A smaller home doesn’t always come with a smaller mortgage. In an effort to trim housing costs, some homeowners may be looking to switch to a smaller house, but economists say that’s not always a cost-saving move. “There are times when [moving to a smaller home] could have the opposite effect,” David Mele, president of Homes.com, told U.S. News & World Report. He points to a possible increase in taxes, moving expenses, insurance, and
Airbnb is suing the city of New York over a new law that allows local officials to collect data on Airbnb hosts, including names and addresses. Airbnb claims such an ordinance violates users’ constitutional rights. The law, which aims to institute stricter checks and balances on short-term rentals in the city, is set to take effect this winter. “The ordinance is an unlawful end-run around established restraints on governmental action and viol
Americans are spending the most money in nearly a decade on mortgage payments as a share of their household income, according to data from Morgan Stanley. “If there’s a boogeyman in the housing market today, it’s affordability,” James Egan, Morgan Stanley’s co-head of U.S. housing strategy, wrote in a note last week. “As home prices and mortgage rates have risen, it logically follows that homes have become less affordable.”Egan says
Police are looking for two men and a woman who worked together to rob a real estate office at gunpoint in the New York area last Tuesday. Police say they stole expensive jewelry, a security system, and $8,000 in cash, and several credit cards. and thousands of dollars. According to the police report, a woman entered the office of Expert Homes Real Estate Group in the Bronx around 5:30 p.m. to inquire about a listing. While the woman served as a d
Federal aid intended to subsidize housing costs for Puerto Ricans who were displaced by Hurricane Maria is set to expire Friday. The Federal Emergency Management Agency is still paying for hotel rooms for about 2,436 Puerto Ricans who fled to the U.S. mainland. Unless a federal court intervenes, they may be left with nowhere to go by the end of the week.The aid program has been extended several times. If it lapses Friday, the U.S. government will
Colorado may offer buyers the best prospects for steady home appreciation over the long term, according to a new analysis from SmartAsset, a personal finance website. Three Colorado metros landed in SmartAsset’s 2018 list of the top 10 places for growth and stability in housing. (The city of Boulder ranked number one.) Colorado’s northern neighbor, Wyoming, also saw several housing markets in this year’s rankings. Researchers note that half
Hurricane Lane is spiraling through Hawaii, with some areas of the Big Island already reporting more than two feet of rain as of early Friday. About 48,617 homes in Hawaii may be at extreme or very high risk of hurricane-driven flood damage from the hurricane, with a total reconstruction cost value of about $8 billion, according to a report from CoreLogic, a real estate data firm.The Category 3 storm hit Hawaii’s Big Island on Friday morning. O
Borrowers continued to get relief with mortgage rates this week, as the 30-year fixed-rate mortgage sank lower for the third consecutive week. Mortgage rates are now at their lowest level since mid-April.“Backed by very strong consumer spending, the economy is red-hot this month, which is, in turn, rippling through the financial markets and driving equities higher,” says Sam Khater, Freddie Mac’s chief economist. “Unfortunately, the same
Millennials could stand to make some improvements to their credit files. Only 39 percent of millennials without a mortgage have a prime or better score, and the majority are facing higher delinquency rates on personal loans, shows a newly released study from Experian, an information services company.Eighty-six percent of millennials recently surveyed say they believe that buying a house is a good financial investment, according to the National As
The shortage of homes for-sale continues to depress sales. Sales of newly built, single-family homes dropped last month and are now at the lowest level since last October, the Commerce Department reported Thursday. This follows on the heels of the National Association of REALTORS®’ report earlier this week that showed existing-home sales also dipped in July, reaching their sluggish pace in more than two years.“A lack of overall housing in
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