2024-04-26 | retirement
... 2 months. However, the specter of inflation and escalating costs looms large: - More than a third (37%) worry about covering basic expenses like food and housing.- Over a quarter (26%) express concerns about meeting family caregiving costs.- A staggering 70% are anxious about prices outpacing their income growth.- Shockingly, over a quarter (26%) of those not yet retired anticipate never being able to retire. Nancy LeaMond, AARP's Executive Vice President and Chief Advocacy & Engagement Officer, underscored the gravity of the retirement crisis, urging swift congressional action to provid...
2024-04-11 08:45:00 | housing inflation insurance
... heir current needs at the best possible rate. Investments in disaster resilience and smart home technologies not only enhance safety and convenience but can also lead to substantial insurance savings....
2024-04-11 08:42:00 | housing
... perties. He comments, "While foreclosures remain relatively stable, we're closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market." Nationwide Trends The report highlights an increase in foreclosure starts across the country, with 67,657 properties beginning the foreclosure process in Q1 2024. This is up by 2 percent from the previous quarter and 4 percent from the same timeframe last year. States such as New Hampshire, Illinois, Florida, Rhode Island, and Nevada saw the most significant quarterly increases in foreclo...
2024-04-09 09:25:00 | cryptocurrency demographics real estate
... selor at Policygenius, commented on the findings, noting that while younger generations are showing a willingness to take financial risks, perhaps driven by the current housing shortage and other market obstacles, traditional investment avenues might offer more stability in the long run. "Buying a house may be out of reach for many at the moment, but taking big financial risks isn't necessarily going to help," Ma stated. He emphasized the importance of more time-tested options like stocks, bonds, and life insurance, which can provide financial security and coverage for living expenses.The surv...
2024-03-12 | healthcare
... from 2021 to 2023 of 18.9%, but only 1.4% increase from 2022 to 2023. According to Arland, this is probably because of stabilizing post-pandemic housing market trends5 and inflation. “There is increased demand for skilled workers in the long-term care space, as 10,000 Baby Boomers turn 65 every day until 20306 and seven out of ten of them are likely to need long-term care services and support at some point.” ...
2024-02-26 | demographics housing
... ...
2024-02-15 | retirement financial wellness
... having to do with lived experience, including inflation, housing, and Medicare—all of which garner higher scores than the overall average (31%).The study also explores the topic of longevity—an essential knowledge area to understand when planning retirement income to last a lifetime. Americans consistently underestimate life expectancy and are unaware of how long individuals tend to live, with just over one in five (22%) expecting to live past 89 and just over one in four (27%) able to correctly identify the average life expectancy of a man at age 65. This is particularly concerning becau...
2024-01-18 | housing
... and affordability restrictions in the existing home market. Overall, though, the ESR Group anticipates that in 2024, the gradually stabilizing existing-homes market and the increased housing supply resulting from new home building would help restrain further increases in home prices: As opposed to 7.1 percent in 2023, home prices are now predicted to increase by 3.2 percent this year.In contrast to earlier forecasts, the ESR Group's most recent estimate for 2024 predicts positive-but-below-trend growth rather than a small recession, however it nonetheless calls for a slowing in economic growth...
2024-01-18 | housing
... rices, which is the opposite of the trend observed in 2023. Among them are San Diego County, CA; Harris County, TX; Los Angeles County, CA; Cook County, IL; Maricopa County, AZ; and Harris County, Houston, TX.In 141 of the counties examined in the report (42 percent), median home prices are increasing more quickly than average weekly wages. These counties include Middlesex County, MA (outside Boston), Miami-Dade County, FL, Broward County (Fort Lauderdale, FL), Orange County, CA (outside Los Angeles), and Kings County (Brooklyn, NY)....
2024-01-16 | consumers economy spending
... , and education groups.Median year-ahead expected spending growth on housing increased slightly to 3.0% while it declined for food to 5.4%, clothing to 2.3%, transportation to 4.6%, medical care to 4.1%, utilities to 4.4%, and recreation to 2.6%.Differentiating spending on essential and non-essential items, the median year-ahead expected change in everyday essential spending dropped to 4.5% in December from 4.8% in August, its lowest reading since December 2020 but well above pre-COVID levels. The median expected change in spending on non-essential items over the next year instead remained unc...
2023-06-06 | housing
... pared to a year ago, homebuyers are dealing with much higher costs of ownership due to a combination of elevated mortgage rates, persistently high home prices and limited inventory, leaving housing affordability near the most challenging levels in more than three decades as a result of Federal Reserve rate hikes, according to BMO Economics.BMO's survey also found Americans' perceptions of the economy has further affected their homebuying plans:Most are deferring plans to buy: 65 percent of those who do not own property say they are holding off buying a home due to the state of the economy with...
