The U.S. House passed a bipartisan bill on Tuesday that will roll back some of the strict rules placed on thousands of small- and medium-sized banks enacted as part of the 2010 Dodd-Frank law.“We commend members of Congress for passing this bipartisan legislation to level the lending playing field for community banks and credit unions,” says NAR President Elizabeth Mendenhall. “This bill provides appropriate consumer protections while goin
More homes are being sold for at or above the list price, according to the latest REALTORS® Confidence Index Survey, a survey of real estate pros on their most recent transactions. Thirty-seven percent of properties that closed in February sold at or above the list price, according to the survey. A year ago, 35 percent of properties sold at or above the list price. From January 2012 through 2015, about a quarter of homes would sell for at or ab
Americans are migrating from high-priced, less affordable markets in favor of more reasonably priced areas, according to a new analysis by ATTOM Data Solutions, a real estate data firm. Population trends show residents are leaving less affordable markets—like Los Angeles County, Calif., and Kings County, N.Y.,—and are instead choosing places with median prices in the $250,000 to $300,000 range.Three of the four top markets with the largest po
While coastal cities have long been hotbeds for industry development and relocating homeowners, metros in Texas are beginning to usurp them as top places for prosperity. The Lone Star state boasted six of the top 20 prosperous cities, according to apartment site RentCafé.What makes a city prosperous? RentCafé researchers analyzed six indicators of prosperity throughout U.S. cities with populations of more than 100,000 to see how they’ve chang
Since mortgage giants Fannie Mae and Freddie Mac announced last year special rules for when a property does not need a traditional in-person appraisal, only about 5 percent of Fannie’s 1.2 million home mortgages—or 60,000—have qualified, The Washington Post reports. Freddie estimates that, eventually, no-appraisal mortgages will account for up to 15 percent of its new loans.In some transactions, Fannie and Freddie are relying on proprieta
Mortgage rates reversed course and soared to the highest averages in seven years, Freddie Mac reports. The 30-year fixed-rate mortgage averaged 4.61 percent this week, which matches the highest level since May 19, 2011.“Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week,” says Sam Khater, Freddie Mac’s chief economist. “Not only are buyers facing higher borrow
Notarize, a company that allows professionals or businesses to legally notarize documents online, announced $20 million in a new round of funding, bringing the company’s total to $31 million. Notarize was part of Second Century Ventures’ 2017 REach program, a strategic investment arm of the National Association of REALTORS® that helps companies launch into the real estate, financial services, banking, home services, and insurance industri
U.S. banks are reportedly relaxing their lending standards on some commercial real estate loans. This marks the first time in nearly three years that lenders have taken such a move on commercial loans, the CoStar Group reports.The Federal Reserve’s first quarter survey of senior loan officers shows that banks are easing standards and terms on commercial and industrial loans to large and middle-market firms. They have mostly left loan standards
Mortgage rates are edging noticeably higher this week, and would-be home buyers and refinancing homeowners may have missed out on a chance to lock in a lower rate.Mortgage application volume for refinancings and home purchases dropped 2.7 percent last week on a seasonally adjusted week-to-week basis, the Mortgage Bankers Association reported Wednesday. Mortgage application volume is 4.5 percent lower than the same week a year ago.Applications for
The Great Recession still has a lasting impact on how many consumers shop for homes today, builders say. Even consumers who did not lose a home to foreclosure during the housing crisis are still shopping for homes more cautiously than they did during the early 2000s and the height of the housing boom.“Buyers became more cautious in the homebuying process,” says Dennis Webb of Fulton Homes. “If they were not directly affected, then they cer
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
