Aramco Report

The Blog
Housing starts end 2020 on high note

After climbing 12 percent in December, housing starts in the U.S. ended the year at their highest pace in 14-years. According to the U.S. Census Bureau, housing starts reached an annualized pace of 1.338 million units as of last month. This is an increase of 27.8 percent on a year-over-year basis an...

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Homeowner holding on to properties longer than ever

Nearly 1 in 4 homeowners in the U.S. have lived in their home for more than 20 years, a record high. According to a new report from Redfin, the 25.1 percent of individuals who have lived in the same home for more than two decades is up from 14.3 percent in 2010 and 8.6 percent in 2005. Rising home p...

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Prevalence of bidding wars boosting home sellers’ expectations

It’s been a seller’s market for years but with the frenzy of home buying seen in 2020, homeowners have even higher expectations this year. According to a recent survey, these high hopes are a point of concern for real estate professionals. More than half (52 percent) of industry professionals believ...

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Home sales end year on high note

Continuing the theme that 2020 was unlike any other year, December was an usually busy month for home buyers. Closed escrow sales of existing, single-family detached homes in California last month were up 28 percent on a year-over-year basis. This is the fifth consecutive monthly increase and the la...

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Nearly half of home buyers faced bidding wars in December

Nearly one out of every two home purchases made in December faced stiff competition. According to a new report from Redfin, 49.7 percent of home offers written by the online real estate site faced a bidding war. Although this is a slight improvement from the 55.9 percent rate in November, it marks t...

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Majority of home buyers have made ‘blind offers’

With competition for desirable homes at a high point, buyers are doing whatever it takes to make sure their offer gets consideration. As a result, a significant number of home buyers in 2020 state that they have made an offer on a property without having seen it in person. The pandemic limiting open...

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Foreclosure filings fall to record-low in Q4 2020

Default notices, scheduled auctions and bank repossessions have dropped to their lowest levels since 2005 when ATTOM Data Solutions began keeping track. According to the firm’s Year-End 2020 U.S. Foreclosure Market Report, total foreclosure filings for 2020 were down 57 percent from 2019 and down 93...

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Build-to-rent homes could squeeze buyers

The good news is that new home construction has seen a major uptick over the last few months. The bad news is that a growing number of these new dwellings may not be available to home buyers clamoring for places to live. According to a new report from Realtor Magazine, there has been a surge in the...

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Amazon joins effort to create more affordable housing

Finding affordable places to live in big cities in the U.S. isn’t just a problem for workers but for their employers as well. It is for this reason that Amazon has announced that it has committed more than $2 billion to create and preserve affordable housing near its largest employment centers inclu...

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Low interest rates make homeownership more affordable

Home prices continue to rise across the U.S. as demand from buyers drives bidding wars. While this is leading to would-be homeowners to have re-evaluate their budgets when house hunting, some consolation may be found in record low interest rates that help boost their buying power. According to a re...

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