In the hottest housing markets—Kentwood, Mich., being the most active ZIP code in the country—high-income millennials are a driving force behind the real estate boom, according to new research from realtor.com®. “As the millennial generation continues to age, they are looking for affordable suburbs with strong school systems while still being relatively close to a downtown center,” according to realtor.com® researchers. Millennials also
A high debt-to-income ratio has superseded poor credit history as the number one obstacle for mortgage applicants, according to real estate data firm CoreLogic. Though the number of borrowers who have been denied a mortgage has steadily declined over the last few years, nearly one in 10 were turned away in 2017, CoreLogic says. About 30 percent of those denials were attributed to debt-to-income ratio.There has been a gradual increase in the avera
The U.S. Department of Housing and Urban Development has earmarked $47 million to go toward providing housing counseling grants to aid about 1 million households in finding housing or avoiding foreclosure.“HUD-approved housing counselors are on the front lines, guiding people through their first home purchase and the ups and downs of homeownership,” says HUD Secretary Ben Carson. “Their efforts give families a real opportunity to realize th
The 30-year fixed-rate mortgage hasn’t averaged this high since 2011, as it inches closer to the 5 percent threshold.“Rising rates paired with high and escalating home prices is putting downward pressure on purchase demand,” says Sam Khater, Freddie Mac’s chief economist. “While the monthly payment remains affordable due to the still low mortgage rate environment, the primary hurdle for many borrowers today is the down payment and that
Google announced this week that it will be shutting down its Google + Network on Aug. 31, 2019. Google made the announcement after reports surfaced that the data of half million users had been exposed on the social network.The Wall Street Journal alleges that Google knew about the security issue dating back to March 2018 too but failed to disclose it to users. Google has said it remedied the vulnerability in March. The data breach was due to a so
The hope of a nationwide association health plan for the real estate industry got a boost in June when the U.S. Department of Labor released a rule expanding the definition of “employer” to include “working owners.” The change meant independent contractors and sole practitioners could participate in AHPs that often offer more health care options at lower costs. As a result, NAR embarked on a multitiered effort of research and outreach wit
Underdeveloped midsized markets are poised to be investment hot spots next year, offering more affordable housing and attracting a younger workforce, according to the Urban Land Institute’s Emerging Trends in Real Estate 2019 report. “The keyword for real estate’s future performance is ‘transformation’—in technology, in generational choices, and in a reconfiguration of preferences related to geography and property types,” ULI Glob
First comes the house and then maybe marriage or children, according to surveyed millennials detailed in Bank of America’s 2018 Homebuyer Insights Report, which was culled from 2,000 consumer responses. The survey finds that 23- to 40-year-olds value homeownership above nearly everything else: 72 percent call it a top priority compared to 50 percent who say getting married or 44 percent who say having children are top priorities. “Being able
Foreclosures are disappearing from most community listings. Foreclosure filings—default notices, scheduled auctions, or bank repossessions—fell 6 percent in the third quarter, dropping to the lowest level since the fourth quarter of 2005. Foreclosure activity in the third quarter is now 36 percent below the pre-recession average of 278,912 properties with foreclosure filings, according to ATTOM Data Solutions’ latest report.“A decade aft
Hurricane Michael pummeled parts of Florida’s Panhandle Wednesday as a strong Category 4 storm, leaving a long 200-mile trail of destruction that ripped off roofs and submerged neighborhoods in water. More than 375,000 residents who live in the Panhandle were warned to evacuate, and many will soon return to fully assess the damages to their homes and businesses.“We’re Floridians—we know that disasters can happen at any time,” says Ch
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
