News
Zillow: 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…
Read MoreCan the Housing Market Get Any Hotter? A Guide to Home Buying This Spring
The words “spring home buying season” carry a very different meaning this year than they did last year. Normally spring is the hottest time of year for home sales — more buyers surface when the warmer weather emerges and families prefer to move before the next school year begins. Last year’s spring market, though, was…
Read MoreMore Than 4 In 10 Millennials Refinanced In The Past Year
More than four in 10 millennials refinanced their mortgage in the past year, according to a report from LendingTree. Record-low mortgage rates fueled the number of refinances which nearly doubled the overall average. During the pandemic, 26% of homeowners refinanced their mortgage, according to the report. Additionally, LendingTree reported that millennials were more likely than any other…
Read MoreWeekly mortgage demand jumps 8.6% after interest rates fall to a two-month low
Last week was the first overall increase in weekly mortgage applications since the end of February. Applications to refinance a home loan jumped 10% for the week, but were still 23% lower a year ago, the Mortgage Bankers Association said. A sharp drop in mortgage interest rates sent homeowners and potential homebuyers to their mortgage…
Read MoreSelling your home? List it midweek
Incentivizing current owners to sell is key Homes listed for sale midweek sell for an average of 1.6 days faster than homes listed on weekend A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020…
Read MoreDown Payment Assistance Focused on First-Generation Buyers Could Help Millions Access the Benefits of Homeownership
Incentivizing current owners to sell is key As the US population becomes older and more diverse, lagging homeownership rates for young households and households of color should cause concern. Homeownership is the primary way American families have built financial security—through long-term accumulated benefits of loan repayment, appreciation, and fixed housing costs. The resulting wealth can open opportunities for homeowners’…
Read MoreHere’s how to fix the housing market inventory crisis
Incentivizing current owners to sell is key The U.S. housing market is in the midst of an inventory crisis. The number of homes for sale in the U.S. is hovering near record lows, caused by a pandemic-induced housing inventory death-spiral. At the same time, home sales have soared close to record highs, suggesting the housing market suffers…
Read MoreDespite Price Spikes, Homeownership Remains Affordable
Two reports—from ATTOM Data Solutions, Irvine, Calif., and First American Financial Corp., Santa Ana, Calif.—say despite sharp spikes in home prices, homeownership remains affordable for most workers, which continues to drive housing demand. ATTOM released its first-quarter 2021 U.S. Home Affordability Report, showing median home prices of single-family homes and condos in the first quarter…
Read MoreWhy US Real Estate Has Prospered During COVID
It is safe to say that the majority of financial markets experienced unparalleled levels of turbulence in 2020. A global pandemic caused a sharp worldwide economic contraction, leaving a spate of global markets decimated—in many cases, both demand and supply were severely affected. The devastation has been nowhere as apparent as it has been…
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