Consumer buying power boosts home sales

Consumer buying power boosts home sales

December is generally a sluggish month for home sales but according to new data, the end of the year saw an increase that surprised some economists. Potential existing-home sales increased during the month according to First American’s Potential Home Sales Model. December 2019 saw sales tick up by 1...

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San Diego housing crisis takes center stage at mayoral contest

San Diego housing crisis takes center stage at mayoral contest

With more than half a dozen candidates vying to become San Diego’s next mayor, positions on the issues certainly vary significantly. But all of the contenders appear to agree on one issue: San Diego is in the midst of a housing crisis. How to address this crisis is where they differ. Democratic can...

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Homebuilders up construction spending

Homebuilders up construction spending

As homebuilder confidence remains high, the amount they are spending on the construction of new homes is increasing. Contruction outlays totaled $1.328 trillion at a seasonally adjusted annual rate as of December. While this is a small retreat from the month prior, it represents a five percent incre...

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Young homebuyers turning to parents for help

Young homebuyers turning to parents for help

Parents who are in a financial position to be able to help their children financially when purchasing a home are doing so at increasing rates. According to the National Association of Realtors, aspiring first-time home buyers are turning to the bank of mom and dad for assistance with their down paym...

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Report: homeownership more affordable than rent in many areas

Report: homeownership more affordable than rent in many areas

Moderating home prices and low mortgage rates are proving to be a combination that is making homeownership affordable again for many in the U.S. According to a new report from Realtor.com, buying a home is a more economical choice than renting in many major metropolitan areas of the nation. In its...

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Refinances continue to propel the housing market forward

Refinances continue to propel the housing market forward

A continuation of historically low mortgage rates has resulted in yet another week where refinances have driven mortgage activity higher. According to the Mortgage Bankers Association total mortgage applications climbed 7.2 percent on a seasonally adjusted annual basis. This latest data is from the...

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Pending home sales see biggest drop in a decade

Pending home sales see biggest drop in a decade

An index of pending home sales in the U.S. fell by 4.9 percent on a month-over-month basis. According to the National Association of Realtors, the seasonally adjusted annual index measuring signed contracts to purchase a home experienced the single-largest monthly decline since May 2010. A severe s...

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Millions eligible for money-saving refinances

Millions eligible for money-saving refinances

Even slight drops in mortgage rates can have an impact on a homeowner’s budget, potentially saving hundreds of dollars. According to a new report from Black Knight, there are an estimated 9.4 million homeowners nationwide who are refinance eligible. The average savings for each of these borrows amou...

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Single-family housing starts expected to rise in 2020

Single-family housing starts expected to rise in 2020

Favorable conditions for home buyers like low mortgage rates and stability in the job market is expected to drive demand for housing higher in 2020. As a result, economists at Capital Economics state that housing starts should see a corresponding increase. Single-family housing starts are expected...

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New home sales decline in December

New home sales decline in December

The volume of new home sales fell last month according to data from the Census Buerau and the Department of Housing and Urban Development. December’s annualized rate of new home sales declined to 694,000, down from 697,000 in November. This latest information is a sour end to an otherwise positive...

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