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| 08-10-2018 |
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SLOWER, BUT STILL...
Home prices continue to climb according to the June edition of CoreLogic's U.S. Home Price Insights. There was a .7% increase between May and June and a jump of 6.8% from June 2017. CoreLogic forecasts a 5.1% year-over-year rise in home prices between now and June 2019.
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INTEREST UPSWING
Mortgage interest rates are hovering near a seven-year high according to the Freddie Mac Primary Mortgage Market Survey (PMMS) for the week ending August 2. The latest PMMS shows the 30-year fixed rate mortgage rose 0.06% from the previous week and 0.67% year-over-year.
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CONTENTMENT OVER COST
Affordability is an issue, but contentment had a bigger effect on renters' attitudes about homeownership according to the June findings from the 2018 CoreLogic Consumer Housing Sentiment Study. While 48% of renters said affordability was the reason they weren't interested in owning a home right now, 52% responded that their current situation meets their needs for this stage in their lives.
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STARTER STONE?
California's Bay Area boasts some of the most expensive real estate in the nation, so it's not surprising that a 7,000 square foot property in San Francisco sold for nearly $1 million - without a home on it. The Telegraph Hill neighborhood lot is covered almost entirely by a giant boulder. The exact sales price is unknown as the sale is currently pending. No word if the buyer will be able to profit from developing the plot after what will most certainly be above-average excavation costs.
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Sources: CoreLogic, Freddie Mac, Business Insider |
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