2023-06-01 17:00:00 | housing interest rates
... ...
2023-06-01 | housing
... le paying, given these additional costs. With that budget in hand, buyers can then use a new app filter on Zillow to shop for homes by monthly cost, instead of by purchase price. "Understanding all the costs that come with homeownership can not only impact a buyer's budget, but the type of home they shop for, too," said Zillow home trends expert Amanda Pendleton. "While a big backyard or a larger home may be appealing, it's important to consider how much maintaining those spaces could cost. Buyers may want to consider affordable alternatives to single-family homes, or spend...
... s).Inventory tightens as fewer sellers list and buyers compete over remaining homesThe U.S. supply of active homes for sales continued to grow in May relative to this time last year, but slowed for the third month in a row as fewer potential sellers opted to list their home for sale and as the market lapped the period of higher inventory growth that started in May 2022. Today's buyers are grappling with low inventory, but the slowing growth in active inventory in May indicates that buyers continue to search for and find deals. Despite sitting on relatively high home equity, sellers are staying...
2022-11-07 11:30:14 | consumers economy housing
... a yearly basis. According to Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, "The HPSI reached an all-time survey low this month, in line with projections that the housing market will continue to cool in the months ahead." "Consumers are becoming more negative about the conditions surrounding both buying and selling homes. The "poor time to purchase" component of the poll surged this month to a new high amid continuously high property prices and unfavorable mortgage rates, while the "good time to sell" component maintained its downward trend. Consumers continue to be ...
2022-08-08 12:00:01 | housing
... tgage rates will go down. Home Purchase Sentiment Index (HPSI) distills consumer sentiment from Fannie Mae's National Housing Survey. The HPSI reflects consumers' current views and expectations of housing market conditions. The net share of those who say their household income is significantly higher than it was 12 months ago increased....
2022-07-28 12:00:00 | consumers debt
... lts showed that nearly half of millennials (47%) spend more than 30% of their monthly income on housing. This is 1.5x what financial experts recommend. With housing prices rising, one third of millennial renters don’t believe they will ever afford a house. While the average millennial has $49,463 in savings, one in seven report that they have no savings. According to 37% of respondents, their biggest financial regret was not saving enough. The financial situation for millennials today is dire. One in four doubt they could afford $500 to cover an emergency, one fifth say they cann...
2022-07-28 10:00:00 | housing
... s have dismissed comparisons to 2008, asserting that banks engaged in much riskier lending practices at the time. Consequently, any imminent correction in housing prices will likely be moderate, driven by slowing demand related to consumer borrowing costs. ...
2022-07-27 12:00:10 | housing
... on-first approach towards home equity and use a reverse mortgage in a holistic retirement strategy. Sieffert stated, "Older homeowners have an amazing opportunity in today’s housing market to tap into another vital source of financing. Given the historical home values, tapping into home equity might make sense when you consider how many older Americans live on a fixed income. FAR's partnership with the Financial Planning Association, and our consumer marketing efforts, have long supported the belief that a majority of older Americans don't consider home equity when planning for retirement. T...
2022-07-27 12:00:00 | financial planning
... hcare 57.8 77.7 +19.9 Stability of your job situation/career 57.2 76.2 +19 Your ability to attain long-term financial security 55.1 76.7 +21.6 Retirement planning 54.6 77.5 +22.9 ...
... On a quarterly basis, home prices rose a seasonally adjusted 4.3 percent in Q2 2022. "Home prices maintained a near-historic pace of appreciation in the second quarter, as low levels of housing inventory continued to support price growth," said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. "At the end of 2021 and extending into 2022, we believe many homebuyers pulled forward their purchase plans to avoid expected increases in mortgage rates, contributing to demand for homes and strong price appreciation. Given the sharp rise in mortgage rates since that time, and the r...
2022-05-23 | consumers
... o look for a new job if required to return to the office as if their employer instituted a pay freeze. In addition, the report explores families' experiences related to banking and credit, income, housing, retirement, student loans, and retirement alongside several new topics, such as the use of emerging financial products including cryptocurrencies and "Buy Now, Pay Later" services. The survey included 11,000 adult respondents....
... r-over-year increase. Auto loan balances increased by $11 billion in the first quarter, while student loan balances increased by $14 billion and now stand at $1.59 trillion. In total, non-housing balances grew by $17 billion. Mortgage and auto loan originations both declined in the first quarter, after historically high volumes in 2021. Mortgage originations were at $859 billion, representing a decline from the high volumes seen during 2021, yet still $197 billion higher than in Q1 2020, right before the pandemic hit the United States. The volume of newly originated auto loans was $1...
