The impending quick reversal is mostly due to the recent surge in mortgage rates. Housing prices are poised to correct. But even as they drift downward, they are highly unlikely to plummet. House prices have been on a tear the past decade. Since hitting bottom in the wake of the financial crisis and the housing … Read more
Higher interest rates have changed the math on what was recently a straightforward decision, advisers say Quit your mortgage before you quit working. So goes the standard advice for those nearing retirement, but that might not be feasible for retirees who bought or refinanced homes later in life. Those who can afford to pay off … Read more
Get a detailed job description. If you’re hiring an architect or designer to monitor all or part of the project, that relationship should be described. Whether you have a crummy 1970s kitchen, a broken-down 1920s bathroom, want to add a room onto your cramped Craftsman bungalow or are thinking about tearing apart the entire joint … Read more
How each generation thinks about building credit and wealth varies, particularly with respect to homeownership. Homeownership is a lifelong journey that looks different for everyone, especially depending on your stage of life and financial goals. How each generation thinks about building credit and wealth varies, particularly with respect to homeownership. Retirement, student loan debt and … Read more
Understanding The Foreign Withholding Rules… Purchasers of real estate from foreign sellers, and escrow agents and closing agents who close those transactions, need to be aware of the federal withholding requirements set out in the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). Under FIRPTA, the buyer of U.S. real estate from a … Read more
Sales declines, price drops and the return of buyer incentives: Oh my! It’s getting hairy out there for homebuilders as construction leaders report that buyers are losing interest in pricy new properties now that mortgage rates have climbed, according to a new survey. Builders in recent weeks have reported a significant drop in interest from … Read more
Foreclosure notices have been on the rise in the past year, but actual bank repossessions remain scarce. That may be starting to change. After a steady yearlong rise, foreclosures are nearly back to pre-pandemic levels. More than 34,000 properties had foreclosure-related filings in August, up 14 percent from the previous month and more than double … Read more
Someone you know bought a lemon and now it’s too late. Here’s how to help them cope. With the housing market in an uber-froth, you probably know someone who bought a house without performing a home inspection. This new buyer is like the starry-eyed bride or groom on “Married at First Sight.” Like the marriages … Read more
Not until next year do Fannie Mae’s Economic and Strategic Research Group economists expect to see a ‘a large deceleration in home price growth,’ with some regions likely to see price declines After the biggest surge in mortgage rates in 40 years, houses are now less affordable than they were at the peak of the … Read more
Existing-home sales declined for the third-consecutive month in April, decreasing by 2.4 percent from the previous month and by 5.9 percent from the year before as homebuyers turned away in the face of declining affordability as a result of rising home prices and mortgage rates. Total existing-home sales decreased to a seasonally adjusted annual rate … Read more
