Baby boomers are the wealthiest generation in the country, and they remain one of the most active in the housing market.LendingTree researchers recently analyzed mortgage purchase requests in 2020 on its platform across the 50 largest metros nationwide to identify where baby boomers are most likely to buy a home. Baby boomers, born between 1946 and 1964, are making up a larger share of markets like in Las Vegas, Tampa, Fla., and Phoenix, the stud
Student debt holders and minorities tend to purchase lower-priced homes, leading to lost wealth accumulation over time, according to a new working paper, “Mind the Gap: Home Price Differences By Race and Student Debt.” The research, which evaluates purchase price differences among home buyers from January 2014 to December 2017, was conducted by Jessica Lautz, vice president of demographics and behavioral insights at the National Association o
Buyers are increasingly turning to newly constructed homes for more options. Sales of new single-family homes surged 20.7% month over month in March to a 1.02 million seasonally adjusted annual rate, according to new data from the Department of Housing and Urban Development and the Census Bureau. New-home sales are at the highest annual pace since September 2006.“Our members are seeing strong buyer traffic as continued low mortgage rates are he
Million-dollar listings are a hot commodity. The number of homes sold for more than $1 million jumped by 81% in February compared to a year earlier. Meanwhile, the number of homes sold for under $100,000 dropped 26% compared to a year ago, according to data from the National Association of REALTORS®.Wealthy Americans are taking advantage of low mortgage rates, increased savings, and the growth in remote work in order to hunt for larger homes.The
The majority of home sale contracts are settling on time, but 26% faced delays in February while 6% were terminated completely, according to the latest REALTORS® Confidence Index. The following chart shows the most common issues sparking a delay to closing.The most common problems leading to a termination of the contract were related to appraisal issues (11%), obtaining financing (10%), and home inspection/environmental issues (9%).Nevertheless,
Some housing analysts have grown concerned about what will happen to the real estate market when temporary foreclosure moratoriums are lifted. Will it spark a wave of new foreclosures and lead to a crisis?Already, foreclosure activity is on the rise, even though the moratoriums are still in place and the government has relaxed requirements for mortgage forbearance due to the COVID-19 pandemic. Foreclosure filings in March rose 5% compared to the
The 30-year fixed-rate mortgage continued to drop this week, heading back near the 3% range.The 30-year fixed-rate mortgage averaged 3.04% this week, Freddie mac reports. Mortgage rates are still below a year ago and remain at historical lows, which has proven a boon for the housing market, economists note.“Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week,” says
With home prices are surging, owners in some areas earned more via price appreciation over the last year than from their salary, according to a new study from Point2Homes, an online real estate marketplace.In 2020, the net increase in home prices outstripped owners’ salaries in 15 of the largest U.S. metros, with the differences ranging from a mere $38 to up to nearly $60,000, according to the analysis.The strongest home price gain for this was
Small-town living has become increasingly appealing to more Americans. Even prior to the pandemic, rising home prices were prompting more consumers to move farther away from city centers in search of greater square footage and to make their housing dollars stretch more.In a 2020 survey from Gallup, nearly half of U.S. adults said they would prefer to live in a small town or rural area, a 9% increase compared to 2018.“We’ve seen home shoppers
Rents are on the rise once again. After eight months of slowdowns, rent growth in the largest metros saw an increase in March, rising 1.1% year over year, according to realtor.com®’s Monthly Rental report released on Tuesday.The median rent nationwide for the 50 largest metros averaged $1,463 in March. Over the last eight months, rent growth decreased from 2.2% in July 2020 to just 0.6% in February."Although we're still below the 3.2% growth w
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