The share of new homes that are 5,000 square feet or more is dropping. It’s now at its lowest point since 2012, during the Great Recession.The percentage has dropped from 3.9 percent in 2015 to 3.1 percent in 2016. In absolute terms, that’s 28,000 units reduced to 24,000, respectively, according to the U.S. Census Bureau’s Survey of Construction.In 2015, the share of 5,000-plus–square-foot homes skyrocketed to its highest number since 20
Fannie Mae’s Home Purchase Sentiment Index receded from its all-time high set last month, as Americans showed less confidence about buying and selling in October. But the dip may be seasonal, according to Fannie Mae’s chief economist.The index, which measures consumers’ perceptions on the housing market, showed an 8 percentage point decrease month over month on the net share of respondents who said now is a good time to sell; it decreased 6
Senate Republicans released their version of a tax reform bill Thursday, and although it differs from the House’s plan, it calls for the elimination of the deductions for property taxes and other state and local taxes.“While we are still reviewing the outlines of this proposal, we are watching closely for changes to current law that might leave middle-class homeowners—and homeownership broadly—in a worse place than it is today,” NAR Pre
Charles McMillan, CIPS, the 2009 president of the National Association of REALTORS®, whose consensus-building spirit and get-it-done style helped steer NAR through the depths of the worst economic downturn since the Great Depression, died Wednesday in Ft. Worth, Texas, after complications from congestive heart failure. He was 66.“He had a gentle, yet strong demeanor about him,” said 2018 NAR President Elizabeth Mendenhall. “He was extraor
More households are feeling richer across the country. But in a handful of cities, residents are seeing incomes skyrocket.SmartAsset, a personal finance site, evaluated the cities where incomes are growing the fastest by analyzing median household income data from 2015 and 2016.Tech hubs have seen the biggest jumps in incomes. Five of SmartAsset’s top 10 cities with the fastest-growing incomes are in tech hub areas: Oakland, Calif.; Raleigh, N
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Homes are actually more affordable now than they were in the late 1990s, according to the latest Mortgage Monitor Report by Black Knight Inc., a mortgage data and performance information provider.Interest rates have plunged by 40 basis points over the past six months. However, the bulk of the potential savings is offset by the accelerating rate of home price appreciation across the country.“Rising home prices continue to offset the majority of
Interest rates on the 30-year fixed-rate mortgage dropped last week, but it wasn’t enough to entice more refinancers and potential buyers to take out loans.The Mortgage Bankers Association reported on Wednesday that total loan volume—which includes refinancings and home purchases—was unchanged last week compared to the previous week.Typically refinance applications perk up when interest rates drop, but the MBA reported the refi market actu
Trust Stamp, an identification authenticity tool that leverages artificial intelligence and blockchain technologies to verify prospective clients’ identities, is now available to REALTORS® free of charge as part of the National Association of REALTORS®’ investment in the startup through its Second Century Ventures technology fund.The tool is intended to improve the safety of real estate professionals, using software that scours public recor
The U.S. Census Bureau recently reported the homeownership rate rose to 63.9 percent in the third quarter, which is the highest level since 2014. The rate is only up from 63.7 percent in the second quarter, but the fact that this rise is coinciding with sluggish reports from the rental sector may indicate that young adults are fleeing rentals for the housing market.Investors have devoted tens of billions of dollars to the multifamily sector, bel
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