The homeownership rate of black Americans hit an all-time low in the first quarter of this year as black communities continue struggling to recover financially from the housing crisis a decade ago, recent U.S. Census Bureau data shows. The black homeownership rate has dropped 8.6 percentage points since peaking in 2004.“We can see that discrimination is still there, although it has changed its form,” Michela Zonta, a senior policy analyst at
Purchasing real estate has become an increasingly costly endeavor over the last half-century. Median home prices have surged 121% nationwide since 1960, but median household income has only increased 29%, according to a new study by Clever Real Estate. Renters have faced escalating prices, too. Median gross rent has risen 72% since 1960, more than double the growth in adjusted incomes.“Rising rents and increasing home prices make it harder than
Mortgage products that haven’t been widely used since before the Great Recession are making a comeback. The volume of loans with alternate documentation has more than doubled in the last two years among loans included in mortgage-backed securities, according to a report from Fitch Ratings.The alt-doc loans have performed well since the housing crisis, but Fitch analysts say they’re still concerned about the uptick. “Although alternative doc
Mortgage rates are dropping, giving millions of homeowners an opportunity to lower their monthly payments. An estimated 8.2 million borrowers could refinance and potentially lower their monthly payments by at least 75 basis points, estimates Black Knight, a mortgage software and analytics firm. This marks the largest percentage of homeowners who stand to benefit from lower mortgage rates since the end of 2016.Last week, the average
The right home improvements could help shave energy bills by up to 35% or unlock up to $627 in annual savings, according to the U.S. Department of Energy.Steve Chalk, who recently retired from his work at the department, told CNBC that a home energy assessment can help determine what the best savings projects are for a homeowner to take on.Home energy audits cost about $400, but the price greatly depends on the type of residence and its loca
A termite infestation can be costly, and sadly, many homeowners don’t discover there’s a problem until these wood-eating pests have already caused a great deal of damage to a home or an inspection uncovers it during a home sale.“Termites are referred to as the hidden enemy,” says Mike Duncan, an associate certified entomologist and eastern region trainer for Truly Nolen, a pest control company. The damage can reach $7,900 or more before t
Home buyers are reaping some of the lowest borrowing costs in years this buying season. The 30-year fixed-rate mortgage remained unchanged from last week at 3.82%, which matched last week for the lowest average since September 2017.“Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico, which helped stabilize markets,” says Sam Khater, Freddie Mac’s chief economist. “These historically low ra
Participants in the Deferred Action for Childhood Arrivals program are ineligible for mortgages from the Federal Housing Administration, a Housing and Urban Development official confirmed in a letter this week, ending recent uncertainty on the issue.President Barack Obama had started the DACA program on June 15, 2012, during his presidency in a move to prevent the deportation of children of immigrants to the U.S. About 800,000 people are par
The assumption that baby boomers want to settle in a suburban McMansion may not live up to their reality. The older generation loves city life, too, and researchers are finding more urban dwellers in that age group, according to a new analysis from RENTCafe of U.S. Census Bureau data from the 250 largest U.S. cities.In fact, New York City claimed 14 places on RENTCafe’s list of the top 20 ZIP codes with the largest baby boom
Stay up to date on the latest real estate trends, valuable tips, and company news.
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