2022-04-22 | housing
... ket data goes back through 2015. The median home sale price was up 17% year over year to a record $392,750—the biggest increase since August 2021. The median asking price of newly listed homes increased 14% year over year to $399,225, down slightly from the record high set during the four-week period ending April 10. The monthly mortgage payment on the median asking price home rose to a record high of $2,318 at the current 5.11% mortgage rate. This was up 38% from a year earlier, when mortgage rates were 2.97%. Pending home sales were down 2% year over year. New list...
2022-01-04 09:32:54 | consumers cryptocurrency housing
... ey spend more than six minutes searching for something to watch. More than half (56%) say they wish their profile from one service could easily be shared with another service. Source: Accenture ...
2021-12-22 12:00:00 | real estate
... d in November last year. Housing prices rose sharply during the pandemic as mortgage rates hit record lows, teleworking and the skyrocketing stock market boosted demand for housing amid continuing housing shortages. November marked the 16th straight month of double-digit price increases as the number of homes for sale fell to an all-time low. “The rise in property values during the pandemic has widened the gap between homeowners and tenants in America. Homeowners' wealth has improved significantly over the past year, while tenants have lost those income and are now trapped in rent ...
2021-10-20 | housing
... upfront costs would enable me to replace rent payments with regular mortgage payments, giving me a stronger sense of stability that a month-to-month lease could not offer." Source: Bank of America...
2021-10-12 12:00:00 | retirement
... ns they see as obstacles to saving for retirement. Daily living expenses were cited as the biggest obstacle by almost half of those surveyed (45%). This was followed by housing payments (34%), medical debt (24%), saving for other goals, such as starting a family or buying a house (21%), and the financial impact of COVID-19 (20%). Results also show there are knowledge gaps when it comes to retirement saving and planning. Around half of respondents do not feel knowledgeable about how to save for a comfortable retirement (47%), the difference between various saving types (51%), or making decis...
2021-08-16 09:08:19 | housing
... driven by an intensifying housing shortage, a pandemic moving spree made possible by remote work and historically low mortgage rates. Home prices are stabilizing amid an increase in housing supply. Increased supply gives buyers more options to choose from, which helps reduce competition. It's also typical for competition to ease in the summer following the spring homebuying season, so seasonality is another factor at play. "Competition has started to slow in the last three weeks. We're now seeing five to eight offers on homes instead of 25, and they're coming in $5,000 to $10,000 above the...
2021-08-10 10:08:19 | housing
... de margin of 61 days faster, along with Raleigh (-33 days) and Jacksonville (-30 days). July 2021 Housing Overview by Top 50 Largest Metros Metro Median Listing Price Median Listing Price YoY Active Listing Count YoY New Listing Count YoY Median Days on Market Median Days on Market YoY Atlanta-Sandy Springs-Roswell, Ga. $400,000 14.2% -41.3% 9.4% 31 -19.5 Austin-Round Rock, Texas $536,000 36.6% -44.0% 12.7% 20 -24.5 Baltimore-Columbia-Towson, Md. $349,000 -1.7% -18.5% 36.9% 34 -9 Birmingham-Hoover, Ala. $270,...
2021-06-10 08:52:09 | housing interest rates
... ion destinations, at least part of the time. But with offices reopening and life returning to some semblance of normal, people are less focused on fleeing to the beach or the lake." Source: Redfin...
2021-06-08 12:00:00 | housing
... se in 2020. Beyond that, Zillow's Urban-Suburban report found that despite some early pandemic-era narratives, suburban housing markets did not disproportionately strengthen in 2020 at the expense of urban areas. The biggest decrease in share of moves between area classes was from suburban to urban, which fell 1.5% year over year. The largest increase was seen in suburban to rural moves, which increased by 1.2% on the year. San Jose saw the most extreme changes in average home value for both those moving to and from ZIP codes within the metro, followed by San Francisco and Los Angeles....
2021-06-01 | housing real estate
... ...
2021-06-01 | housing real estate
... tional online survey that took place between March 26-29, 2021. The survey reached 1,244 U.S. adults. The results are weighted and are representative of all U.S. adults (18+). Source: Regions Bank...
2021-05-28 | consumers investing
... dgets in Q1, up +5.3 ppts compared to the previous quarter's atypical pattern. One exception to this cutting back was on savings and investments, which accounted for 9% of budgets in Q1, up +1 ppt from Q4 2020 and +2 ppts year over year. Source: The Conference Board...
2021-05-19 | real estate
... e housing shortage also isn't as severe in the high-priced segment of the market, which may be another factor allowing investor purchases in that tier to outperform, Bokhari said. While investors have been snapping up high-priced homes during the pandemic, they still have the largest market share in the low-priced-home segment—a trend that has held constant for decades. In the first quarter, 1 of every 5 low-priced homes that sold in the U.S. (20.8%) was purchased by an investor. That compares with 12.5% of high-priced homes and 11.3% of mid-priced homes. Source: Redfin...
