered among the leading measures of U.S. home values – prices remain strong. Craig J. Lazzara, managing director at S&P, says they’re even hitting all-time highs. “One measure of the strength of the housing market is the relationship of current prices to their historical level,” Lazzara said. “On that … [Read more...]

The new home market continued to climb in September, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales of newly built homes rose 12.3 percent from the previous month and were 33.9 percent higher than last year at the same time. The increases far exceeded economists’ expectations and put sales at the highest level since February 2022. There was also an upward revision to last month’s estimates. So what’s driving the new home market’s surge? Well, mostly … [Read more...]

As the end of another year approaches, it’s only natural that we begin to look ahead. After all, there’s no better time to start planning for the future than right now. That’s especially true if you’re considering making a move in 2024. So what should you expect from the housing market in the year ahead? Well, according to the latest forecast from the National Association of Realtors, there’s reason to be hopeful. That’s because the NAR sees a relatively stable market ahead, and even some slight improvement in … [Read more...]

The National Association of Realtors’ Pending Home Sales Index measures the number of contracts to buy homes signed each month. Because contract signings precede closings by several weeks, the index is considered a good predictor of where future home sales numbers are headed. In September, the index found pending sales up 1.1 percent from the previous month, with gains in every region but the West. Lawrence Yun, NAR’s chief economist, says home sales are expected to bounce back early in 2024. “Sales are expected to … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased again last week. 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. Joel Kan, MBA’s vice president and deputy chief economist, says higher rates have increased interest in adjustable-rate mortgages. “These higher mortgage rates are keeping prospective … [Read more...]

Coming up with an adequate down payment can be difficult for any home buyer. It’s especially tough, though, for first-time buyers. Without the benefit of a home to sell, first-time buyers have to come up with a down payment from scratch. That means saving money. But saving up isn’t the only way to find funds to fuel your home buying dreams. Another popular options younger buyers often use is gift funds from friends and family. According to one new analysis, 43 percent of first-time home buyers used gift money to … [Read more...]