Last week’s economic reports included monthly readings from Case-Shiller Home Price Indices, FHFA home prices, and readings on new and pending home sales. Weekly reports on mortgage rates and first-time jobless claims were also released. Case-Shiller Home Price Indices: Home Price Growth Pace Increased In March National home prices rose at a year-over-year pace of 4.50 percent in March from February’s reading of 4.20 percent. According to the Case-Shiller 20-City Home Price Index, home prices rose by 0.40 percent to a year-over-year growth rate of 3.90 percent. The three cities … [Read More...]
Owning a home may be the American dream, but for many who are in a lower income bracket, finding a loan can become challenging. Thankfully, there are several loan programs that can work well for lower-income people considering homeownership. Here's a closer look at some of these home loans designed to help people who have a low-to-moderate income find a way to buy a home. FHA Home Loans FHA home loans are loans backed by the Federal Housing Administration. Lenders are more likely to lend to "higher risk" borrowers through the FHA loan program because the loans have the FHA's backing. With the … [Read More...]
Multigenerational housing is a growing trend that is propelled by the “graying of America.” This trend is the mirror image of children who become adults still living with their parents. Instead, with multigenerational housing, the adult children invite their parents to live with them. Many are seeking to buy larger homes to accommodate the needs of their young family, while also being able to live together with their parents. Older Homeowners And Multigenerational Homes Are Increasing The numbers are staggering. Realtor.com® reports that for the next 20 years, older adults, … [Read More...]
There are numerous steps involved in the process of buying a new home. It is important to go through the mortgage qualifying process before looking at dream houses. This gives people an idea of how big a house they can afford. Sometimes, individuals looking for a house might not get a loan that is big enough to cover their dream house. There are ways to qualify for a larger loan; however, one of the fastest methods is to use a co-signer. What Is A Co-Signer? A co-signer is someone who signs onto a potential home loan with the homebuyer. Essentially, the co-signer is saying that he or she is … [Read More...]
Last week’s economic news included readings from the National Association of Home Builders on housing market conditions and reports on housing starts and building permits issued. Fed Chair Jerome Powell testified before Congress about the impact of Covid-19. Weekly reports on mortgage rates and first-time jobless claims were also released. NAHB: Home Builder Confidence Improves in May Home-builder confidence rose seven points in May to an index reading of 37; April’s reading of 30 was the lowest reading for the NAHB Housing Market Index since June 2012. Low mortgage rates and … [Read More...]
Without a doubt, the COVID-19 (coronavirus) pandemic has impacted every part of the economy. This is a dangerous virus and has left many parts of the country on lockdown orders to prevent it from spreading rapidly. The question many people are asking is how much the real estate is going to be impacted by the virus as well. People Are Not Looking For Houses As Often One of the biggest impacts of coronavirus is that some people simply aren’t out looking for houses. Stay at home orders and social distancing measures have prevented people from touring homes that they may be interested in … [Read More...]