2021-05-11 12:00:04 | housing real estate
... Fairweather. "We expect 2021 to be an even more active year for the housing market than 2020 because homebuyers have a better sense of what the future looks like," said Fairweather. "Employers are providing clarity on permanent remote-work policies, the economy is recovering and mortgage rates remain low. All of these factors mean that we'll likely see even more buyers enter the market this year and in 2022."The South is expected to lead the way with $1.09 trillion of home sales forecast for 2021, followed by the West with $696.3 billion, the Midwest with $422.6 billio...
2021-05-07 | housing real estate
... inally sell, because they won't be so fearful about being able to find and compete for a home to buy." Source: Redfin...
2021-05-06 | retirement
... ver $8 trillion in housing wealth, which could be used to supplement income for millions of seniors in America. To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:https://www.aag.com/post2020survey/" Source: AAG ...
2021-04-30 12:00:00 | housing real estate
... ...
2021-04-28 12:00:10 | workplace
... experts recently surveyed by Zillow expect Austin to be one of the nation's hottest housing markets in 2021. Page views to rental listings in Austin are the second highest out of all metros analyzed, up 93% from the first quarter of last year. With iconic food trucks and breakfast tacos, unique shops, boutiques, and live music, Austin scores the highest on the list for having the highest share of amenities likely sought-after by digital nomads. Local gems like Torchy's Tacos, Allens Boots and the Elephant Room help make up the heart and soul of Austin, and are among the many highly-rated bu...
2021-04-27 10:12:22 | economy housing
... next several years. Alternatively, there may have been a secular change in preferences, leading to a permanent shift in the demand curve for housing. Future data will be required to analyze this question. "Phoenix's 17.4% increase led all cities for the 21st consecutive month, with San Diego (+17.0%) and Seattle (+15.4%) close behind. Although prices were strongest in the West (+13.0%) and Southwest (+12.9%), every region logged double-digit gains." Source: S&P CoreLogic Case-Shiller...
2021-04-27 | housing real estate
... ghborhood types are selling faster than condos, and selling significantly faster than they were a year ago. The typical suburban single-family home spent 25 days on the market before going under contract during the 12 weeks ending April 4. Urban single-family homes are selling nearly as fast, with a median of 29 days on the market before going under contract. Homes in all categories are selling significantly faster than they were a year ago, led by rural single-family homes, which are selling 32 days faster than last year. The increased speed for rural properties is reflective of the pandemi...
2021-04-26 12:00:01 | demographics housing
... sary to repair this broken system." Source: Zillow...
2021-04-23 12:00:04 | housing
... r for sales since 2006 -- and expect home values to rise 10.4% over the next 12 months. Although the rapid ascent of home values have stoked fears of another housing bubble, strong fundamentals underpin the market's heat. Average credit scores among buyers are much higher than in the early 2000s, lending standards are tighter, and demand going forward -- including from a wave of millennials aging into homebuying -- is expected to keep sales strong in the coming months. The fastest monthly home value growth was seen in Austin (2.4%), Phoenix (2.3%) and Riverside (1.9%), all accelerating...
2021-04-20 12:00:09 | housing real estate
... e pandemic, allowing them to hold onto their homes in the event of a default instead of putting them up for sale. This is another reason the housing shortage is more acute in the non-luxury market, Fairweather added. The typical luxury home that was for sale during the first quarter spent 61 days on the market—38 fewer days than the same period in 2020. That compares with 26 fewer days for expensive homes, 18 fewer days for mid-priced homes and 14 fewer days for affordable homes. Source: Redfin...
2021-04-19 12:00:05 | pandemic workplace
... respondents (55 percent) would prefer their employer handle all the logistics for them and 92 percent say they’d need a financial incentive like a pay raise or promotion, a housing allowance and/or a reimbursement for moving expenses to accept the relocation. The findings provided important insights for companies into how workers are considering family relocations, given the increased time spent together this past year: Workers who are married or in a relationship are more willing to relocate for work during the pandemic, with 81 percent of coupled workers willing to move, compared ...
2021-04-15 12:00:05 | housing
... ...
2021-04-15 12:00:00 | housing real estate
... ...
2021-04-13 12:00:00 | economy housing
... industry. Other metro areas with significant overall delinquency increases included Midland, Texas (up 7.7 percentage points) and Kahului, Hawaii (up 7 percentage points). Source: CoreLogic...
