By Darcel Rockett 26% of people may be less likely to buy a home this year because of rising interest rates, says a survey forecasting the outlook for homeowners in 2022. CHICAGO – The housing market has had a lot to contend with recently: The COVID-19 pandemic. Property tax increases. Inflation. Rising costs of construction material. A shortage of housing inventory. And then there are other factors from affordability to soaring prices in rentals. The latest addition to the list: creeping interest rates that are impacting mortgages. There was hope of relief in 2022 for prospective homebuyers. But a survey
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Redfin: While demand for vacation homes dropped sharply for a 2nd consecutive month in March, such sales are still 13% higher than pre-pandemic levels. SEATTLE – Vacation homes became a hot commodity during the pandemic, but the trend is showing signs of waning. Higher mortgage rates and an increase in loan fees for second homes are prompting a slowdown in the sector, housing analysts report. Still, housing analysts predict second-home demand to remain above its pre-pandemic levels. In March, demand for vacation homes dropped sharply for the second consecutive month, according to a new report from Redfin. Despite the sharp
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By Gary M. Singer Real estate Q&A: When a foreign national sells property they own in the U.S., a portion of the sale needs to be held back and sent to the IRS by the buyer. FORT LAUDERDALE, Fla. – Question: I am a foreign national who owns a condo in Florida that I want to sell. I am being told that a portion of the sales price needs to be sent to the IRS at the closing. Is this true? And if so, how can I get it back? – Sonia Answer: Yes, when non-resident foreigners sell a property
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Freddie Mac: That’s up from 4.72% last week; it’s the first time the 30-year FRM has hit 5% in over 10 years amid persistent high inflation. WASHINGTON (AP) – Long-term U.S. mortgage rates continued to climb this week as the key 30-year loan rate reached 5% for the first time in more than a decade amid persistent high inflation. The average 5% rate on the 30-year mortgage was up from 4.72% last week, mortgage buyer Freddie Mac reported Thursday. The average rates in recent months have been showing the fastest pace of increases since 1994. By contrast, a year ago the 30-year
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How? By matching up to $100K to the HCA Equity Down Payment Assistance Fund, helping minorities and low- to moderate-income with down payments and closing costs. SAN JOSE, Calif. – Homeownership rates for many minority groups continue to be well below that of whites, and discriminatory policies are often blamed for that. During National Fair Housing Month in April, many housing groups and organizations are bringing the racial housing gap to the forefront and asking others in the real estate industry to support programs that seek to make a change. Realtor.com® announced it is teaming with the Homeownership Council of America
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NAR Chief Economist: The Fed Reserve will be forced to raise interest rates multiple times, pushing mortgage rates up and slowing home sales, price increases. WASHINGTON – The rate of inflation reached 8.5% in March, continuing at a 40-year high and showing few signs of relief for consumers. Higher gas prices, food, and housing costs fueled the consumer price index’s jump. “Aggressive inflation will force the Federal Reserve to raise interest rates multiple rounds this year and actively pursue quantitative tightening,” says Lawrence Yun, chief economist of the National Association of Realtors®. “That is why mortgage rates recently have shot
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By Jamie Hodari Gas prices recently reached a 14-year high, and most workers don’t want to return to commutes to the office full time. Employers have options to explore. McLEAN, Va. – Gas prices recently reached a 14-year high. In response, taxpayers have demanded everything from tax credits to price caps. But you know what they definitely haven’t demanded? The return of long commutes. In the past two years, survey after survey has found that employees do not want to go back to the office full time. Those surveys have also found that if forced to go back, a significant
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NAHB: 10.5% of all single-family homes built in 4Q 2021 were constructed in rural areas, up from 10% in 4Q 2020; for multifamily units, it was 6% vs 4.1%. WASHINGTON – Data from the National Association of Home Builders (NAHB) indicates that the market share of single-family and multifamily homes constructed in rural markets increased over the past year, and such growth appears to be on the rise. NAHB’s Home Building Geography Index (HBGI) found that 10.5% of all single-family homes built in 2021’s fourth quarter were constructed in rural areas, up from 10% in 2020’’s fourth quarter. In addition,
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By Terry Collins Many homebuyers may find the first 48 hours are crucial to either make or break a deal – and often contingencies like taking it “as is” matter, too. CHARLOTTE, N.C. – In this current mad dash to find housing, the first 48 hours are proving to be crucial to either make or break a deal, especially for prospective middle-class homebuyers. Just ask Jonathan Sigrist and Krystal Dickison, of Charlotte, North Carolina. Within a 24-hour span, the couple saw a home they really liked, went on a tour the next day and put in an offer that evening. Their real estate agent, Nelvia
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By Paul Wiseman The rise is the fastest pace in more than 40 years; costs for food, gasoline, housing and other items are squeezing consumers and wiping out many pay raises. WASHINGTON (AP) – Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received. The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since December 1981. Prices have been driven up
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