The COVID-19 pandemic has had a noteworthy impact on homeownership. Although the virus continues to take a toll and unemployment remains above pre-pandemic levels, the housing market has been booming, and trends are starting to emerge, according to the National Association of REALTORS®’ newly released “2020 Profile of Home Buyers and Sellers.”The profile, produced annually, contains a new section this year that examines how the pandem
Mortgage rates at all-time lows have helped drive U.S. home sales to a 14-year high. Existing homeowners also are rushing to take advantage, prompting a 200% annual increase in refinancing. Mortgage lenders have faced a hectic business during the pandemic as many systems were quickly forced to go remote.“It’s been a complicated year for the mortgage industry,” says Jim Houston, managing director of consumer lending and automotive finan
Monday’s announcement of promising COVID-19 vaccine test results prompted investors to get bullish on several real estate stocks, notably within sectors of the market that have faltered during the pandemic. The Wall Street Journal reported as part of Monday’s vaccine news: “The share prices of some of the country’s biggest property owners were up more than 20% Monday compared with a roughly 3% increase in the Dow Jones Industria
Certain housing trends emerging from the pandemic likely will outlast the virus, real estate professionals predict. “The idea of what is necessary is changing,” Camille Thomas, a real estate professional in Jackson Hole, Wyo., told realtor.com®. “The home has become more than a living space.”The Great Escape The suburbs have become a hot place to be in the pandemic. Some real estate experts have called urban flight a myth, but Americans
House hunters who see a home they like should consider making an offer quickly or risk losing out. Homes in October sold 13 days faster than a year ago, an unseasonable trend, a new report from realtor.com® notes.This also marks the first time since 2011 that the pace of sales has accelerated from September to October, “signaling buyers continued to face tough competition in this anything but normal year,” according to realtor.com®’s Mont
For the 12th time this year, mortgage rates have hit a record low. The 30-year fixed-rate mortgage fell to an average of 2.78%, the lowest ever recorded in Freddie Mac’s books dating back to 1971.Sam Khater, Freddie Mac’s chief economist, attributed the record-low rates this week to “economic and political ambiguity.""Despite the uncertainty that we’ve all experienced this year," he said, "the housing market, buoyed by low rates
With low housing inventories and high buyer demand, home sellers are expected to continue to command higher home prices this winter—an unseasonable trend in the housing market.“Sellers will have the ball in their court, so to speak, as there are more buyers than sellers,” says Danielle Hale, realtor.com®’s chief economist. “This means seller-friendly trends like rising home prices and quick-selling homes.”In September, home inventory
Fewer homeowners are taking forbearance to delay their mortgage payments due to the financial and economic impact of the COVID-19 pandemic. The national forbearance rate dropped 7 basis points between Oct. 19 and Oct. 25, the Mortgage Bankers Association reports. Forbearance rates dropped for every loan type.Mortgages in forbearance make up 5.83% of all outstanding mortgages, which is the lowest point since April 5, when the rate stood at 3.74%.
Several banks have rolled out programs in recent months that seek to increase buying opportunities for Black home shoppers, whose levels of homeownership lag behind other minority groups and whites.“Housing advocates are viewing the programs as efforts to repair the damage banks caused over the years, including the subprime mortgage lending in the early 2000s—risky high-interest mortgages to Americans with scuffed or limited credit—that con
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