More borrowers are being dishonest on their mortgage applications.Mortgage fraud risk is up by nearly 17 percent in the most recent 12-month period, according to CoreLogic, a real estate data firm. “Occupancy” fraud is rising the fastest, in which applicants deliberately misrepresent their intended use of the property. For example, a client may tell a lender that they plan to live in the house when they really intend to rent it out. Applicant
Ninety-one percent of closed sales in August contained a sales contingency, allowing a buyer or seller to back out of the contract if certain conditions were not met. This percentage was reported in the August 2017 REALTORS® Confidence Index Survey, a monthly survey sent to more than 50,000 real estate practitioners.The most common contract contingencies in August were related to passing home inspections (19 percent); the buyer obtaining financ
Are you a cat person or a dog person? Which type of pet you pledge your allegiance to may influence where you decide to live, according to a new realtor.com® analysis. Some cities tend to be more welcoming to canines while others favor felines, realtor.com® researchers found. “The West Coast is far more climatically friendly to dogs, especially if you like going to dog parks and schmoozing with other owners every weekend—even in the winter,
Homeowners who have embraced the “tiny home” lifestyle are discovering that it’s not so easy to find a place to put their property. Many tiny houses—usually considered to be between 100 and 400 square feet—are built on trailers with wheels so they can be towed, but zoning regulations in many cities don’t allow for temporary structures such as RVs or other movable homes. These laws also frequently specify a minimum size for a home or l
The federal government is investigating a number of predatory lending schemes targeting thousands of veterans who have Veterans Administration mortgages. Officials say the scams aim to convince borrowers to repeatedly refinance, ultimately paying more on their loans. Some lenders also are being accused of using teaser interest rates, “cash out” windfalls, and lower monthly payments, using marketing materials that sometimes resemble Department
In the midst of a devastating hurricane season, many real estate pros are finding a new role as advisers, helping members of their community find temporary shelter, matching owners of damaged property with contractors or investors, and providing general emergency information. Help from the real estate community is needed before and after a storm, whether that’s handing out information on what to do and how to protect a home or being an informat
Homeowners who earn a high income are showing a preference for the suburbs—and even the far-out “exurbs”—over downtown living. A Census Bureau analysis of the 53 largest U.S. metros shows that only 3 percent of homeowners employed full-time who make more than $75,000 annually live downtown, while 11.4 percent live in inner-ring neighborhoods. But 14 percent live in the exurbs, and 71.5 percent are in the suburbs.In 2015, a $75,000 salary
Retiring baby boomers are less likely to be mortgage-free compared to people their age in previous generations, according to Fannie Mae. That could hurt boomers’ financial security and exacerbate the housing affordability crisis.Slightly less than 50 percent of the oldest baby boomer homeowners in 2015 were mortgage-free, 10 percentage points lower than the number of Silent Generation homeowners who were in the same age group in 2000 and mortga
iPro currently deals throughout the states of California and Texas with new offices in New York and Florida. The company continues to strive and broaden opportunities for real estate professionals and consumers. Visit www.iprore.com for the latest information and links.Click here for information on becoming a salesperson
More new homes are coming equipped with front porches. Sixty-five percent of new single-family homes started in 2016 included a porch, according to a Census data analysis from the National Association of Home Builders. It’s only the second time since tracking began that new single-family homes with porches have moved back above 65 percent. For comparison, in 2005, 54 percent of new homes had porches.Certain regions of the U.S. are showing high
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
