Aramco Report

The Blog
Homeowners respond to lower mortgage rates by refinancing

A rush of homeowners looking to refinance their home in response to another drop in mortgage rates helped push the volume of mortgage applications higher last week. The Mortgage Bankers Association reported in its Market Composite Index for the week ended September 27 that total volume jumped 8.1 pe...

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Six-figure salary needed to afford local homes

Using information from the National Association of Realtors, mortgage data provider HSH.com put forth a study that shows how much one needs to earn in order to afford a median home in a given region. On a national level, a household needs to take in $61,123 per year to afford a home but this varies...

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Builders constructing more single-story homes

With more and more retirees choosing to age in the place, the popularity of single-family homes with only one story is growing. While two-story homes are still more popular among homebuilders and buyers, the gap is slowly shrinking. The National Association of Home Builders reports that the share of...

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Home remodels that pay off in many ways

Some homeowners invest in a renovation of their kitchen or bathroom because they hope that it will pay off when they sell their home, adding value and appeal. But in a new report from The National Association of Realtors, the benefits of a home remodeling project can pay homeowners back in ways that...

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Homeowners Associations: Friend or Foe?

The number of homeowners who belong to a Homeowners Association has ballooned over the past 50 years, growing from 10,000 communities in the 1970’s to over 300,000 today. And according to a survey from Porch.com, it’s a love-hate relationship. HOA households appreciate that their community associat...

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Senior housing wealth hits new record

An increase in home values helped push housing wealth among homeowners 62 and older to a new all-time high. According to the National Reverse Mortgage Lenders Association, senior housing wealth grew by 0.5 percent or $32 billion in the second quarter to $7.17 trillion. “Many retired and soon-to-be-...

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VA refunds millions in loan fees

The U.S. Department of Veterans Affairs announced last week that it was refunding more than $400 million in loan fees that were incorrectly charged after a lengthy review of millions of mortgages issues over the last 20 years. The VA sent letters to those who would be receiving a refund. Veterans a...

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Chinese homebuying in Calif. slows

The California Association of Realtors reports that Chinese international homebuyers accounted for 40 percent of all foreign homebuyers in California last year. That buying trend appears to be waning in 2019. The 2019 share of Chinese international home purchases in California appears to be half of...

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California home sales see worst month since 2015

Concerns about an economic recession on the horizon appears to be dragging the housing market down. According to data from CoreLogic, August was the worst month for home sales in four years. This marks the twelfth month out of the last 13 in which sales were down on a year-over-year basis, the repor...

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The spending habits of San Diego households

The spending habits of San Diego households The U.S. Bureau of Labor Statistics reported last week that households in the San Diego-Carlsbad metropolitan area spent an average of $79,672 per year in 2017-2018. This includes all major living expenses including housing, healthcare, food and transport...

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