The U.S. Department of Housing and Urban Development is taking steps to scale back a fair housing rule that had sought to combat housing segregation. HUD Secretary Ben Carson says the 2015 rule is standing in the way of efforts to add more affordable housing.The Affirmatively Furthering Fair Housing rule required cities and towns to examine historic patterns of segregation, and then create plans to combat them. Those who didn’t comply risked l
The Big Apple pushes out San Francisco as the priciest place to live when you look at what buyers are paying per square foot, according to a new report released by NeighborhoodX, a real estate and data analytics firm. In Manhattan, the priciest property is fetching $10,054 per square foot.New York’s central area is more than twice as expensive as any other city in the U.S. on a per-square-foot basis, according to the report. Manhattan real esta
Wildfires are blazing throughout the state of California, with more than 10,000 people under mandatory evacuation as their homes remain under threat.But as firefighters work on the containment of at least 11 wildfires that continue to burn throughout the state, the California Department of Insurance is already warning homeowners about the insurance headaches they will likely face, even for those whose homes weren’t affected in the latest fire
The wave of foreclosures during the Great Recession was blamed on rising unemployment and subprime loans. But a new research study by Jacob W. Faber and Peter M. Rich suggests the foreclosure fallout may have been from something more: Homeowners who overextended themselves financially by paying for their children’s college education.“Our findings uncover a previously overlooked dimension of the foreclosure crisis, and highlight mortgage ins
One in four properties nationwide are “equity rich," according to a new report released by real estate data firm ATTOM Data Solutions. To be considered as such, homeowners with financing must currently hold a mortgage that is 50 percent or less of the property’s estimated market value. As home prices keep setting records, the number of homeowners with equity in their homes is growing. More than 13.6 million properties were considered “equi
It’s a good time to be selling high-end real estate: The luxury market is posting a record number of sales, and 19 major areas also saw double-digit gains in July, according to realtor.com®’s 2018 Luxury Home Index. The index measures the entry-level luxury price tier, which is the top 5 percent of residential sales among 91 U.S. counties.In 49 of the 91 markets analyzed by realtor.com®, the luxury tier had an entry point of at least $1 mi
Mortgage financing giants Fannie Mae and Freddie Mac announced that homeowners affected by the record-breaking wildfires across California may be eligible to stop making mortgage payments for up to 12 months.Borrowers living in Federal Emergency Management Agency-declared disaster areas are eligible for up to 12 months of forbearance with their mortgage. The government-sponsored enterprises will also waive assessments of penalties or late fees ag
Two homes for sale in Las Vegas formerly belonged to Stephen Paddock, the man who carried out the deadliest mass shooting in U.S. history. The homes are listed in Mesquite and Las Vegas, and all proceeds of the sales will be sent to the shooting victims’ families.Paddock, 64, opened fire on hundreds of concertgoers attending the Route 91 Harvest festival on Oct. 1, 2017, blanketing the area with gunshots from the 32nd floor of his Mandalay B
Borrowers saw a little relief from recent increases. Mortgage rates dropped slightly this week, with the 30-year fixed-rate mortgage averaging 4.59 percent, Freddie Mac reports.“This stability is much needed for home sales, which have crested because of the multiyear run up in prices, tight affordable inventory, and this year’s higher rates,” says Sam Khater, Freddie Mac’s chief economist. “Going forward, the strong economy will support
The IRS on Wednesday published proposed rules on the 20 percent business income deduction that was created as part of last year’s tax reform law. The rules are a win for real estate because they make clear that broad limitations included in the law will not apply to real estate professionals.Under the new law, individual owners of sole proprietorships, including independent contractors and owners of S corporations, LLCs, or partnerships, can ta
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