Tuesday, July 23, 2019 / by Carlos J Higareda
July 19, 2019
Over the past year, millennials have become less likely to need to ask their parents for financial help, get a roommate, or work a second job in order to pay for a mortgage to buy their first home, according to a new survey conducted by Redfin of 1,000 respondents born between 1981 and 1996.
Comparing the survey’s results to those of a year ago, millennial home buyers feel more confident of their financial situation and that they will be able to afford a mortgage themselves without having to take other measures.
“Over the last couple years, millennial household incomes have been rising, and America’s youngest professionals now earn more than previous generations did at this age,” says Daryl Fairweather, Redfin’s chief economist. “As a result, they’re needing less and less help from family members to buy a home.”
Fairweather notes that the bulk of the increase ...
Sunday, July 21, 2019 / by Carlos J Higareda
July 17, 2019 -
Quintin Simmons 202-383-1178
WASHINGTON (July 17, 2019) – A decline in global growth and low housing inventory contributed to a drop in foreign investment in U.S. residential real estate over the past year.
This is according to an annual survey of residential purchases from international buyers, released today by the National Association of Realtors®, which found that foreign buyers purchased fewer U.S. existing homes from April 2018 through March 2019. Global economic growth, which increased in 2016 to 2017, slowed to 3.6% in 2018 and is on pace to taper to 3.3% in 2019.
NAR’s Profile of International Transactions in U.S. Residential Real Estate 2019 revealed that foreign buyers purchased $77.9 billion worth of U.S. existing homes from the 2019 survey reference period, a 36% decline from the level reached in the previous 12 months ($121 billion). Non-resident foreign buyers accounted for $33.2 billio ...
Thursday, July 18, 2019 / by Carlos J Higareda
July 17, 2019
Homeowners are spending more to improve their homes, not necessarily on home maintenance.
Homes may be aging in the U.S., but don’t assume the age of a home is prompting more spending. A new report from HomeAdvisor, a home remodeling resource, finds that homeowners spent $3.70 less for every year since a home was built. That means the owner of a 100-year-old home could spend an average of $370 less on emergency home projects per year than the owner of a new home, the study notes.
Researchers say the growing cultural focus on design aesthetics and quality of life as well as newer and better home improvement tools may be leading to the uptick in home improvement spending.
Room remodels have been the most popular home improvement projects, with bathrooms topping HomeAdvisor’s list. Homeowners also are prioritizing new appliances, roof replacements, and hardwood refinishing.
Overall, owners spent an average of $9,081 on home i ...
Friday, July 12, 2019 / by Carlos J Higareda
July 11, 2019
Borrowers found it easier to access credit in June, but it was jumbo mortgage credit that saw some of the highest growth. According to a new report from the Mortgage Bankers Association, jumbo loans—mortgages with higher debt—are on the rise and were easier to get in June than any other month in the past eight years.
Jumbo mortgage credit rose for the sixth straight month, rising to its highest level since 2011, when the MBA’s survey began.
A jumbo loan is a type of financing designed to finance luxury properties and homes that exceeds the limits set by the Federal Housing Finance Agency. The values vary by state. As of 2019, the limit for a jumbo mortgage was set at $484,350 for most of the country, and up to $726,525 in counties with higher home values.
Mortgage rates for jumbo loans have remained low, which may be adding to their appeal. The average contract interest rate for 30-year, fixed-rate mortgages with jumb ...
Wednesday, July 10, 2019 / by Carlos J Higareda
July 9, 2019
Most Americans believe they’ll need an average of $1.7 million to retire, according to a new study from Charles Schwab. Researchers analyzed 1,000 401(k) plan participants across the country.
“The bulk of folks do not get there,” Nathan Voris, a managing director at Schwab Retirement Plan Services, told CNBC.
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More than half of respondents surveyed say they are contributing 10% or less of their salary to their 401(k), which is the largest source of retirement savings. The average annual contribution is $8,788, according to the Charles Schwab study.
But that likely won’t be nearly enough if you started saving later on life, the study finds. A person in their 20s who saves 10% to 15% of their salary each year likely would have e ...