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Record low mortgage rates help home buyers stretch budget

Thanks to mortgage rates near all-time lows, a homebuyer with a monthly housing budget of $2,500 now has $33,250 more buying power than a year ago. This is according to data crunched by online real estate site Redfin. Based on current average 30-year fixed mortgage rates as of August, a homebuyer c...

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Record low mortgage rates help home buyers stretch budget

Thanks to mortgage rates near all-time lows, a homebuyer with a monthly housing budget of $2,500 now has $33,250 more buying power than a year ago. This is according to data crunched by online real estate site Redfin. Based on current average 30-year fixed mortgage rates as of August, a homebuyer c...

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Post-labor day home buying may be more budget friendly

Labor Day is often celebrated as the traditional end of summer with schools back in session, a dip in the weather and Halloween decorations hitting store shelves. And while summer is often regarded as ‘home buying season’ in the U.S., many real estate experts suggest the fall is the time to really k...

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San Diego stands alone as only county building more homes

While the rest of Southern California slowed down its construction of new homes during the coronavirus pandemic, San Diego County has managed to beat its 2019 construction figures. While the increase is a mere 64 more homes than last summer, the uptick shows resilience as the pandemic wages on. The...

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Forbearance rate drops to 4-month low

The rate of mortgages in a state of forbearance has dropped to a four-month low according to a new report from the Mortgage Bankers Association. Just 4.88 percent of mortgages backed by Fannie Mae and Freddie Mac were in forbearance as of the week of August 23, down five basis points from the prior...

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California renter protections extend in to 2021

Working late in to the evening, California Governor Gavin Newsom announced shortly before midnight on Monday that he had signed a bill extending a statewide eviction moratorium through January 2021 for renters struggling financially due to the pandemic. The state legislature overwhelmingly approved...

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California ranked the least affordable place to own a home in U.S.

In a study conduct by Refiguide.org, California takes the cake when it comes to the most expensive housing markets in the nation. The coastal towns of Newport Beach and Santa Monica topped the list and were polar opposites of Youngstown, Ohio and Jackson, Mississippi which ranked as the most budget...

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Report: Fed likely to keep rates low benefitting reverse mortgages

The Federal Reserve will allow inflation to run higher during period of economic growth in order to ensure economic stability, maximum employment and low interest rates, according to a report from the New York Times. This is a major shift from previous monetary policy that would adjust rates to stav...

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Pandemic leads to migration away from big cities

Nearly a third of all browsers on online real estate site Redfin.com looked for homes in a different metropolitan area than they currently live. Of all Redfin.com users, a report from the site notes, 27.8 percent looked to move to another region in July, up from 25.2 percent during the same month la...

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Report: Homebuyers are seeking more space

With the coronavirus pandemic forcing many people to stay away from public places, homes have become workplaces, classrooms and a popular destination for vacations endearingly called ‘staycations’. As a result of the need for some much home time, a new study shows that those looking for a new place...

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