Real Estate News

Vermont Joins Effort to Attract Relo Buyers

NAR Daily Real Estate News - June 4, 2018 - 12:00am

Several states and cities have been offering relocation buyers financial incentives—including paying off student loan debt—to move...

Categories: Real Estate News

At Home in Retirement: Boomers Facing a Hard Truth

RisMedia Consumer Advice - June 3, 2018 - 1:03pm

Baby boomers are on the cusp of retirement, but the ability to afford their desired lifestyle is at odds with their preferences, according to a recent report by The NHP Foundation (NHPF), an affordable housing nonprofit.

Of the boomers surveyed for the report, 85 percent want to be in the home they have now in retirement, but, of those, 76 percent have no budget for retirement, or anticipate half of their income will be Social Security—not enough to sustain, according to The NHPF. Despite the disconnect, 83 percent are confident their current home will be their home in retirement; just 17 percent believe they will have to move.

There are boomers who are concerned about housing, however; in fact, housing is one of their three top worries: being unable to afford healthcare (cited by 36 percent), being dependent on their kids (28 percent), and having to live in a home outside their standards (22 percent). For boomers, affordability is the No. 1 factor in their housing in retirement.

One-thousand Americans aged 50 and older (non-retirees) participated in the report.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post At Home in Retirement: Boomers Facing a Hard Truth appeared first on RISMedia.

Categories: Real Estate News

Dodd-Frank Reform Could Make It Easier to Get a Mortgage

RisMedia Consumer Advice - June 2, 2018 - 12:00am

(TNS)—It should be easier for you to get a mortgage now that President Donald Trump has signed legislation that will lift lending restrictions on community banks.

Congress on Tuesday voted in favor of rolling back Dodd-Frank banking rules, and Trump signed it Thursday. The reforms will ease some of the mortgage laws from the Dodd-Frank Act of 2010, a massive financial law enacted in response to the financial crisis.

Thanks to the new law, more homebuyers are likely to get approval for a mortgage from their local community bank or credit union.

“Any changes to soften the lending aspects will make it easier for borrowers to get loans,” says Rick Sharga, executive vice president of Ten-X, an online real estate marketplace.

Here’s the Problem
Many lenders say the mortgage laws have become too restrictive for them to make mortgages outside of the so-called Qualified Mortgage rule. The rule is based on your ability to repay the mortgage by requiring that your debt does not exceed 43 percent of your income, but there are very specific requirements when proving your income. The task gets trickier if you’re a business owner, for example, and don’t have consistent income flows.

“Lenders, particularly retail banks, have just stopped taking on any risk at all,” Sharga says. “Getting those smaller lenders back into the game could have a material impact on the housing market.”

What the Bill Fixes
The new changes will allow community banks and credit unions to offer mortgages outside the typical Qualified Mortgage rule so long as they don’t sell that mortgage but keep it in-house. By holding that mortgage on the books, it would be deemed a Qualified Mortgage. The carve-out would apply to institutions with less than $10 billion in assets.

Many lenders think this change will allow more community lenders to offer mortgages. It will also be helpful for homebuyers, when mortgage rates are rising but still low.

It’s unclear how much of an impact the change to the mortgage laws will have on the housing market. A large portion of homebuyers already meet the requirements within the Qualified Mortgage rule. The Urban Institute says the Qualified Mortgage rule has had “little impact” on credit availability, though there are fewer mortgages being offered for under $100,000.

Congress’ move received praise from David Stevens, president and CEO of the Mortgage Bankers Association.

“I want to commend the House of Representatives for joining the Senate and passing this bill, which will protect consumers and provide greater access to mortgage credit,” Stevens said in a statement.

©2018 Bankrate.com
Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post Dodd-Frank Reform Could Make It Easier to Get a Mortgage appeared first on RISMedia.

Categories: Real Estate News

Facebook Mulls Relocation Over Housing Costs

NAR Daily Real Estate News - June 1, 2018 - 12:00am

“If we’re going to remain a company in Silicon Valley for the long-term,” the high cost of living in California must be...

