The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October).Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to 5.9% below this year, The Mortgage Reports notes.The trend is occurring even as home prices rise. Mortgage rates, currently at
The foreclosure crisis feels like a relic of the Great Recession. After all, foreclosure filings have fallen 83% in 2019 compared to 2010, the lowest level since tracking began in 2005, according to ATTOM Data Solutions, a real estate data firm. Foreclosure starts also reached a new record low, led by states like Nevada (down 30%); New York (down 28%); and New Jersey (down 21%).But in some areas, foreclosures continue to linger. Foreclosure start
A strong economy has translated into a booming past year for commercial real estate. Employment is high, commercial real estate loan delinquencies are down, and about $4.36 trillion of investments—the highest since the Great Recession—came in from commercial real estate lending entities, including REITs, pension funds, government-sponsored enterprises, and construction lending banks.But how will 2020 compare? The CCIM Institute released a rep
More single-family and multifamily homes are coming onto the market soon as new-home construction posts its biggest gains in 13 years. Total housing starts rose nearly 17% in December to a seasonally adjusted annual rate of 1.61 million units, the U.S. Commerce Department reports.Broken out, starts for single-family homes rose 11.2% to a seasonally adjusted annual rate of 1.06 million in December. The multifamily sector, which includes apartment
Older Americans may not realize that they can still qualify for a mortgage, even though the Equal Credit Opportunity Act forbids discrimination in the mortgage market on the basis of age.Yet, Mary Babinski, a senior loan officer with Motto Mortgage Champions in Trinity, Fla., told The Wall Street Journal that when a 97-year-old applicant came to inquire about a mortgage, he was even surprised he could still qualify for a 30-year mortgag
New couples starting out in married life may find some locales have better chances for making it financially and offer more affordable housing. Destify, a destination wedding planning company, ranked the top cities in the country for newlyweds. They analyzed data from more than 300 cities and compared them across five metrics: median household income, median home value, number of newlyweds, cost of raising a child, and the number of restaurants a
More than one in five Americans—or 21%—are not saving any of their annual income, according to a survey from Bankrate.com of 1,000 working American adults. A separate study, meanwhile, shows that only 29%—or 73 million of Americans—say they are financially “strong,” indicating they are spending, saving, borrowing, and planning well financially, according to a 2019 study from the Financial Health Network. More than half—or 54%—inst
Head to the Midwest or the East Coast for some of the biggest hotspots to cash in on a rental investment this year, according to a new analysis from TurboTenant, a property management tool. Overall, 31 cities from 20 states are featured in the report, which names the cities for the best rental investments in 2020. New York and Ohio tied for the most cities making the list, at three each.“When identifying the top 31 cities, we looked for a posit
A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense. Michael Hyman, a research data specialist at the National Association of REALTORS®, shares the charges that make up closing costs in a post at the association's Economists’ Outlook blog so that home buyers can be prepared.Lenders provide a Closing Disclosure at least three business da
The 30-year fixed-rate mortgage averaged 3.65% this week, continuing to entice home buyers to the market with cheaper financing opportunities. “By all accounts, mortgage rates remain low and, along with a strong market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months,” says Sam Khater, Freddie Mac’s chief economist.Still, worsening affordability
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