Demand for Second Vacation Homes in the U.S. Decline
According to CoreLogic’s principal economist Archana Pradhan, demand for second vacation homes in the U.S. surged after the onset of the COVID-19 pandemic, nearly doubling the pre-pandemic demand level in late 2020. Flexibility to work remotely, coupled with record-low interest rates, induced the hike in second home demand in 2020 and 2021.Though remote work remains…
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Bank of America launches zero down payment mortgages to help minorities buy their first homes — here’s who can apply
To help narrow a homeownership gap among Black and Hispanic-Latino communities, Bank of America is launching new zero down payment, zero closing cost mortgage products to help people in minority communities buy their first homes. The program — called the Community Affordable Loan Solution — will be available to certain markets including majority Black and/or…
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Orlando Home Prices Dip in July, First Time in 2022
According to the Orlando Regional Realtor Association, median Central Florida home price for July 2022 was at $380,900, a decrease of 1.6% compared to June 2022. This is the first time in six months that the median home price has fallen. Inventory jumped by 19.9% in a single month, from June to July – that’s…
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U.S. Multifamily Builders Take Caution in Second Quarter
According to the most recent Multifamily Market Survey, U.S. builder confidence in the market for new multifamily housing was mixed in the second quarter of 2022, The Multifamily Production Index (MPI) decreased six points to 42 compared to the previous quarter, dragged down largely by the for-sale condo sector. The Multifamily Occupancy Index (MOI) fell eight…
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Home prices weakened in June, but were still much higher than a year ago, says S&P Case-Shiller
Home prices in June were 18% higher than during the same month last year, according to the S&P CoreLogic Case-Shiller Indices. That’s a weaker pace than in May of this year, which showed an 19.9% annual gain. The 10-city composite rose 17.4%, down from 19.1% in the previous month. The 20-city composite was 18.6% higher…
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Covid Driven Vacation Homes Boom in America Now Ending in 2022
Demand for vacation homes was still up 13% from pre-pandemic levels, but it’s declining after a pandemic-fueled second-home boom last year. Still, Redfin expects demand for second homes to remain above pre-pandemic levels in the future, as remote work is here to stay for many Americans. The slowdown in demand for vacation homes joins other…
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U.S. Home Buyers Continue to Flock to Climate Risky Areas
According to Redfin, U.S. homebuyers have paid a premium for high-fire-risk and high-flood-risk homes during and after the pandemic. This comes as more people have moved into than out of climate risky areas in recent years, in part because they can often get more bang for their buck and gain better access to nature. The…
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Beyond student loan forgiveness, here’s what the government can do to keep the rising household debt in check
On Aug. 24, President Biden announced the cancellation of $10,000 in federal student loan debt for most borrowers making less than $125,000 annually. But student loans account for less than 10% of household debt in America, which reached $16.15 trillion during the second quarter of 2022. “We shouldn’t be panicked about the level of household debt right now, but we should…
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Residential Asking Rents Slow in U.S. for Second Consecutive Month
Based on new data from national property broker Redfin, national median asking rents was up 14% year over year to $2,032 in July 2022. That’s the smallest annual increase since November, and compares with a revised gain of 15% in June and 16% in May. On a month-over-month basis, the median asking rent climbed 0.6%,…
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Apartment rents are finally easing after an incredible run. Here’s how to play it
Rent growth for apartment looks to have peaked after a tremendous run in 2021, and that could boost some of the real estate stocks that were the early darlings of the pandemic. Nationally, rents rose just 0.8% between June and July, one-third the growth seen across the same period a year ago, according to RealPage.…
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