Aramco Report

The Blog
Low mortgage rates fuel homebuying

Pending home sales across the U.S. climbed for the third straight month in July as record low mortgage rates and pent up demand drivers buyers to the housing market. Sales rose by 5.9 percent last month and were 15.5 percent higher than July 2019. This latest information comes from the National Ass...

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Oceanfront home hits market for ‘bargain price’ of $60 million

A lavish estate on the coast in Laguna Beach is up for sale for $60,000,000. This makes it one of the most expensive homes for sale in Southern California but according to the listing agent, the price is quite reasonable. With a quarter-acre parcel of prime real estate, the mansion consists of 13,0...

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Home scarcity continues to plague SoCal housing market

Homeowners in Southern California are continuing to hold off on listing their homes for sale. Data from online real estate site Zillow shoes that there were 26,068 existing homes for sale in the region as of August 15, 2020 – down 35 percent from the same week last year. This is worse than the 28 pe...

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California home to 7 out of 10 of the most expensive cities

The state of California is known for its high cost of living and this has been confirmed yet again in a new study. According to a Tax Foundation report based on information from the Bureau of Economic Analysis, the Golden State has seven of the 10 most expensive cities in the country. The study com...

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Homes listed for sale are getting pricier

Homeowners are putting their homes on the market for more and buyers are still flocking. According to a new report from Realtor.com, list prices are experiencing the fastest growth since January 2018. The current median listing price in the US is 10.1 percent higher than it was a year ago. “With su...

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Home sales surge to 14-year high

The sales rate of previously owned homes in the US has climbed to levels not seen since December 2006, according to new data. Low mortgage rates boosted home sales by 24.7 percent from June to July to a seasonally adjusted annual rate of 5.86 million. Not only was last month’s increase a sign of co...

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Home construction at highest rate since February

Single-family and multifamily home construction climbed nearly 23 percent over the last month, the highest production rate since February. The U.S. Commerce Department reported single-family construction jumped by 8.2 percent in July to a seasonally adjusted annual rate of 940,000. This increase com...

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Homeowners coming out of forbearance

As forbearance plans offered by many lenders for those impacted by the novel coronavirus come to an end, the national rate of homeowners not paying their mortgages is slowly returning to normal. The forbearance rate for mortgages backed by Fannie Mae and Freddie Mac fell to 4.94 percent during the f...

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California home sales at 2-year high

Home sales in California continue to recover from the slump created in the early days of the pandemic. According to a new report from the California Association of Realtors, closed escrow sales of single-family detached homes in the state were up 28.8 percent from June to July and are 6.4 percent hi...

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Racist real estate law reversed in Calif.

In a painful and ugly reminder of a time that was once, buyers of certain properties in California were forced to sign paperwork that stated they must be White to live in the home. These racial covenants were common in the 1930’s and 1940’s and remain on some forms and title deeds for certain homes....

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