Single-family permits, a gauge of future housing production, posted a double-digit gain in May as the new-home market showed an increase inactivity. The pandemic in March and April brought the sector to mostly a standstill as economies shut down in an effort to curb the spread of the coronavirus. But as states reopen, home buyers are coming back and builders are ramping up production to meet demand.Permits to construct new houses in May rose 14.4
The homebuying process can be complex—especially if you don’t read the documentation along the way.The paperwork may be too cumbersome for some, according to a survey conducted by Porch.com, a home remodeling website, of nearly 1,000 recent home buyers. More than three in four homeowners said they didn’t completely understand the terms of their mortgage. Thirty percent of homeowners admit to reading none or only some of their mortgage docum
Home renovation remains a popular activity for owners, particularly among older age groups. Baby boomers accounted for more than half of renovating homeowners in 2019, according to a newly released survey of more than 87,000 respondents by Houzz, a home remodeling and design website. Gen Xers (ages 40 to 54) trailed at nearly a third of home renovators and millennials (ages 25 to 39) were at about 12%.Baby boomers tend to spend the most on their
Few thought the housing market would see this quick a turnaround in homebuyer demand. The COVID-19 pandemic dragged down the spring buying season as states and cities issued stay-at-home orders. But despite the lingering pandemic and subsequent economic recession, homebuilders are upbeat on housing heading into summer.Builder sentiment surged 21 points in June, the largest monthly increase ever recorded by the National Association of Home Builder
Real estate continues to rank at the top of the list of the best long-term investments for Americans, according to the latest annual poll from Gallup. About 35% of Americans picked it as their favorite investment, which has been the case since 2013.Meanwhile, Americans are less likely to view stocks or mutual funds as the best long-term investment, particularly waning after the COVID-19 pandemic struck the economy this spring. Twenty-one percent
As states begin to reopen, many workers are hesitating as their workplaces unlock their doors. About one-third of employees—35% recently surveyed—say they prefer to continue working from home permanently, according to a new survey conducted in late May by CreditCards.com.Workers showed a preference for working from home even though they say it is costing them more. Remote workers surveyed say their regular expenses have increased by $108, ref
The 30-year fixed-rate mortgage continued to hover near its all-time low this week, averaging 3.21%, Freddie Mac reports.“The rebound in home buyer demand continued this week, driven by mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the spring.”Freddie Mac reports the following nationa
Home flipping in the first quarter of this year jumped to the highest level since 2006, as investors rushed to snatch up properties to resell for a profit. Home flipping comprised 7.5% of all home sales during the first quarter, up from 7.3% a year prior, ATTOM Data Solutions reports in its 2020 Home Flipping Report. It defines a house flip as a purchase and sale within 12 months.The gross profit on a typical property flipped nationwide (the diff
The COVID-19 pandemic, coupled with recent protests and civil unrest, has had a profound impact on the economy and housing market. But some cities at the epicenter of the confluence of storms are already seeing signs of a recovery.Realtor.com® debuted a new weekly Housing Recovery Index, which factors in home search traffic, median list prices, new listings, and median time on the market. The site compares the data to January 2020 market tr
The Federal Reserve announced Wednesday that it would keep its benchmark interest rate near zero through 2022—a move that could set the course for record low mortgage rates for the next three years. The Fed’s key rate doesn’t directly affect mortgage rates, but it often influences them. The federal funds rate is what banks charge one another for short-term borrowing.The Fed’s decision was a response to the economic impact of the COVID-19
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