Wednesday, August 17, 2016

Does Increase in Home Renovation Plans Suggest People Unwilling To Move?

Source: Marketplace

Twenty-eight percent of U.S. homeowners plan to remodel, expand, or otherwise improve their homes in the next 12 months, according to the latest Bankrate Money Pulse survey. Even lower-income homeowners are planning to renovate by using savings, credit cards, or bank loans. Some people might just be sprucing up their houses to sell them, but planning big projects seems to indicate many homeowners plan to stay put and finally tackle projects they put off during the recession. About 52 percent of homeowners planning a project over the next year indicate they want to work on their driveways, decks, patios, pools, landscaping, or fencing. One professor commented that the housing crisis forced many people to give up on the idea of buying a big, fancy house, especially since housing prices have risen out of reach.

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Wednesday, July 27, 2016

Cash sales on homes continue to decline

Source: HousingWire

  Cash sales accounted for 36.4 percent of total home sales in November 2015, down 0.7 percent year over year. In November 2014, cash sales totaled 37.1 percent, and month-over-month cash sales increased by 2.5 percent from October to November. The year-over-year decrease was the lowest in almost three years. The elevated cash share for November was most likely related to the new federal mortgage rules that took effect in October 2015. The cash sales peaked in January 2011 at 46.6 percent. Prior to the housing crisis, the cash share of total home sales averaged about 25 percent.

Wednesday, July 20, 2016

Average US rate on 30-year mortgage ticks up to 3.64 percent

Source: AP

  Global economic anxiety and market turbulence slightly eased, which led average long-term U.S. mortgage rates to rise this week for the first time in two months. The average rate on a 30-year fixed-rate mortgage increased to 3.64 percent from 3.62 percent, according to Freddie Mac. The average rate on 15-year fixed-rate mortgages edged up to 2.94 percent from 2.93 percent. Though markets have stabilized and some economic anxiety has eased, most experts don't expect the Federal Reserve to raise the short-term interest rate it controls anytime soon, following its rate hike in December.

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