Don't expect a lapse—not yet anyway—in the National Flood Insurance Program, the country’s largest flood insurer. The program has been set to expire on Sept. 30, but the U.S. Senate recently passed an extension that would keep the program afloat until Nov. 21. The House had previously passed the extension. The bill is expected to be signed by President Donald Trump.This extension will mark the 13th time the program—which is bill
It was a good time to be a home buyer in 2012. Homeowners who purchased a home the year prices bottomed out have earned a median of $141,000—or a whopping 261%--in home equity, a new analysis from Redfin concludes. In the majority of housing markets nationwide, the year 2012 offered home buyers the lowest purchase prices following the Great Recession.The average home that sold in 2012 has risen $110,000 in value—from a median sales price of $
Lower mortgage rates are prompting more home buyers to consider new-home construction, builders say. Sales of newly built single-family homes surged in August, rising 7.1% to a seasonally adjusted annual rate of 713,000 units, the Commerce Department reported Wednesday. This marked the second time in three months that new-home sales rose above 700,000. Further, new-home sales have now jumped 18% compared to a year ago.The latest report follows on
All four major regions of the U.S. posted growth in sales contract activity last month, led by the West, the National Association of REALTORS® reported Thursday. NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—rose 1.6% last month, erasing last month’s decrease. Contract signings are now up 2.5% year over year, NAR reports.“It is very encouraging that buyers are responding to exceptionally low inte
Don’t count bricks-and-mortar retail out. It’s still more profitable than e-commerce, and online retailers are starting to pay attention to that, according to a new report released by CCIM Institute, a commercial investment real estate organization, and the Alabama Center for Real Estate.The industry is rapidly evolving against the threats of e-commerce that has taken the blame for the glut of bankruptcies and store closings over the past dec
Prospective first-time home buyers may need more guidance and assurance. Only 41% of first-time buyers recently surveyed say they felt prepared for the homebuying process. Forty-seven percent believe the homebuying process is “rigged” against the buyer, and 44% fear making a costly mistake, a new survey from Framework, a resource on homeownership. The company surveyed more than 600 prospective and recent first-time home buyers.Fifty-five perc
A big culprit to the ongoing housing shortage: The dwindling number of new-home construction over the last several years. A new study from John Burns Real Estate Consulting is putting it into perspective at just how much new-home construction has been lagging: The top 10 housing markets in the country are building at a rate that is 54% lower than they were 14 years ago.Markets like Chicago, Riverside-San Bernardino, Calif., and Las Vegas have bee
Retiring baby boomers are finding that downsizing is not always the answer. Empty nesters transitioning from their longtime houses are finding they still need plenty of space, The Washington Post reports.“Older home buyers today are ‘smart-sizing’ rather than just downsizing,” Mollie Carmichael, a principal with the housing research firm Meyers Research, told The Washington Post. “Affordability is a big priority before an
“Hipsturbia” is one of 10 emerging trends in real estate to watch, according to a newly released report by the Urban Land Institute and PwC. The term refers to the trend of suburbs that are creating their own versions of downtowns featuring vibrant “live/work/play” districts. More suburbs are taking a chance on these mixed-use, walkable developments, researchers note in the “Emerging Trends in Real Estate” report.“Many of these ‘c
Paint company Sherwin-Williams has announced its pick for 2020 color of the year: a deep navy blue. The firm’s design team predicts the hue will make a bigger splash across home interiors next year, from walls to kitchen cabinets.PPG, another paint company, also chose a blue hue as its 2020 color of the year, although it’s a brighter cobalt tone called Chinese porcelain.Sherwin-Williams’ choice, Naval SW 6244, serves as a nod to art de
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