... the country, the fact that they're up more in seasonal towns is an indication that out-of-towners and second-home buyers are impacting those markets, pushing prices up for locals. To read the full report, including charts, please visit: https://www.redfin.com/news/second-home-demand-record-high. Source: Redfin...
2021-04-07 12:00:00 | housing
... ge rates will decrease over the next 12 months. Year over year, the HPSI is up 0.9 points. "The significant increase in the HPSI in March reflects consumer optimism toward the housing market and larger economy as vaccinations continue to roll out, a third round of stimulus checks was distributed, and the spring homebuying season began – perhaps with even more intensity this year, since 2020's spring homebuying season was limited by virus-related lockdowns," said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. "Home-selling sentiment experienced positive mom...
... s and their children) are more likely to undertake 2021 projects than homeowners without children (44% of each vs. 34%), particularly to improve at-home working and learning spaces. Source: Truist...
2021-04-06 | housing
... perform the national market this year. Data from northAmerican® Van Lines also finds some of the country's largest and most expensive housing markets saw the highest net outbound moves, including New York, Los Angeles, San Francisco and Chicago. Zillow saw for-sale inventory in these metros climb in the city, while inventory nationally hit new lows. "The pandemic brought an acceleration of trends we were seeing in 2018 and 2019," says Zillow senior economist Jeff Tucker. "More affordable, medium-sized metro areas across the Sun Belt saw significantly more people coming than going, es...
2021-04-01 12:00:01 | housing real estate
... d a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $278,000 in the first quarter of 2021 required an annual wage of $52,523, based on a $222,400 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income was less than the $61,984 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationw...
2021-04-01 | housing real estate
... Angeles (19.7%), and New York (6.9%) saw an increase in the number of new listings in March. In the final week of March -- which overlapped the initial housing market activity drop after the onset of the COVID-19 pandemic -- newly listed homes increased by 6.3% on a year-over-year basis. Despite the increase, newly listed homes ended March down 20%. Compared to a more typical non-pandemic year, March saw 117,000 fewer new sellers, adding to the more than 200,000 new listings deficit over the previous two months relative to the 2017 to 2019 average for the same time period. Rising interes...
2021-03-30 12:09:00 | housing
... e amount of money or assets they have saved to fund their retirement — significantly higher than homeowners pre-pandemic who were confident in their retirement savings (51%). Source: Unison...
2021-03-29 12:00:00 | housing
... c recovery and expedited distribution of fiscal support to renters and landlords is needed to prevent a potential eviction crisis, and keep landlords and renters in their homes. Source: Zillow.com...
2021-03-26 | economy
... ...
2021-03-25 19:08:19 | housing interest rates
... ect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. Source: FreddieMac ...
2021-03-25 12:00:00 | millennials housing
... 3.6 percentage points. Results were weighted for age, gender, region, race/ethnicity and income where necessary to align them with their actual proportions in the population. Source: Realtor.com®...
2021-03-24 09:43:31 | pandemic housing
... :text=How%20many%20households%20are%20in,households%20in%20the%20United%20States. **Statement attributed to Matteo Carbone, founder of the IoT Insurance Observatory Source: Hippo.com ...
2021-03-24 | housing real estate
... n Raleigh, NC. "We've seen properties get over 70 showings in three days and up to 30 offers. There are frequently buyers who want to see a home, but it goes under contract before they even have a chance to tour it." To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/profile-of-a-pandemic-homebuyer/ Source: Redfin...
2021-03-22 12:00:00 | housing
... “This year, we’ve seen fair housing protections extended, recognized Realtors®’ remarkable volunteerism, and are collaborating with policymakers to increase revitalization endeavors in numerous neighborhoods,” said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty. “We have made an incredible amount of notable progress thus far in 2021, and NAR is committed and encouraged to continue those efforts.” Regional Breakdown Compared to one year ago, median home prices increased in eac...
2021-03-22 09:08:19 | housing real estate
... tten by Redfin agents on behalf of their homebuying clients from July 2020 to February 2021. Finding ways to make a buyer's offer more attractive is particularly important in today's hot housing market. Nationwide, 56% of Redfin offers faced bidding wars in January, the ninth consecutive month in which more than half of home offers written by Redfin agents faced competition. Waiving the financing contingency is the second-most effective bidding-war strategy, improving homebuyers' odds of winning by 66%. Including an escalation clause, waiving the inspection contingency and conducting a p...
2021-03-19 12:00:00 | housing real estate
... ...
2021-03-18 15:00:00 | consumers
... expanding by 5.5 percent in 2021." "Despite widespread improvements among the leading indicators, some measures—including weekly hours in manufacturing, permits for residential housing, and consumers' outlook for business and economic conditions—showed signs of weakness. Bad weather and assorted supply-chain disruptions may have impacted these particular leading indicators in February, and the effects may prove transitory." The Conference Board Coincident Economic Index® (CEI) for the U.S. decreased 0.1 percent in February to 103.0 (2016 = 100), following a 0.2 percent increase in ...
