Fewer new homes were started last month, and challenges likely lie ahead for the new-home sector during the coronavirus concerns, the National Association of Home Builders reports.Total housing starts in February fell 1.5% to a seasonally adjusted annual rate of 1.60 million units, the Commerce Department reported Wednesday. Housing permits—a gauge of future construction—also dropped last month, tumbling 5.5% to 1.46 million.Still, single-fam
Cities across the country are issuing temporary bans on evictions as the COVID-19 outbreak worsens. From coast to coast, cities such as San Francisco, Miami, and Baltimore are enacting moratoriums on evictions. State lawmakers in New York have proposed legislation for a moratorium on evictions and foreclosures. Further, the Real Estate Board of New York, a trade group that represents developers and property managers, has issued a three-month mora
Real estate pros are taking disinfectant wipes to home showings and in their car to clean frequently touched surfaces as they interact with clients to help slow the spread of COVID-19. But are you disinfecting correctly?HouseLogic.com reports that the best cleaners are either a bleach solution or a 70% alcohol solution. “Follow this bleach recipe: 5 tablespoons (1/3 cup) bleach per gallon of water, or 4 teaspoons of bleach per qu
The returns on single-family rental have decreased from a year ago in 59% of 389 U.S. counties tracked, but not all cities have seen profits slip in recent weeks, according to ATTOM Data Solutions’ 2020 U.S. Single Family Rental Market Report.Nationwide, the average annual gross rental yield (the annualized gross rent income divided by the median purchase price of single-family homes) was 8.4% for the first quarter of 2020, which is down slight
The Federal Reserve called an emergency meeting Sunday to slash its benchmark rate to zero—its second response to the volatile economic reaction to the coronavirus outbreak. The Fed also said it would buy $700 billion in Treasury and mortgage bonds. After the Fed’s last emergency cut on March 3, mortgage rates plunged to all-time lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 3.29% for the week ending March 5. Could rates
Is gray cooling for interiors? Where do those trendy blues work best? Paint can do a lot to upgrade a space. Fixr, an online marketplace for home improvement services, spoke to home design experts to gather insights on the hot color trends for 2020. Here are a few trends they found in their study:Gray interiors are falling to the wayside.Gray has been the go-to color in design, but it may be losing some of its appeal. Only 20% of designers say th
After hitting a record low last week, rates reversed course this week and inched up. Rates still remain at “extraordinary levels,” Freddie Mac said in its weekly rate report.The 30-year fixed-rate mortgage climbed from last week’s 3.29% record low average to 3.36% this week.“As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” says Sa
Some home sellers are making changes to how their listing is viewed by prospective buyers amid growing concerns over the COVID-19 outbreak.About a quarter of real estate professionals surveyed by the National Association of REALTORS® said their sellers are taking extra precautions, including stopping open houses, requiring buyers to wash their hands or use hand sanitizer, or asking buyers to remove shoes and wear footies.The survey examines the
Several colleges and universities across the country are canceling in-person classes and moving to online instruction. They’re asking students to leave dorms and campus housing, too, amid the rising cases of COVID-19, which was declared a pandemic by the World Health Organization on Wednesday.Administrators are closing dorms to curb the spread of the virus, but that has left a growing number of students in a housing bind. International students
Borrowers came in swarms last week to take advantage of another massive drop in mortgage rates. Mortgage application activity, which includes refinances and home purchases, surged 55.4% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 192% higher year over year.The bulk of the increase came from homeowners refinancing their mortgages into lower rates. Applications for
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