Real Estate News

Survey: Owners Say HOAs Protect Home Values

NAR Daily Real Estate News - June 5, 2018 - 12:00am

The majority of Americans prefer living in a neighborhood with a homeowners association, saying it preserves curb appeal, promotes safety, and...

Categories: Real Estate News

First-Time Buyers Account for More Mortgages

NAR Daily Real Estate News - June 5, 2018 - 12:00am

They took out 46 percent of mortgages backed by Freddie Mac in the first quarter of the year—a record for the GSE.

Categories: Real Estate News

Report: Higher Prices, Rates Are Unsustainable

NAR Daily Real Estate News - June 5, 2018 - 12:00am

“A half percentage point increase in interest rates each year, combined with the current rate of [monthly home price appreciation], would...

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Homeownership Still Vital to Build Wealth

NAR Daily Real Estate News - June 5, 2018 - 12:00am

As June marks National Homeownership Month, housing groups say real estate continues to be the largest component of individual financial stability...

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Help Millennial Buyers Make Smart Decisions

NAR Daily Real Estate News - June 5, 2018 - 12:00am

General interest in homeownership increases more and more, and rental growth is petering out. But buying is still a challenge for millennials....

Categories: Real Estate News

Agent Fined Nearly $3K for Profuse Signage

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

City officials in Huntington Beach, Calif., say real estate professional Jerry Del Mauro displayed too many open house signs, violating an...

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New-Home Features Change as Inventory Rises

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

More newly built homes are on the market than at any point since the Great Recession, according to the Census Bureau. These are their most common...

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Where to Find Homes for Less Than $100K

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

Home shoppers looking for a bargain can still score deals in these cities.

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Survey: Neighborhood ‘Vibes’ That Draw Buyers

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

Whether it’s “quiet and quaint” or “modern millennial,” the look and feel of an area is an important consideration...

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Most Baby Boomers Plan to Delay Retirement

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

The inability to afford quality health care and housing is one reason older Americans say they must continue working later in life.

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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...

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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...

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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.

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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