The U.S. homeownership rate surged to its highest level in 12 years in the second quarter as low mortgage rates and the pandemic prompt more Americans to want to have a home.The homeownership rate rose to 67.9% in the second quarter, increasing even while the nation faced record levels of unemployment, the Census Bureau reported this week. A year ago, the homeownership rate was 64.1%, for comparison.However, the Census Bureau cautioned that the d
The Coronavirus Aid, Relief, and Economic Security Act moratorium on evictions expired last week. It prevented landlords from evicting tenants from homes with federally backed mortgages during the COVID-19 outbreak. But with the protections now gone and unemployment still high, many renter households could be at risk.The National Association of REALTORS® and the Institute of Real Estate Management released a leasing conditions survey t
Home buyers’ most wanted home feature sparked by the COVID-19 pandemic: more space, both indoors and out.Extra space tends to come at a premium, but in some markets, buyers are finding they can get more room without busting their budgets.“With many working from home now, it’s nice to have space to separate from children, spouses, or roommates to get some quiet and focus,” says Danielle Hale, realtor.com®’s chief economist. “Even if y
While unemployment remains high and the economy continues to suffer from the COVID-19 pandemic, the housing market is proving resilient. During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions. The second-quarter figure represents a 36.3% return on investment—the highest level since the Great Re
Mortgage rates increased for the first time in weeks, but rates remain near historical lows.The 30-year fixed-rate mortgage shattered records last week, averaging 2.98%. This week, they increased slightly to a 3.01% average, Freddie Mac reports. “While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop,” says Sam Khater, Freddie Mac’s chief economist. “In the sh
Search for the term “mortgage” on Google from your smartphone and you’ll learn what a mortgage is, what important loan terms are, and what the most recent mortgage rates are. In addition, you'll find online calculators and more. That's because Google has partnered with the Consumer Financial Protection Bureau to launch the new information feature on Wednesday, which aims to help consumers better shop for mortgages.The resources also provide
We’re still in the midst of the COVID-19 pandemic, and even as some state reopenings stall or roll back, most consider real estate as an essential service. But what do your customers consider essential to their homebuying or homeselling goals? The most effective way to find out is to look at what your clients are complaining about in your industry, and then create the opposite customer experience. Here are three aspects of your job that are mos
The pandemic has prompted many homeowners to take on updates and renovations projects. More than three-quarters of about 1,000 homeowners surveyed this month say they have carried out at least one home improvement project since the start of the COVID-19 outbreak, according to a new survey from Porch.com, a home remodeling website.What’s more, homeowners have spent a median of $17,140 on improving their homes since the pandemic began, with
Mortgage applications have been on the rise in the last few weeks, and a housing report from the National Association of REALTORS® on Wednesday finally saw that translate into higher sales—in a big way. NAR reported that existing-home sales surged to a record pace in June, increasing nearly 21% compared to May.For the ninth consecutive week, mortgage applications posted annual gains, and those increases are widening too. This signals that
Existing-home sales rebounded at a record pace in June, following three consecutive months of sales declines, the National Association of REALTORS® reported on Wednesday. Each of the four major regions of the U.S. posted month-over-month increases in June, with the West posting the largest jump.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—increased 20.7% from May to a season
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