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The homebuilders only have 80,000 completed new homes for sale — in a country of over 336 million people with more than 157 million people working. Why so low? Well, builders are in business to make money, they’re not a charity. It’s not the safest business model either because builders take a contract to buy a home and then, from start to finish, hope that mortgage rates don’t jump on the buyer by the time the home is ready.
I’ve been asked this question twice this week. Is it a problem to remove the tubs from each bathroom? People planning a remodel asked if it was a big deal or not to only have a walk-in shower in each bathroom. Here are my thoughts, and I really want to hear from you too. Anything […] The post Is it a problem to remove all bathtubs in a house?
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Rocket Companies will soon shut down Rocket Pro Originate , a mortgage origination platform for real estate agents, insurance agents, tax professionals and other financial professionals who are also licensed to originate mortgages. According to a copy of an email sent to affected originators this week and reviewed by HousingWire, the Rocket Pro Originate platform — part of the company’s third-party origination channel — is to be sunset by the end of June.
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“I never make adjustments,” said the MAI who first trained me. He was a top litigation appraiser. He explained that if he made an adjustment he had no way to explain how he got the number when cross-examined by the opposing attorney. Instead, he used what is called ‘qualitative analysis.’ The Appraisal of Real Estate […] The post Are Adjustments Necessary?
The Consumer Federation of America, a watchdog group, examined 43 contracts from 37 states, most from state or local Realtor associations, and found practices it believes worthy of scrutiny.
Mortgage rates have risen recently but they could be much worse than they are today. As someone who doesn’t believe the Federal Reserve has pivoted and that the Fed enacted a COVID-19 housing policy to keep existing home sales depressed, It’s not shocking to me that rates are still this high, even though we had lower rates with a higher growth rate of inflation data.
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Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
A new Realtor.com report found that the housing supply gap has grown considerably over the past decade as household formation has outpaced home construction.
The Federal Housing Finance Agency (FHFA) announced on Thursday that the transition to new credit score requirements is expected to occur in the fourth quarter of 2025, a decision commended by the mortgage industry. That’s when the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac will acquire single-family loans based on the FICO 10T and VantageScore 4.0 credit models, replacing the Classic FICO score that has been in place for decades.
Over the past decade, use of the term “barndominium” (indicating a structure that is, in some sense, a combination barn and condominium) has become increasingly widespread in real estate media outlets. In fact, the term has become popular enough for NAHB to include a question about it in its survey for the February 2024 NAHB/Wells Fargo Housing Market Index.
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The cost of owning a condominium in Florida has shot up significantly in recent months, prompting a wave of homeowners to offload their properties. The cost of homeowners insurance has surged in Florida as insurance companies have grappled with significant losses due to an increase in natural disasters. The average cost of a policy increased 40% in 2023 alone, according to a report by Redfin.
NAHB analysis of Census data shows that private residential construction spending rose 0.2% in January 2024, the second month of gains in a row. It stood at a seasonally adjusted annual pace of $900.8 billion. The monthly increase in total construction spending is attributed to more single-family construction. Spending on single-family construction rose 0.6% in December.
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The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) this week announced the awarding of more than $14.5 million that will be distributed by public housing agencies (PHAs) across the country in an effort to house veterans. The funds will be distributed by the PHAs through more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers.
An earlier post published last month shows that young adults ages 25-34 continued the post-pandemic trend of moving out of parental homes with the share of those living with parents or parents-in-law dropping to 19.1% in 2022. Geospatial analysis of the 2022 ACS data reveals substantial differences across states, with the Southern and Northeastern states registering some of the highest.
The Consumer Federation of America analyzed 43 agreements and concluded that they generally served to protect agents but offered few benefits to buyers.
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Stable mortgage rates at the beginning of 2024 helped new home sales to increase in January. Sales of newly built, single-family homes in January increased 1.5% to a 661,000 seasonally adjusted annual rate from a downwardly revised reading in December, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S.
By and large, homeowners who are 60 and older love where they live and have a preference to age in place. They may also see the equity in their homes as a “financial reserve” and are generally confident in their retirement plans, but they are far less interested in employing their home equity in retirement. This is according to Doug Duncan, chief economist at Fannie Mae , in a new blog post that explores the homeownership patterns of older Americans.
National home prices continued to increase, hitting a new all-time high in December. Despite high mortgage rates, limited inventory and strong demand continued to push up home prices. Locally, six of 20 metro areas, experienced negative home price appreciation in December. The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI), reported by S&P Dow Jones Indices, rose at a.
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