More first-time buyers emerged on the market in the third quarter—a modest rise, but one that economists are still upbeat about.First-time buyers purchased 591,000 homes in the third quarter, a year-over-year increase of 1%, Genworth Mortgage Insurance reports. First-time buyers comprised 39% of all buyers in the single-family market, and 55% of purchase mortgages.A large number of millennials are beginning to reach their early 30s. The average
The number of homes for sale plunged by nearly 10% annually in November at a time when low interest rates are increasing buyer demand, according to realtor.com®’s November 2019 Housing Trends report. The shortage of homes is accelerating: Inventories in November dropped 9.5% annually compared to 6.9% annually in October.“As millennials—the largest cohort of buyers in U.S. history—embrace homeownership and take advantage of this year’s
More than 624,000 military service members and veterans used home loans from the Department of Veterans Affairs this year, with younger buyers accounting for the majority of these borrowers, according to research from Veterans United Home Loans. VA loans were up 43% in 2019 compared to five years ago.Millennial and Generation Z buyers comprised nearly half—45%—of all VA home purchases this year. Further, VA refinance loans rose 44% in 2019 co
Recent court rulings have shown that cities across the country are at odds about whether to allow homeless people to sleep on the streets—and the issue is now in the hands of the Supreme Court.The highest court in the nation is considering whether to weigh in on an appeal to Martin v. City of Boise, a 2009 case in which homeless individuals challenge lawmakers in Boise, Idaho, for imposing fines as part of an anti-camping ordinance. Several mun
The Federal Housing Administration announced that it is increasing its loan limit for most of the country in 2020. The 2020 FHA loan limit will be $331,760—a $17,000 increase from 2019’s loan limit.In about 70 designated high-cost counties, the FHA’s 2020 loan limit will climb to $765,600—a $40,000 increase from 2019. Alaska, Hawaii, Guam, and the U.S. Virgin Islands will have higher limit ceilings than the rest of the country because of
Veterans may be eligible to buy larger homes in pricier communities—still without a down payment—starting next year. Those taking out Veteran Affairs–backed mortgages will find caps removed on what they can spend in 2020.The Blue Water Navy Veterans Act of 2019 removed the caps for the new year. But military members on active duty and veterans will still need to qualify for the mortgage and verify they can afford the monthly payments.“It
Over the past year, mortgage interest rates have dropped more than 1 percentage point, creating a rush to refinance. But homeowners in some states are having better luck at refinancing their mortgage and locking in a lower monthly payment on their mortgage.Overall, about 75% of mortgage refinance applications are approved nationally.Home value appreciation and credit scores matter most when it comes to refinance approvals, researchers at LendingT
More home appreciation is likely to come in the new year. In a new report released by CoreLogic, economists predict home prices will spike by 5.4% from October 2019 to October 2020. That is even higher than the 3.5% annual appreciation in national home prices posted this October, the real estate data firm notes.Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October, says Frank Mart
Winter is the best time of year to buy a home, offering the biggest bargains to home buyers, a study released last week by ATTOM Data Solutions showed. But in which markets are buyers snagging the best deals this winter? And don’t worry, sellers, the study showed some prime markets for premiums for you, too.ATTOM researchers analyzed more than 23 million single-family home and condo sales over the past six years. Buyers who are willing to close
You can expect the housing market to continue gathering strength in the new year. Freddie Mac predicts 2019 to wrap up with 6 million home sales for the year and 6.1 million in 2020, according to the mortgage giant's November forecast.Freddie Mac Chief Economist Sam Khater acknowledges that the economy saw increased volatility in November from ongoing trade disputes. “However, given low interest rates, modest inflation, and a strong labor marke
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
