Government investment in affordable housing will bring down the rising rate of homelessness, experts say Although mental-health conditions, disability and drug use have long been seen as the primary causes of homelessness, rising rents are in fact the driving force behind recent increases in the number of homeless people, advocates say — and rental-assistance programs are the solution.More than half a million people in the U.S. were homeless in
From sinks to faucets, find out what consumers prefer when outfitting their new kitchen.Homeowners are still warming up to smart-home technology in the kitchen. For now, they prefer mostly standard options when it comes to faucets and appliances, according to a new survey from Ferguson,(link is external) a supplier of home fixtures and appliances for kitchens and bathrooms. Ferguson recently surveyed about 1,000 consumers from across th
As home prices continue to surge, buyers may welcome even a slight dip in borrowing costs as they face affordability constraints.The 30-year fixed-rate mortgage averaged 6.78% this week, backing away from its near-7% mark last week. “That relief is welcome at a time when the St. Louis Fed is reporting there are tighter lending standards now for consumers seeking mortgages,” says Jessica Lautz, deputy chief economist and vice president of rese
Existing-home sales slowed again last month, but aspiring home buyers continue to face competition for limited inventory. Read more from NAR’s latest housing report.Existing-home sales continued to retreat in June as the housing market faces a crushing inventory shortage. But high buyer demand is still evident as home shoppers bid up prices.The median sale price for an existing home in June was $410,200, the second-highest recorded in the last
U.S. single-family homebuilding fell in June, but permits for future construction rose to a 12-month high as a severe shortage of previously owned houses for sale supports new construction.The decline in housing starts reported by the Commerce Department on Wednesday partially retraced an abnormally large 18.7% surge in May, which had pushed groundbreaking on single-family housing projects to an 11-month high.Builders' efforts to ramp up construc
Mortgage interest rates pulled back last week after jumping sharply to start July. That lit a fire under refinance demand but did little to help potential homebuyers. Total mortgage application volume rose 1.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.This comes as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balance
Undeterred by high mortgage rates, buyers battling over scant inventory pushed June's median sale price to the second-highest level in history, according to new data released Monday by RedfinDangerously-low inventory levels propelled June’s median sale price to the second-highest level ever, according to a monthly market report published Monday by Redfin.The majority of inventory indicators dipped to record lows during the month, with the
The 30-year fixed-rate mortgage is a stone’s throw away from reaching a 7% average. Monthly mortgage payments have jumped nearly $300 in the last year.Mortgage rates were back on the rise this week, averaging 6.96%, Freddie Mac reports. For home buyers, the rate jump is translating to an average monthly payment of $2,126 for the typical single-family home. Higher rates have pushed the typical monthly mortgage payment up more than $280, says Jes
Rising stock market, fading recession fears fuel sales to wealthy New Yorkers New York City’s luxury residential market is gaining momentum after stumbling early in the year, another sign that pockets of the U.S. housing market are stirring to life despite high mortgage rates. Manhattan’s most expensive homes posted their second-best June for contracts signed since at least 2006. Signs of a potential turnaround have defied expectati
The average home buyer may be frustrated by high home prices. But like it or not, the housing market is on the up The housing market may feel out of whack to home buyers coping with fast-rising home prices and 7% mortgage rates. But like it or not, the housing market is in the pink. Several economic indicators that measure housing activity — from home prices to sentiment surveys — show that home builders and sellers (the few that are out
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