Million-dollar homes are not too uncommon in some markets, making them prime areas for real estate professionals to build a luxury real estate niche.Where are million-dollar houses most prevalent? The four areas with the highest percentage of million-dollar homes are in California, driven by a high concentration of wealth originating in the tech and entertainment industries, a new study from LendingTree notes. In San Jose, Calif., 47% of homes ar
Mortgage rates were on the rise last week but remained just below 3%, offering borrowers another opportunity to lock in historically low rates.Still, the National Association of REALTORS® cautions that borrowers should expect mortgage rates to increase modestly in the following months as the economy continues to recover. NAR forecasts the 30-year fixed-rate mortgage to average 3.20% in 2021.“Home prices continue to accelerate while inventory r
The Federal Housing Finance Agency—the regulator of Fannie Mae and Freddie Mac—has extended pandemic-related forbearance options for multifamily properties until the end of September. This marks the third extension of the program, which most recently had been set to expire on June 30.Property owners with a Fannie Mae or Freddie Mac-backed multifamily mortgage can enter a new or modified forbearance if they experience a financial hardship due
Pandemic-related moratoriums on foreclosures and evictions are set to expire June 30, and some lenders plan to start resuming foreclosures in July. About 2.1 million homeowners are still in mortgage forbearance, according to the Mortgage Bankers Association. As of April, about 1.8 million households who aren’t in forbearance were 90 days delinquent on their loan, according to Black Knight data.Bank of America says its suspension of foreclosures
Ultra-low mortgage rates returned this week, with lenders offering home buyers and refinancers a chance once again to lock in a rate below 3%. But the National Association of REALTORS® warns that these low rates in the 2% range won’t last much longer, and mortgage rates likely will edge up soon. The 30-year fixed-rate mortgage averaged 2.95% this week, Freddie Mac reports.“Mortgage rates are continuing to offer many homeowners the potential
For the fourth consecutive month, lenders were able to speed up times to close, as timelines start to near pre-pandemic processing times.In April, the average days to close fell to 51; it was 52 days in March, according to ICE Mortgage Technology’s latest Origination Insight Report. That still remains higher than a year ago when the average was 42 days.Purchase mortgages showed the most improvement with closing times. The average time it took f
“Zombies foreclosures” are re-emerging in real estate. About 1.4 million residential properties in the U.S. were vacant in the second quarter—1.4% of all homes—a new report from ATTOM Data Solutions shows. That represents a nearly 28% increase compared to the first quarter, revealing a potential trend of more vacant, distressed properties hitting the market.However, zombie foreclosures are still down 13% compared to a year earlier and the
Millennials—people between the ages of 25 and 40—are a force in the overall housing market, but may be even more so among veterans. Millennials accounted for 50% of all Veterans Affairs–backed purchase loans in 2020, according to data from Veterans United.Veterans United data shows these are the top five hot spots where millennial military veterans purchased homes last year:Washington, D.C.Virginia Beach, Va.San DiegoColorado Springs, Colo.
All-cash sales of existing homes comprised a quarter of transactions in April as competition in the housing market continued, according to the latest REALTORS® Confidence Index Survey. This marks an increase from 15% of similar sales a year ago and 20% in 2019, the survey shows.Despite low mortgage rates, more buyers are bringing cash to make their offers stand out in a bidding war.The uptick in cash buyers is most prominent among non-first
Many renters have been on the move during the pandemic or are planning to move soon, according to a new survey from property management software company Entrata. Twenty-two percent of renters moved to a larger apartment with more space over the last year while 46% say they’re planning a post-pandemic move. Financial limitations are the main reason renters say they’re continuing to lease instead of buy, with 39% of survey respondents say
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