News
Home Prices Rose Twice as Fast in Car-Dependent Neighborhoods as Transit-Accessible Areas
Home prices in car-dependent areas are up 33% since before the pandemic versus 16% for transit-accessible neighborhoods, according to a new report from Redfin, Seattle, reflecting the rise in remote work and the declining importance of proximity to public transportation. The disparity arises even as the Mortgage Bankers Association and other trade groups, policymakers and…
Read MoreNumber Of Homes For Sale Surpass 2019 Levels
More sellers seem to be returning to the market as the number of homes listed for sale surpass 2019 levels, according to a new report from Redfin. KEY TAKEAWAYS New listings of homes for sale are up 4% from a year earlier, and up 3% from the same period in 2019. Median home-sale price grew…
Read MoreHomeownership Can Be Affordable Housing
By writing policy that prioritizes Americans’ access to homeownership, lawmakers could address both the affordable home shortage and the racial wealth gap, deduces Urban Institute visiting fellow Mike Loftin. He bases his assessment—that such access will foster financial stability and mobility for millions of Americans—on data collected by Urban Institute and Zillow researchers. “Some believe homeownership…
Read MoreMortgage requirements are loosening for home buyers
There’s good news for home buyers: It’s finally getting easier to get a mortgage loan. After tightening their lending standards during the pandemic, it seems mortgage lenders are starting to loosen the reins a bit. In fact, according to the Mortgage Bankers Association, mortgages were about 2.2% easier to come by in April than in March.…
Read MoreVA-like housing bill proposed for first responders, teachers
Legislation would axe downpayment and monthly mortgage insurance fee for firefighters, police officers, paramedics, teachers New legislation would extend a benefit similar to Veterans Affairs (VA) loans to first responders and teachers who buy homes. U.S. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill, dubbed the Homes for…
Read MoreHome Equity ‘Pandemic-Resistant’
It’s a great time to be a homeowner: ATTOM Data Solutions, Irvine, Calif., said home equity rose sharply in the first quarter, with equity-rich properties in the U.S. outnumbering seriously underwater homes by a 7-1 margin. The company’s first quarter Home Equity & Underwater report said 17.8 million residential properties in the United States were…
Read MoreWith mortgage rates under 3%, homeowners race to refinance
Mortgage rates below 3% have brought homeowners stampeding back to the refinance market. A sharp rise in refi demand is driving an increase in overall mortgage applications, a new report shows. Refinancing to take advantage of mortgage rates that remain far below historical averages can be a smart play. Because with the economy recovering and over 116…
Read MoreHousing Market On Fire
A decade after the housing market emerged from a deep downturn, housing is hot again. Indeed, home values are soaring to new highs. With its double-digit appreciation and rampant bidding wars, the latest real estate party has some eerie similarities to the last one. “It’s clearly the strongest housing market that we’ve seen since the global…
Read MoreZillow: Housing Gains Could Grow Black Wealth More Than $500B in a Decade
Zillow, Seattle, said incremental increases in homeownership rates and home values among Black households would help shrink the current $3 trillion racial wealth gap by hundreds of billions of dollars over the next decade. Today’s typical Black household has only about 23 percent of the wealth of a typical white household, down from 34.6 percent…
Read MoreFHFA releases new refi option for low-income borrowers
Following an incredible year for refinances that mostly benefited wealthier borrowers, the Federal House Finance Agency announced it is implementing a new refi product that targets low-income borrowers with single-family mortgages backed by Fannie Mae and Freddie Mac. According to the regulatory agency, this new product will assist borrowers who were less likely to take advantage of 2020’s historically low rates. Under the…
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