real estate: Sales Of Previously Owned Homes Fall 3.2%
- 08/26/16 03:01 PM
Sales of previously owned homes fell in July after four consecutive months of increases, according to the National Association of Realtors. The 3.2 percent decline was led by a 13.2 percent drop in the Northeast. The Midwest and South also saw decreases, while the West climbed 2.5 percent from the month before. Lawrence Yun, NAR's chief economist, says inventory and affordability are behind the decline. “Severely restrained inventory and the tightening grip it's putting on affordability is the primary culprit for the considerable sales slump throughout much of the country last month,” Yun said. “Realtors are reporting diminished buyer traffic because … (1 comments)
real estate: Survey Says Many Boomers Would Like To Move
- 08/15/16 12:22 AM
During their lifetime, the typical American will move 11 times, according to the U.S. Census Bureau. In fact, by age 30, the average person will have changed addresses six times already. But what about older Americans? Well according to a recent survey from Freddie Mac, there are a lot of Americans age 55 and older who say they'd like to move at least one more time. Among survey respondents, 63 percent said they'd prefer to age in place but nearly 40 percent said they'd like to move. Dave Lowman, Freddie Mac's executive vice president of single-family business, says the way we … (0 comments)
real estate: Home Prices Continue To Rise In Most Metros
- 08/12/16 12:11 AM
The National Association of Realtors' latest quarterly report found home prices up in 83 percent of the 178 metropolitan areas included in the study. In addition, the national median existing single-family home price was 4.9 percent higher in the second quarter than it was the year before. But though that's seemingly bad news for buyers, it is an improvement over the first three months of 2016, when 87 percent of metros saw increasing prices and the median price was up 6.1 percent. Lawrence Yun, NAR's chief economist, says buyers are active in the market but – since there are too few … (1 comments)
real estate: Mortgage Rate Drop Sparks Increased Demand
- 08/10/16 10:03 PM
According to the Mortgage Bankers Association's Weekly Applications Survey, demand for mortgage applications spiked 7.1 percent last week due to falling mortgage rates. Average rates were down for 30-year fixed-rate mortgages with both conforming and jumbo balances, as well as loans backed by the Federal Housing Administration. On the other hand, the average contract interest rate for 15-year fixed rate mortgages was unchanged from the week before. Joel Kan, the MBA's associate vice president of industry surveys and forecasts, says lingering economic concerns pushed rates lower. “With lingering concerns over a weak second quarter reading of US GDP growth, along with … (2 comments)
Sales of previously owned homes fell in July after four consecutive months of increases, according to the National Association of Realtors. The 3.2 percent decline was led by a 13.2 percent drop in the Northeast. The Midwest and South also saw decreases, while the West climbed 2.5 percent from the month before. Lawrence Yun, NAR's chief economist, says inventory and affordability are behind the decline. “Severely restrained inventory and the tightening grip it's putting on affordability is the primary culprit for the considerable sales slump throughout much of the country last month,” Yun said. “Realtors are reporting diminished buyer traffic because … (1 comments)
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