Here Come 59 Million Buyers! | Here Come 59 Million Buyers! Daily Real Estate News | Friday, February 10, 2017 One in four U.S. adults say they are considering buying a home this year, which extrapolates to a whopping 59 million people, according to a recent survey by Bankrate.com. Minorities are expected to be big buyers this year. More than two in five black survey respondents said they were considering buying a home. That is more than double the percentage of potential white buyers.
Category: Industry News
Home prices increased in November, bringing a chairman of the Index Committee to explain that the housing market is completely recovered from the crisis. Case-Shiller’s top 20 cities all posted monthly increases after seasonal adjustment. One expert explains why the new administration could push home prices even further in the months to come.
The U.S. Department of Housing and Urban Development on Friday suspended a controversial plan that would have slashed the premium rates for certain federally backed mortgages.
The reversal by the Federal Housing Administration came less than two hours after Donald Trump was sworn in as president.
The announcement came in a letter signed by Deputy Assistant Secretary for Housing Genger Charles, which said the reduction in FHA mortgage insurance premiums that was slated to take effect on Jan. 27 would be “suspended indefinitely.”
As the country’s homes for sale inventory declines, prices and the percentage of homes going under contract quickly are rising, according to Redfin.
The housing inventory dropped 12.7% in December from a year earlier to the lowest level reported in three years, Redfin reported Thursday. Among homes sold last month, 32.7% were under contract within two weeks, which Redfin characterized as “the largest reduction in inventory in any single month…on record.”
When the FHA announced late last year that its flagship fund, the Mutual Mortgage Insurance Fund, grew for the fourth straight year, it led to many question whether we would see a cut to its mortgage insurance premiums again. Now we have an answer. Click the headline for the full details on the FHA reducing mortgage insurance premiums.
Fixed mortgage rates, which have been on a tear since the presidential election, retreated this week, falling for the first time in nine weeks.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.2 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.32 percent a week ago and 3.97 percent a year ago.
HousingWire first broke the news late last week that TransUnion would pay just shy of $17 million as part of a settlement with the CFPB, as revealed by a company filing with the Securities and Exchange Commission. As it turns out, there’s more. Today, the CFPB’s report revealed Equifax was fined too. Click the headline for more information.
Ten-X, the nation’s leading online real estate transaction marketplace, released its latest Ten-X Residential Real Estate Nowcast revealing a monthly decrease in December existing home sales. However, the jury is still out on whether the current slowdown is a seasonal blip or a more permanent trend.