Home Office

2020 Year of ‘The Statement Home Office’

Prior to the pandemic, home offices were losing some clout. No longer tethered to a cord, homeowners found they could work from anywhere—the kitchen table or the local coffee shop. But now the home office is being spotlighted in homes and gaining prominence in real estate listings. Homeowners are craving a dedicated space for a…

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Mortgages

Mortgages Are Taking Longer to Close

Mortgages are now taking an average of nearly two months to close as lenders face a surge in business spurred by low mortgage rates and high demand. The average time it took a mortgage to close in November was 55 days, according to Ellie Mae’s Origination Insight Report. The 55-day average wait is proving problematic for…

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Homeowners Lean on Forbearance

As COVID-19 Persists, More Homeowners Lean on Forbearance

An increasing number of homeowners’ mortgages are in forbearance as more owners take advantage of COVID-19 relief assistance from lenders before the end of the year. About 37,000 more mortgages were added to forbearance during the week ending Dec. 15, bringing the total to 2.787 million loans. That represents about 5.3% of the nation’s 53…

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Mortgage

Mortgage Originations in 2020 Are Set to Break Record

More Americans are taking out mortgages this year, the level of which is on pace to top that of the housing boom in the 2000s. And borrowers are saving hundreds of dollars per month by locking in the lowest mortgage rates in history. In the first nine months of 2020, lenders issued $2.8 trillion in mortgage…

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Home Sales Rise

Overall Home Sales Rise Nearly 26% From 2019

Some real estate pros are having their best year ever for home sales, despite the pandemic. Existing-home sales in November climbed 25.8% compared to last year, the National Association of REALTORS® reported Tuesday. Existing-home sales—completed transactions on single-family homes, townhomes, condos, and co-ops—did dip down by 2.5% in November compared to October’s unseasonably high levels,…

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Rental Market

3 Predictions for the 2021 Rental Market

Many renters have transitioned into homeownership during the pandemic, and rental demand and prices are dropping in major cities like New York and San Francisco, ApartmentList reports. “The pandemic is likely to change the expectations and behaviors of renters for an extended period, as people grew accustomed to conducting virtual real estate tours and finalizing…

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Builders Struggle to Catch Up to Surging Demand

Builders Struggle to Catch Up to Surging Demand

More consumers are being drawn to new-home construction and home builders are rapidly filling orders. But they’re struggling to keep pace as challenges within the industry mount. Single-family starts flattened in November as builders struggled to meet demand, the U.S. Census Bureau reported this week. Overall housing starts rose 1.2% to a seasonally adjusted annual…

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Rates

Fed Keeps Interest Rates Near Zero, Takes Cautiously Optimistic Tone

The Federal Reserve left borrowing costs at record lows on Wednesday, while acknowledging there’s still a long way to go as the nation’s economy heals from the COVID-19 outbreak. The key rate acts as a benchmark for borrowing and savings. Interest rates will remain at 0% to 0.25%, which they have since March. The Fed’s…

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Eviction

Florida residents face some of the highest eviction rates in the country

In the wake of the economic effects of the coronavirus pandemic, many households are struggling to make their rent payments, especially in Florida. The economic impact has been unevenly distributed across the country, based upon varying levels of infection and differing regulations on local businesses and economic activity. The Sunshine State ranked No. 2 for the…

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Netflix to Donate $25M to Combat Racism in Housing

Netflix to Donate $25M to Combat Racism in Housing

Netflix wants to help end systemic racism in real estate. The streaming giant announced Monday it was donating $25 million to a national effort to combat housing discrimination. Their funds are going to Enterprise Community Partners, a nonprofit group that for over the past four decades has been building and financing affordable housing. Netflix has…

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