Following on the heels of the Federal Housing Finance Agency, the Federal Housing Administration announced that it will increase its loan limits in most areas of the country in 2018. The FHFA had announced new limits for loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac on Nov. 28.In high-cost areas of the country, the FHA’s ceiling on loan limits will rise from $636,150 to $679,650, according to the Department of Housing a
The national homeless population increased for the first time since 2010, bumping up 0.7 percent year over year in 2017, according to the Department of Housing and Urban Development. The West Coast was mostly responsible for the increase thanks to particularly tight housing markets in cities such as Los Angeles and Seattle, HUD’s data shows.“In many high-cost areas of our country, especially along the West Coast, the severe shortage of afford
Wildfires in Southern California showed resistance to containment efforts Sunday night, growing larger and forcing more homeowners to flee their houses. From San Diego to Los Angeles, an estimated 800 homes have been completely destroyed since the blazes—now the fifth largest in the state’s history—first started on Dec. 4. The fires have scorched 230,000 acres, prompted more than 200,000 residents to evacuate, and with more than 86,000 home
Home buyers from Great Britain have been focusing on purchasing single-family homes in the U.S., according to the U.S. Census Bureau’s Survey of Construction. They’re targeting markets across the country, with at least one city in nearly every major region seeing a marked uptick in activity from British investors, according to Investorist, a global B2B sales platform. Investorist reveals those cities, along with factors that make them an attr
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Some home buyers are drawn to the smallest home on the block. A new survey by Houzz, a home remodeling and design website, sought to find out why these homeowners prefer residences that are often 1,000 square feet or less.Homeowners of small homes say relaxing and keeping the space clean is “easy” in a small home, according to the survey, which was based on 216 respondents who say they live in a small home.Homeowners also say there are many
As home prices rise, investors are getting more jittery about home flipping.Single-family homes and condos flipped in the third quarter yielded an average gross flipping profit of $66,448 per flip, according to ATTOM Data Solutions’ Q3 2017 U.S. Home Flipping Report. That is down from 51.2 percent a year ago, and it marks the lowest average gross flipping ROI since the second quarter of 2015, according to ATTOM Data Solutions, a real estate dat
Borrowing costs are increasing, but home buyers can still snag an interest rate that is lower than a year ago.“This week’s survey reflects last week’s uptick in long-term interest rates, with the 30-year fixed mortgage rate up 4 basis points to 3.94 percent,” says Len Kiefer, Freddie Mac’s deputy chief economist. “The 30-year mortgage rate has been bouncing around in a 10 basis point range since September. While long-term rates have
Many home shoppers don’t think about purchasing a house during the holiday months—many even put their home search on hold. But Desare Kohn-Laski, broker-owner of Skye Louis Realty in Coconut Creek, Fla., offers some points to pass on to your clients, letting them know this is one of the best times of the year to shop for a house.Less Competition, Better Prices.Let your clients know that the holiday months work in their favor. “Instead of
Investors shifted their focus back to the Midwest this year, according to a new report released by HomeUnion, an online real estate investment and management firm.HomeUnion analyzed two years of sales data on single-family rental properties nationwide to find the most popular markets with investors this year. Metros located in the Midwest dominated its top 10 list, with Chicago in the top spot.“The list highlights the growing popularity of Midw
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