What you need to know about backing out of a home purchase when you’re under contract
If you’re a prospective homebuyer who is having second thoughts, you’re not alone. About 15% of all home contracts fell through in June, marking the highest share of cancellations since March 2020 — the start of the pandemic — when it was 17.6%, according to real estate brokerage Redfin. A year ago, the share was 11.2%.…
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Mortgage Credit Availability in U.S. Dips in June
Based on a report from the Mortgage Bankers Association that analyzes data from ICE Mortgage Technology, U.S. mortgage credit availability decreased in June 2022, according to the Mortgage Credit Availability Index (MCAI). The MCAI fell by 0.3 percent to 119.6 in June. A decline in the MCAI indicates that lending standards are tightening, while increases…
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Moves that homebuyers can still make to find a lower mortgage rate
After dropping to record lows in 2020 and 2021, mortgage rates are back up. Way up. While the past few weeks saw a reversal in the surge, at near 6%, current mortgage rates are still almost double what some homebuyers were paying in recent years. With soaring inflation and the possibility of further rate increases, some homebuyers…
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New Home Sales Increased in US, Before Fed’s June Rate Rise
After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate hike. Sales of newly built, single-family homes in May increased 10.7% to a 696,000 seasonally adjusted…
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Housing Market Competition in U.S. Eases This Summer
Homebuyers getting relief as sellers slash their prices at a record rate in mid-2022 Based on new data from national property broker Redfin, after years of tipping heavily in sellers’ favor, the scales of the U.S. housing market are finally balancing out. Soaring housing costs caused many house hunters to drop out in recent months,…
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Life Sciences Real Estate Investment Market Remains Red Hot in 2022
According to a new CBRE research report, investment in U.S. life sciences real estate increased by 62 percent last year, with further growth of at least 10 percent expected in 2022. Investment in life sciences real estate, comprised of lab and Research and Development (R&D) properties, reached $21.4 billion in 2021, a 62 percent increase…
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Mortgage Applications Slightly Uptick in Late June
According to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey for the week ending June 24, 2022, U.S. mortgage applications increased 0.7 percent from one week earlier. This week’s results include an adjustment for the observance of the Juneteenth holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 0.7 percent on a…
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$25B in Rental Assistance Is on the Way: Who Will Qualify?
As part of last month’s COVID-19 stimulus package, $25 billion in rental assistance funds are expected to be disbursed to states today, Jan. 26. There could be a rush for funds with an estimated 14 million Americans are behind on their rent. Further, rental arrears in the country may be near $70 billion, CNBC reports.…
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Biden Takes Aim at Appraisal Bias, Housing Disparities
The Biden administration is zeroing in on homeownership and small business development as avenues to close racial wealth gaps, announcing a spate of new programs Tuesday aimed at supporting communities of color and disadvantaged neighborhoods. The announcement comes on the centennial of the “Black Wall Street” massacre in Tulsa, Okla., a racist attack on a…
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Here’s how to fight a higher-than-expected property tax bill
If the value of your home ballooned during the Covid pandemic, you may receive an inflated property tax assessment in the mail. There are ways, however, to combat a higher bill, experts say. Despite double-digit growth in single-family home prices, property taxes only increased by 1.8% in 2021, with an average payment of $3,785 annually, according…
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