2021-03-18 14:00:00 | real estate
... e 198 metropolitan statistical areas analyzed in the report (63.6 percent). Nine of the 10 biggest decreases in annual flipping rates among MSAs came in the South and West, led by San Antonio, TX (rate down 27.3 percent); Tuscaloosa, AL (down 25.7 percent); Santa Rosa, CA (down 24.8 percent); Brownsville, TX (down 24.1 percent) and Houston, TX (down 22 percent). Metro areas qualified for the report if they had a population of at least 200,000 and at least 100 home flips in 2020.Aside from San Antonio and Houston, the biggest decreases in flipping rates in 2020 across MSAs with a population of ...
2021-03-16 14:00:00 | housing
... ompared in a two-proportion z-test. Only statistically significant differences at the 5% level are reported in the discussion of metros with disproportionate potential buyers by race. Source: Zillow...
2021-03-04 | housing real estate
... d remote work and homeschooling became commonplace, and the rural housing market remained hot through the summer and fall. "For all the talk of an urban exodus, the housing market in cities is as hot as we've ever seen it, especially for single-family homes," said Redfin Chief Economist Daryl Fairweather. "There are plenty of buyers out there with deep pockets who are coming out ahead financially during the pandemic. They want a house with lots of space while they are still working from home, but they also want to live in a walkable area near urban amenities as shops and restaurants reopen...
2021-02-26 | real estate
... ...
2021-02-25 | housing
... ...
2021-02-17 | real estate
... s and sellers to make their move and take advantage of the favorable conditions." Although the growth in sales moderated a bit, other key metrics showed the aftereffects of housing's 2020 record-setting, second-half recovery: January inventory dipped to the lowest level of any time in the 13-year history of the report. The 35.7% drop year over year was also a report record and marked the fifth consecutive month of year-over-year inventory declines over 30%. Months Supply of Inventory totaled 1.7 months and equaled the report low set in July 2020 and then tied in August and October. ...
2021-02-12 12:30:30 | real estate pandemic
... ent can also be a winning strategy for buyers with flexible timelines." To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-over-half-of-homes-sold-in-2-weeks/ Source: Redfin...
2021-02-12 09:30:30 | pandemic saving retirement
... inancial. “Even in the most predictable of times, parents must build towards a myriad of financial needs for today and tomorrow—including everyday expenses, saving for education, housing, and retiring someday, just to name a few. Successful financial planning in today’s environment can only come from working together and communicating often about goals, priorities, and their combined risk tolerance.” Source: E*TRADE...
2021-02-09 14:00:00 | mortgage housing
... distressed sales, which is both a positive for individual households and the overall housing market.” “Urban areas hit hard by the pandemic recession or by a natural disaster experienced the largest spike in delinquency over the last year,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Forbearance and loan modification helped struggling families rebuild their financial house in hard-hit places. While vaccination will mitigate the pandemic, the best cure for delinquency is income restoration through job creation.” State and Metro Takeaways: Every state logged an a...
2021-02-09 | investing
... abatements and cuts, temporary rent and mortgage non-payments, and historically low mortgage rates all drove this decline. With these housing savings, total spending on essential goods and services (including food/beverage at home, routine transportation, education, and medical) fell −4.1 ppts in Q4 2020 compared to Q2. Consumers shifted their spending, in large part, to discretionary products (+3.8 ppts)—including electronics and, especially, apparel. Political stability and climate change climbed on the list of US consumers' top concerns over the next 6 months: In the afte...
2021-02-03 09:30:30 | housing economy
... iends or family. The number one lender? Their parents. For more details, see the full report at https://www.realtor.com/research/first-time-home-buyers-housing-2021. Source: Realtor.com...
2021-02-03 09:30:30 | housing economy
... w that people need more space." To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/2021-housing-market-forecast/ Source: Redfin...
2021-02-02 13:00:01 | housing
... or a Great Recession-era collapse of the housing market,” said Frank Martell, president and CEO of CoreLogic. “However, market conditions leading into the crisis — namely low home supply, desire for more space and millennial demand — amplified the rapid acceleration of home prices.” “Two record lows are fueling home price gains: for-sale inventory and mortgage rates,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Prospective sellers with flexible timetables have opted to delay listing their home until the pandemic fades or they are vaccinated. We can expect more inv...