Categories: Real Estate News

7M Homes at Risk as Hurricane Season Begins

NAR Daily Real Estate News - June 1, 2018 - 12:00am

About $1.6 trillion in property damage is likely this year, according to CoreLogic.

Categories: Real Estate News

Mortgage Rates Retreat From 7-Year High

NAR Daily Real Estate News - June 1, 2018 - 12:00am

They declined for the first time in four weeks, giving buyers some relief.

Categories: Real Estate News

Son Vacates Parents’ Home Under Court Order

NAR Daily Real Estate News - June 1, 2018 - 12:00am

A judge ordered the eviction of Michael Rotondo, 30, in May. Rotondo says the court battle with his parents was linked to his custody woes.

Categories: Real Estate News

20 Markets That Were Hottest in May

NAR Daily Real Estate News - June 1, 2018 - 12:00am

It’s not all about California; some other cities are climbing up the ranks on realtor.com®’s top-performing list.

Categories: Real Estate News

Report: Rents See Slowest Growth in Years

NAR Daily Real Estate News - June 1, 2018 - 12:00am

Rental prices nationally posted the weakest annual growth in May since 2010. But that doesn’t mean renters are finding relief yet.

Categories: Real Estate News

Caution: Email Scam Claims to Be From NAR

NAR Daily Real Estate News - May 31, 2018 - 12:00am

A scam sender posing as NAR is emailing members with an attachment that asks for updates to a member directory.

Categories: Real Estate News

Will Slip in Contract Signings Be Long-Term?

NAR Daily Real Estate News - May 31, 2018 - 12:00am

Pending home sales decreased in April to their third lowest level over the past year. Is it a temporary slip or a more permanent problem?

Categories: Real Estate News

Hawaii Homes Were Built Despite Lava Risk

NAR Daily Real Estate News - May 31, 2018 - 12:00am

Developers of Lower Puna, one of the most affordable neighborhoods on Hawaii’s Big Island, constructed the properties years ago knowing that...

Categories: Real Estate News

Pros Use Adult Coloring Books to Sell Homes

NAR Daily Real Estate News - May 31, 2018 - 12:00am

Brokerages are finding a way to use real estate- and cityscape-themed coloring books in their business.

Categories: Real Estate News

Amazon HQ2 Finalists Ranked on Housing

NAR Daily Real Estate News - May 31, 2018 - 12:00am

The online retail giant plans to announce its second headquarters location later this summer, and a handful of finalist cities are eagerly...

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May Prices Reached Record Highs

NAR Daily Real Estate News - May 31, 2018 - 12:00am

U.S. prices surged to an all-time high and homes sold faster than they ever have in May, according to the latest housing report from realtor.com...

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The Top Landscaping Trends for 2018

NAR Daily Real Estate News - May 30, 2018 - 12:00am

Landscape architects reveal the hottest trends for sprucing up outdoor spaces.

Categories: Real Estate News

Drop in Rates Still Doesn’t Budge Loan Demand

NAR Daily Real Estate News - May 30, 2018 - 12:00am

Mortgage rates eased last week following recent increases, but would-be home buyers or refinancers didn’t bite.

Categories: Real Estate News

Single-Family Rental Giant Hit With Class-Action Suit

NAR Daily Real Estate News - May 30, 2018 - 12:00am

Invitation Homes is facing a class-action lawsuit from tenants who are accusing the company of stacking late fees against those who pay their rent...

Categories: Real Estate News

How to Get More Shares of Your Real Estate Content

NAR Daily Real Estate News - May 30, 2018 - 12:00am

The more you can get of your content shared online, the more you get your name in front of potential prospects. But getting shares is harder to do...

Categories: Real Estate News

Texas Weighs Stronger Building Codes Post-Harvey

NAR Daily Real Estate News - May 30, 2018 - 12:00am

Texas cities are weighing a program called “Fortified” to build sturdier homes and businesses to withstand powerful storms.

Categories: Real Estate News