Tag Archives: housing

According to the U.S. Census Bureau, the median size of a single-family house in 2020, the most up-to-date survey year, is 2,261 square feet. For many Americans, a home of that size is out of their price range, simply too large for their needs, or entails a bigger carbon footprint than they want…enter the tiny house. This Town at Trilith tiny house has a sleek, modern kitchen with downsized appliances. (Photo courtesy of Town at Trilith) According to the 2018 International Residential Code,… Source link

The popular real estate website Zillow was criticized on social media after a TikTok video decrying an unnamed real estate company’s potentially nefarious business strategies went viral. Las Vegas-based real estate agent Sean Gotcher (@seangotcher) posted a two-and-a-half minute video to TikTok earlier this month, describing a scenario where a so-called iBuyer uses its massive, user-generated database to scheme the local housing market. An iBuyer, according to Zillow, is “a company that… Source link

The U.S. housing market was a bright spot during most of the COVID-19 pandemic, but it didn’t get any help from international buyers, many of whom couldn’t even travel to the U.S. The dollar volume of existing-home purchases by foreign buyers for the 12-month period ending March 2021 fell 27% to $54.4 billion, while the number of homes bought by foreigners fell 31% to 107,000 units, according to a new report by the National Association of Realtors (NAR) released Monday. The dollar volume… Source link

Nick Sauro, his wife, Ilone, and their twins, at their home in New Rochelle, N.Y., July 11, 2021. (Tony Cenicola/The New York Times) The first house was in Midvale, Utah — a three-bedroom, just over 2,100 square feet, listed for $479,000. Rob Ettaro and his girlfriend, Kaliana Veros, who had moved from western New York to Salt Lake City, drawn by career opportunities and the stunning scenery of the Wasatch Range, decided to make an offer. This was back in the wintertime, when the young… Source link

The global housing market has gotten too hot to be sustained, according to Oxford Economics‘ deep dive into more than 121 years of housing data. Home prices in advanced economies may be about 10% overvalued compared to the long-term, according to new research from Oxford Economics lead economist Adam Slater. This “boom,” Slater notes, is one of the biggest since 1900. The last boom period in 2006 saw home prices 13% to 15% overvalued, based on Oxford’s analysis. Students of market history… Source link

A top Federal Reserve policymaker cautioned that skyrocketing home prices could jeopardize progress on recovering the millions of American jobs lost in the pandemic. Federal Reserve Bank of Boston President Eric Rosengren told Yahoo Finance Friday that the hot real estate market is “not at a point where we should be panicked.” But Rosengren said the Great Depression and other downturns were examples of economic expansions that died at the hands of a real estate bubble. “The last thing we… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, June 24, 2021 Supply can’t meet demand, housing edition We’ve periodically checked in on the housing market at The Morning Brief over the last year, and the story has, in general, been consistent.  Home prices are rising amid a surge in demand, while low interest rates enable buyers to afford more house.  But cracks in the housing market… Source link

DETROIT – The philanthropic arm of tech company Google will help the city of Detroit to build a search tool that helps people find affordable housing. Officials announced Monday that the city of Detroit has been chosen to participate in Google.org’s Fellowship Program, through which Google employees will support the city as it works on the affordable housing locator tool free of charge. The goal of the tool is to simplify searching and applying for affordable housing in Detroit by listing… Source link

With fewer available homes on the market, bidding wars are heating up. Two California cities top LendingTree’s list of 50 most competitive U.S. cities to buy a home — San Jose, followed by its neighbor to the north, San Francisco. The online lending marketplace ranked the 50 most competitive metro areas in the U.S. based on a buyer’s credit score, down payment amount and how much a buyer shopped around for a mortgage. “It has a lot to do with the amount of supply in the city,”… Source link

Mortgage rates may be on the rise, but that doesn’t necessarily mean the housing boom is about to go bust. For the third consecutive week, mortgage rates pushed past 3%, with the average 30-year fixed loan hitting a nine-month high of 3.09% last week, according to Freddie Mac. The uptick is being driven by a rise in the yield on the 10-year Treasury, which is closely tied to consumer loans like mortgages, credit cards and auto loans. Rising mortgage rates typically signal a recovering… Source link