Success means different things to different people. There isn't one fixed definition or measurement. But while that's obviously true, there are certain hallmarks that have long been seen as key components of achieving the American dream. Owning a home is certainly one of them. And, according to a new survey, it continues to be. The survey found that homeownership was the symbol of economic prosperity Americans ranked highest, with 74 percent putting it above being able to retire, having a successful career, owning … [Read more...]

Every homeowner who's selling their home wants it to attract buyers and sell for the highest possible price. That's why they remove the clutter, fix any maintenance issues, plants some flowers and make sure their home looks its best before listing it. Makes sense. A good home won't garner the same amount of interest if it's presented poorly. But there are other considerations when selling a house. For example, the time of year matters. Homes sold in the winter may not sell as quickly, and for as much, as they would … [Read more...]

The S&P Case-Shiller Indices are considered among the leading measures of U.S. home prices. The index covers all nine Census divisions and is calculated quarterly. According to their most recent release, home prices began the year much the way they ended 2021. Double-digit increases were found in each category, with year-over-year gains slightly higher than the month before. Put simply, home prices continue to rise. Craig J. Lazzara, managing director at S&P, says they're moving higher in markets … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased again last week, moving higher for 30-year fixed rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increases continue the recent upward trend that has rates headed higher just as the spring home buying season gets underway. Fortunately, though, it doesn't seem to have slowed buyers. Mike Fratantoni, MBA's senior vice … [Read more...]

In order to buy a house, you have to be approved to borrow enough money to pay for it. After all, not many of us have a couple hundred thousands dollars in cash lying around. So most buyers, before they start their home search, will have to talk to a lender to see whether they qualify for a mortgage. But the standards used to determine whether or not a buyer's qualified aren't fixed. There are times when getting a mortgage is harder and others when it's easier. Because of this, the Mortgage Bankers Association's … [Read more...]

Last year's housing market was fast-paced and competitive. Buyer demand was elevated, and available listings often had multiple offers after hosting a steady stream of interested home shoppers. So what should we expect this spring, as the sales season kicks into gear? According to one recent analysis of home showings, maybe more of the same. The analysis – which looked at the number of home tours per available listing in markets across the country – found that the number of markets averaging double-digit showings … [Read more...]

The National Association of Realtors' Pending Home Sales Index measures the number of contracts to buy homes signed each month. Because it tracks signings and not closings, the index is a good indicator of future sales of existing homes. In February, it was down 4.1 percent, marking the fourth consecutive month transactions fell. Lawrence Yun, NAR's chief economist, says the reason for the decline is simple. “Pending transactions diminished in February mainly due to the low number of homes for sale,” Yun said. … [Read more...]

There are a couple of reasons new home sales are important to watch. First, they account for just over 11 percent of all home sales. Secondly, they're a leading indicator, since they are counted when a contract to buy is signed, rather than at closing. In other words, you can get a good feel for what's ahead for the housing market by paying attention to new home sales. In February, according to numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales slowed, dropping 2 percent … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates moved higher last week. Rates were up for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Mike Fratantoni, MBA's senior vice president and chief economist, says he expects rates to trend higher throughout 2022. “MBA's new March forecast expects mortgage rates to continue to trend higher through the course of 2022,” … [Read more...]

Homeownership has its perks. Among them, it's a financial investment. When home prices rise, homeowners benefit. And last year, homeowners benefited in a big way. In fact, according to one new analysis, home values rose higher than the median income in 25 of 38 of the metropolitan areas included in the study. In other words, homeowners gained more in equity than the median worker made in income. Home appreciation even topped $100,000 in 11 of those cities. In San Jose, for example, the typical home grew $229,277 in … [Read more...]