News
Four Western States and Florida at Most Risk for Wildfire Property Damage in 2022
According to CoreLogic’s newly released Wildfire Report for 2022, property owners in the Colorado Springs, CO and Santa Fe, NM metro areas run particularly high risks of property damage from wildfires. Wildfires commonly affect the Western U.S., but climate change and the region’s severe drought of recent years has only exacerbated the issue. Decreasing water levels…
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Citi expands program to help diverse communities reach ‘transformational’ homeownership milestone. Here’s who qualifies
Citi is expanding a program to encourage homeownership in diverse communities, as part of a new set of initiatives to broaden access to its lending products. The program, called HomeRun, seeks to help eliminate the key barriers to homeownership, particularly with regard to cost and affordability. The program, which offers down payments as low as 3%…
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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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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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The modern family: 18% of Americans live in multigenerational households. For this N.J. family, it was ‘a lifesaver’ during the pandemic
“We are a four-generation households,” said Jason Fitzgerald. Fitzgerald, 45, and his wife, Rachel Zack, 41, bought a house with Rachel’s parents Beverly and Arthur Zack, who are in their 70s, and Rachel’s 98-year-old grandmother Lillian, who goes by “Bubbie.” The home has six bedrooms, with five full and two half bathrooms. They all live…
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Lowest Priced Homes Attracting the Strongest Competition
New Zillow research this week is showing that a s home-buying demand cools from the record pace of 2021, competition is now hottest for the lowest-priced homes as mounting affordability obstacles stretch buyers’ budgets. Throughout most of the pandemic, buyers shopping in the middle and top price tiers faced the strongest competition — inventory was…
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U.S. Mortgage Delinquencies Dip in Second Quarter of 2022
According to the Mortgage Bankers Association’s latest National Delinquency Survey, delinquencies rates for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.64 percent of all loans outstanding at the end of the second quarter of 2022. For the purposes of the survey, MBA asks servicers to report loans in forbearance…
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U.S. Housing Markets with Steep Price Increases During Covid Most Susceptible to Housing Downturns in a Recession
Based on new research from national property broker Redfin, popular migration destinations where home prices soared during the pandemic are most likely to see the effects of a housing downturns amplified and home prices decline year over year if the economy goes into a recession. Redfin also found that relatively affordable northern metros are most…
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Growing Share of U.S. Listings Going Stale As Multiple Housing Markets Cool
According to national property broker Redfin, the share of U.S. listings homes for 30 days or longer without going under contract increased 12.5% in July 2022 from a year earlier. In other words, 61.2% of for-sale homes were on the market for at least 30 days, up from 54.4% a year earlier. That’s the first…
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