U.S. household wealth eked out a fresh record high at the end of 2024, Federal Reserve data showed on Thursday, thanks to a stock market rally that appears to have run out of steam in the past three weeks.The net worth of households and non-profit groups rose about $200 billion to $169.4 trillion in the fourth quarter of last year, the U.S. central bank said in its quarterly U.S. financial accounts report, as a drop in the value of real estate tr
Wherever you buy a home in the United States, property taxes are a reality of homeownership. An agent who is a REALTOR® can help connect you with a tax expert in your area, but here are the basics:What are property taxes? Property taxes are charges on your land and property, based on the value of your property, levied by your local government. The revenue generated is often used to fund community needs such as schools, police and
As these technologies hit the market, they promise to transform homes into smarter, more sustainable spaces.This year's CES event showcased the latest advancements in smart home technology, offering innovations that combine convenience, security and sustainability. These products are poised to become essential upgrades for tech-savvy homeowners. Real estate agents who are up to date on what’s new are better equipped to help those clients intere
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The average for the 30-year fixed-rate mortgage has fallen for seven weeks in a row. This week, it posted its largest drop since mid-September.Falling mortgage rates have captured the attention of home buyers, as mortgage applications for a home purchase—a gauge of future homebuying activity—jumped 9% this week, the Mortgage Bankers Association reports. This could indicate the market is thawing after a frigid winter helped to depress hom
A sharp drop in mortgage interest rates finally lit a fire under loan demand. Both current homeowners and potential homebuyers jumped back into the market, after a lackluster showing for this year so far.Total mortgage application volume jumped 20.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. This was not only the first increase in three weeks, but it is an outsized week
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U.S. construction spending unexpectedly fell in January, pulled down by a decline in outlays on multi-family homebuilding.The Commerce Department's Census Bureau said on Monday that construction spending dropped 0.2% after an unrevised 0.5% increase in December. Economists polled by Reuters had expected construction spending would be unchanged. Construction spending increased 3.3% on a year-on-year basis in January.Spending on private constructio
Cap rates are hovering at 5.6%, while values only fell 1.6% YOY.Dive Brief: For the first January in three years, apartment deal volume rose, increasing 9% year over year to $8.1 billion, according to a report that data firm MSCI Real Assets shared with Multifamily Dive. Price declines continued to moderate, as values dropped only 1.6% YOY, according to MSCI. Over the 12 months ending in January, the average cap rate stood at 5.6% — a signific
Department of Government Efficiency terminations double in less than a weekThe Trump administration over the weekend further accelerated its pace of commercial real estate lease terminations for federal agencies, spreading the scrapped agreements to all 50 states.Since Friday, the Department of Government Efficiency has added more than 500 lease terminations to its total. That's about one in 10 active federal commercial real estate leases cancele
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