2021-01-28 14:00:00 | millennial retirement
... ent to unaffordable housing, a variety of factors are stacking against young Americans' ability to achieve long-term financial security," said Heidi Cho, a millennial retirement expert for nonprofit Transamerica Center for Retirement Studies®. The new report explores retirement related attitudes and behaviors of workers in their 20s, a cohort straddling Millennials and Generation Z. The survey spans 15 countries in the Americas, Europe, Asia, and Australia. It was conducted during January and February 2020 at the onset of the pandemic and is a collaboration among nonprofit Transamerica Cen...
2021-01-28 | housing
... d the 4.8 percent increase in 2018. The increase in 2020 topped all annual gains since at least 2006 in the United States. Since the U.S. housing market began recovering in 2012 from the Great Recession of the late 2000s, the national median home price has risen 72.3 percent. All 132 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data saw median prices increase in 2020, while 69 saw prices spike at least 10 percent. Those with the biggest year-over-year increases in median home prices were Bridgeport, CT (up 21.4 percent); Myrtle Beach, SC (...
2021-01-22 13:00:00 | housing
... -- the metro predicted to be hottest in 2021 -- which saw 5.3% growth over the previous quarter, while Phoenix, San Diego, and Salt Lake City all clocked 5.1% growth. "The housing market ended 2020 with an exclamation point, as home values rose sharply near the end of the year at their fastest quarterly rate on record," said Jeff Tucker, senior economist at Zillow. "Sales are taking place at a rapid clip as momentum gathering in the market since June is still pushing forward at full force and is expected to continue for the foreseeable future. Although prices are skyrocketing, record-low m...
2021-01-22 | housing
... m 2% in December 2019. "NAR will work with the incoming Biden administration in pursuit of policies promoting housing affordability and accessibility," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "We were pleased with the homebuyer tax credit President Biden proposed as a candidate and we look forward to continuing our work with Congress and the White House. We will aim to find common ground, especially related to ways of boosting home supply and working toward solutions that will protect and s...
2021-01-21 14:00:00 | transportation spending
... w vehicle hit an all-time record high of $40,573. Edmunds analysts expect this number to go up as affluent consumers benefiting from lower interest rates and healthy stock and housing markets continue buying bigger, more expensive new trucks and SUVs. At the same time, more affordable options in the new car market are growing increasingly scarce as automakers shutter their car lines, which Edmunds experts say will create a barrier to entry for many consumers and force them into the used car market. COVID-19 vaccines will help keep auto sales steady but won't boost them dramatically. Unlike ...
... year, respectively. It was followed by New Haven County, Conn.; Essex County, N.J.; and Monroe County, N.Y., which saw average gains of 13.3%, 11.9%, and 11.9%, respectively. Source: realtor.com...
2021-01-15 12:00:00 | housing mortgage rates
... s Chief Economist. “Low mortgage rates and the ability to work remotely continued to support the demand for housing, which is reflected in home sales reaching levels not seen since 2006.” Khater continued, “Entering 2021, we anticipate a modest rise in rates that will likely affect refinance originations, which are coming off a remarkable year. We therefore forecast total originations to decline slightly to $3.3 trillion but remain strong this year.” According to Freddie Mac’s Forecast: The average 30-year fixed-rate mortgage is expected to be 2.9 percent in 2021 and 3.2 percent ...
2021-01-15 | economy
... slowdown in the sales pace is unlikely to prevent year-end 2021 home sales from being higher than 2020," Duncan concluded. Source: Fannie Mae...
2021-01-14 | housing foreclosures
... ...
2021-01-13 14:00:00 | consumer expectations housing inflation
... uncertainty regarding consumers' outlooks. Expectations are also available by age, geography, income, education, and numeracy. The SCE is a nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over t...
2021-01-10 08:24:41 | housing
... cans to affordable places like Atlanta, Phoenix and suburbs across the country has contributed to what will be a major change in fiscal and economic policy starting on January 20. While more government spending could lead to moderate mortgage-rate increases, it will also likely include programs to make homeownership affordable to more people." Source: Redfin...
2021-01-08 | housing
... SOURCE Fannie Mae ...
2021-01-07 | housing
... of $350,000. While prices increased nationwide, the largest gains were seen in the Northeast (+12.2%), followed by the West (+10.4%), Midwest (+8.6%) and South (+6.7%). Source: Realtor.com® ...
2021-01-07 | housing interest rates
... are Spokane County, (WA); Morris County, NJ (outside New York City); Polk County (Des Moines), IA; Richmond County (Staten Island), NY and Tulare County (Visalia), CA. Source: ATTOM Data Solutions...
2021-01-06 | housing mortgages millennials
... the average interest rate on all 30-year loans dipped for the eighth consecutive month down to 2.97% – the lowest point since Ellie Mae began tracking the data in January 2016. Source: Ellie Mae...
