The way FICO scores are calculated is changing this summer, and the move could make it tougher for some Americans to get approved for a mortgage, The Wall Street Journal reports.Fair Isaac Corporation, more commonly known as FICO, will soon start more harshly penalizing the scores of consumers who have rising debt levels or who fall behind on loan payments. The company will also flag certain consumers who sign up for personal loans, whi
Oakland, Calif., is vying to be the first city in the state to prohibit landlords from turning away potential renters who fail a criminal background check. The Oakland City Council passed the measure this week, which local lawmakers hope will help ease homelessness, and the ordinance will undergo a final review on Feb. 4 before being enacted. Similar measures have taken effect in cities along the West Coast—where homelessness is acute—includi
There’s a wide variety of issues that can lead to defects in residential and commercial construction, but the most common relate to poorly trained contractors, finds a new analysis based on four years of research from LJP Construction Services.Poor workmanship, misinterpretation of plan details, and deviations from manufacturers’ recommendations are the top culprits causing construction deficiencies, the study notes. For single-family homes,
Borrowing costs moved lower this week as the 30-year fixed-rate mortgage averaged 3.6%, Freddie Mac reports. Rates are at the lowest levels in three months and about a quarter-point above all-time lows. “The very low rate environment has clearly had an impact on the housing market, as both new construction and home sales have surged in response to the decline in rates, the rebound in the economy, and improving financial market se
Home sellers nationwide felt richer at resale in 2019. The average seller saw a home price gain of $65,500 on a typical sale, which is up from $58,100 the year prior, ATTOM Data Solutions reports in a new study. This marks the highest level since 2006.That also represents a 34% average return on their investment compared to the original purchase price, which is also the highest average home seller ROI since 2006.“The nation’s housing boom kep
Single women are outpacing single men when it comes homeownership, a new study by LendingTree shows. In some metros, single women are achieving double-digit percentages in ownership.For example, in the New York metro area, single women own 13.3% of owner-occupied homes, whereas single men own 7.9%. In San Francisco, single women comprise 12.1% of the market share compared to single men’s 7.6%.Single women own about 1.5 million more homes than s
Property owners of single-family rentals continue to see climbing profits. U.S. single-family rents rose 3% year-over-year in November 2019, according to CoreLogic’s Single-Family Rent Index, released this week. The index measures rent changes among single-family rental homes, including condos.Since 2010, single-family rents have been increasing, stabilizing at around 3% since early 2019, CoreLogic reports.Rents for lower-priced homes are incre
As rents increase, more people may take on roommates to try to curb costs. At least one in three adults live with at least one adult roommate who isn’t their romantic partner or a college student, according to a 2018 Pew Research Center study.But who makes up the perfect roommate? Apartment Guide surveyed more than 1,000 Americans to find the perfect—or not-so-perfect—traits.In general, researchers found that people who had more than one ro
Roderick Griffin: Helping clients in the greater Tampa/Clearwater/St. Petersburg, Fl. area! iProcurrently deals throughout the states of California, Texas,Florida, and New York. We continue to strive and broadenopportunities for real estate professionals and consumers. Visit iprore.com for the latestinformation and links.Click here for information onbecoming a salesperson.
The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October).Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to 5.9% below this year, The Mortgage Reports notes.The trend is occurring even as home prices rise. Mortgage rates, currently at
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