Aramco Report

The Blog
Buyers willing to stretch budget for ideal home

With such slim pickings in the housing market these days, buyers are realizing more than ever that they may need to fork over a little extra to get in to the home they want. According to Lombardo Living, 41 percent of buyers in a survey stated they would go over their budget by an average of $25,000...

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First-timers account for a third of current home buyers

As the pandemic goes on, the housing market is seeing a shift in buyer population. The number of investors making a home purchase has declined, while first-time buyers are hitting the market in droves. According to data from the National Association of Realtors’ April 2020 REALTORS Confidence Index...

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Home purchase applications soar in Calif.

The coronavirus may have spooked some potential home buyers from making a move earlier this year but as stay-at-home orders are lifted and the weather heats up, Californians are returning to the housing market in droves. In fact, according to the Mortgage Bankers Association’s weekly reports on mort...

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Homes are selling but not as fast

Demand for homes is keeping the housing market moving albeit at a slower pace. New data from Realtor.com shows that homes are taking about an average of 15 days or more to sell as of May. This is 27 percent longer than a year ago and the largest increase in the number of days homes are staying on th...

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Home prices remain elevated despite economic downturn

With more than 38 million Americans losing their jobs over the last several weeks and businesses on the brink of permanent closures due to the outbreak of the coronavirus, one might expect that a tumble in the housing market would follow close behind. Yet as reported by Realtor.com, while sales have...

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Refinances skyrocket mind low mortgage rates

According to new data released last week, there were 1.07 million refinance mortgages originated in the first quarter of 2020. This is up 87 percent from the same period last year as mortgage rates have fallen to near record-lows. These latest figures come from ATTOM Data Solutions. Last quarter’s...

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Bidding wars on homes climb as supply runs short

Four out of every ten home buyers in the U.S. faced competition when making offers in May, according to a new report. Online real estate site Redfin reported last week that 41.1 percent of their buyers experienced a bidding war in the four weeks ended May 10. In some metropolitan regions the bidding...

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Mortgage payments shrinking amid record low rates

The average mortgage payment homeowners are making in the U.S. fell in February for the tenth straight month. Declines in mortgage rates over the past several months have helped offset increases in home prices, making home buying slightly more affordable. Median sales prices in the U.S. rose four p...

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FHFA: New mortgages permitted for those in forbearance

With over four million homeowners in the U.S. putting their mortgages in to a state of forbearance since March, the Federal Housing Finance Agency has been working to clear up confusion about some of the regulations. In an announcement this week, the FHFA, which oversees Fannie Mae and Freddie Mac,...

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Residential construction falls but experts planning for rebound

With the pandemic forcing a major slowdown in the economy, builders held off on the construction of new homes last month. The U.S. Census Bureau reported this week that construction permits fell 20.8 percent compared to March and housing starts dropped a whopping 30.2 percent. The pandemic also slo...

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