2021-01-05 | housing demographics
... w despite the current economic crisis. One reason for the wide gap is that the housing bust hit communities of color especially hard. Subprime loans were targeted to take advantage of the most vulnerable communities, and the ensuing wave of foreclosures hurt homeownership and home values disproportionately for Black and Latinx homeowners. Fast forward 12 years, and homeownership rates and home values are still recovering for these communities. While home value growth turned positive for U.S. homes in August 2012, it took an additional two years for Black and Latinx homes to see this same gr...
2020-12-31 | housing
... ideline used by lenders," said Todd Teta, chief product officer with ATTOM Data Solutions. "That's happened as home prices have continued rising throughout 2020 and the housing market has remained remarkably resilient in the face of the brutal economic fallout from the Coronavirus pandemic. The future remains wholly uncertain and affordability could swing back into positive territory. But for now, things are going in the wrong direction for buyers." Among the 499 counties in the report, fewer than half (203) had major home-ownership expenses on typical homes in the fourth quarter that were ...
2020-12-31 | interest rates housing
... nomist. “Heading into 2021 we expect rates to remain flat, potentially rising modestly off their record low, but solid purchase demand and tight inventory will continue to put pressure on housing markets as well as house price growth.” 30-year fixed-rate mortgage averaged 2.67 percent with an average 0.7 point for the week ending December 31, 2020, up slightly from last week when it averaged 2.66 percent. A year ago at this time, the 30-year FRM averaged 3.72 percent. 15-year fixed-rate mortgage averaged 2.17 percent with an average 0.7 point, down from last week when it averaged 2...
2020-12-29 | housing real estate
... ...
2020-12-29 | housing real estate
... d this month's 8.4% growth rate was more than six and a half years ago, in March 2014. Although the full history of the pandemic's impact on housing prices is yet to be written, the data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. We'll continue to monitor what the data can tell us about this question. "Phoenix's 12.7% increase led all cities for the 17th consecutive month. Seattle (11.7%) and San Diego (11.6%) repeated in second and third place. Prices were strongest in the West and So...
2020-12-28 | interest rates mortgage
... ry Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.66 percent, the lowest rate in the survey’s history which dates back to 1971. “The housing market is poised to finish the year strong as low mortgage rates continue to fuel homebuyer demand and refinance activity,” said Sam Khater, Freddie Mac’s Chief Economist. “Moving into 2021, we expect rates to hold steady but the key driver in the near term will be the trajectory of the COVID-19 pandemic and the execution of the vaccine.” 30-year fixed-rate mortgage averaged 2.66 perc...
2020-12-28 | housing
... -tech options like Zillow Offers. Addressing housing vulnerability will be a top priority as rent prices rise The expected surge in demand for rentals, which are more common near city centers, is expected to bring big price increases and fewer concessions from landlords. That will put many renters in a tenuous financial position after they were hit hard by pandemic-related income loss. The rental market softened in 2020, with rents about flat nationally. In large metropolitan areas like New York, Boston and San Francisco, rents dropped for the first time in recent memory. Still, given t...
2020-12-20 | housing mortgages
... tively low median payment in April was due largely to a slump in the housing market caused by buyers' uncertainty about purchasing a home at the onset of a pandemic. Prices rose 4.9% year over year to $304,000 in April, a slowdown from 7% growth the month before. The average mortgage rate was 3.31%, a dip from 3.62% at the beginning of the year. ...
2020-12-14 | income spending credit
... their expectations about future spending and access to credit. The SCE also provides measures of uncertainty regarding consumers’ outlooks. Expectations are also available by age, geography, income, education, and numeracy. The SCE is a nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each...
2020-11-17 09:26:29 | debt mortgages
... riginations, which includes both loans and leases, reached a series high in Q3. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) saw a $15 billion increase. Source: New York Federal Reserve...
2020-08-25 09:26:29 | women retirement
... men described some level of anxiety about financial security in retirement. Many expressed concerns about the future of Social Security and Medicare benefits, and the costs of health care and housing. Women in the groups also cited a range of experiences that hindered their retirement security, such as divorce or leaving the workforce before they planned to (see fig.). Women in all 14 focus groups said their lack of personal finance education negatively affected their ability to plan for retirement. Many shared ideas about personal finance education including the view that it should be incorpo...
... on in the second quarter. This was the steepest decline in card balances seen in the history of the data. Auto and student loan balances were roughly flat in the second quarter. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) saw the largest drop in the history of this report, with an $86 billion decline. Mortgage balances—the largest component of household debt—rose by $63 billion in the second quarter to $9.78 trillion. Mortgage originations, which include mortgage refinances, reached $846 billion, the highest volume seen since the refi...
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