Home construction surged in May and prices have ticked up, even with interest rates at a 15-year high. The resilience has surprised some economists. Gianni Martinez, 31, thought that it would be fairly easy to buy an apartment.Mortgage rates are now hovering around 7 percent — the highest they’ve been since 2007 — thanks to the Federal Reserve’s efforts to tame inflation. Central bankers have lifted their official policy rate to about 5 p
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Rates are still above 6.5%, a key affordability threshold.Despite a dip for the third consecutive week, mortgage rates are still above 6.5%—a key affordability threshold—and remain much higher than they were just two years ago. Freddie Mac reports that the 30-year fixed-rate mortgage averaged 6.67% this week. A year ago, rates averaged 5.81%, and in early 2021, they were in the 2% range.The dramatic change in rates has created a “mortgage r
Find out the bright spots that are on the horizon for housing. Existing-home sales increased slightly in May, even as buyers continue to face severely limited options on the market. Total existing-home sales—completed transactions including single-family homes, townhomes, condos and co-ops—rose 0.2% month over month in May, the National Association of REALTORS® reported Thursday. Still, sales are down 20.4% from a year ago as low inventory r
If you're just starting out, here's how to choose your investment property and increase its value for maximum return on investment Whether the amount you can invest is $10 or a million dollars or more, it’s important to understand the fundamentals of real estate investing, how to get started and, most importantly, how to select investments that will yield the maximum return. Brian Davis and Denise Supplee are the founders o
Groundbreaking on U.S. single-family homebuilding projects surged in May by the most in more than three decades and permits for future construction also climbed, suggesting the housing market may be turning a corner after getting clobbered by Federal Reserve interest rate hikes.Still, even with the Fed skipping a rate hike this month for the first time since early 2022, credit conditions remain in the process of tightening, and tha
Curb appeal is important, but more homeowners want a yard that is useful and fun, inspiring movement and play.Outdoor improvements like patios, pools and flower gardens have long been homeowner priorities, but the emphasis on creating an outdoor oasis increased in recent years, largely due to the pandemic. It looks like the trend is here for the long haul as homeowners have rediscovered the power and pleasure of a beautiful and inviting outdoor s
‘A bottom is forming for single-family home building,’ economist says The shortage of previously-owned sales is helping to buoy builders’ confidence. With mortgage rates above 6%, many homeowners find little incentive to sell—nearly 92% have an outstanding mortgage with a rate below 6%, according to a recent survey conducted by Redfin RDFN, -3.04%, a brokerage and real estate listings company. And 23.5% of
Average homeowner equity per borrower dropped by 1.9% in the first quarter of 2023 For the first time in more than a decade, the average U.S. homeowner with a mortgage has less home equity than they did a year earlier.Among the roughly 63% of U.S. homes with a mortgage, average homeowner equity per borrower was $274,070 in the first quarter, down 1.9% from the same quarter last year, according to real estate data tracker CoreLogic.The last t
As inflation decelerates, the potential for lower mortgage rates is becoming a greater possibility.Mortgage rates decreased for the second consecutive week but still remain above 6.5%, a far cry from a year ago, muting any celebration from borrowers. Freddie Mac reports the 30-year fixed-rate mortgage averaged 6.69% this week.The weekly drop comes on the heels of better economic news: The Federal Reserve on Wednesday voted to pause hikes to its b
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