Home Prices Hit New Peak

Home Prices Hit New Peak

After the 59th straight month of appreciation, home prices have hit another peak, according to the latest Home Price Index (HPI) report released by Black Knight Financial Services on Tuesday. The national HPI now sits at $272,000.

Home prices also hit new peaks in eight states, including Indiana ($151,000), Massachusetts ($381,000), New York ($371,000), North Carolina ($207,000), Pennsylvania ($222,000), Tennessee ($194,000), Texas ($234,000), and Washington ($360,000). Prices hit new peaks in 15 major metro markets, too, including Boston, Dallas, Houston, Los Angeles, San Francisco, Seattle, and more.

Since the start of 2017, home prices have jumped 2.3 percent. Between February and March, they rose 1.3 percent, and over…

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Important Credit Lessons Your Parents Didn’t Teach You

Important credit lessons your parents didn’t teach you

Listen up, kids: Paying interest is painful. Really, really painful.

Parental wisdom is easy to ignore until you’re left scratching your head over simple adult responsibilities like paying taxes and budgeting. (We all have to make our own mistakes, right?). But even if you were listening to your parents, there are some important credit tips they likely didn’t mention. When it comes to improving your score, heed these six credit lessons that we wish our parents had taught us.

6 Valuable Lessons To Improve Your Credit

1. Paying interest is one tough chore

   Let’s be real: Making monthly credit card…

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8 Ways to Test Out a Home Before Making an Offer

8 ways to test out a home before making an offer

When in the bathroom of a prospective home, check the water pressure and how fast the water heats up.

From testing the shower to scoping out storage space, here’s how to investigate important features that you can’t judge from a listing.

While that newly renovated condo looks great in photos, what’s really behind that Chicago, IL, real estate listing could be too good to be true. When it comes to assessing a potential new home, the savvy buyer knows to relentlessly sleuth for any hidden problems. Like you would at a car dealership, test drive your potential future home for important features that easily go unnoticed. 
That…

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Immigration’s Affect on the Housing Market

Immigration’s affect on the housing market

Every year, the United State’s real estate market is becoming more culturally diverse. According to Alex Nowrasteh, immigration policy analyst from the Center for Global Liberty and Prosperity, stemming from immigration, the interest from foreigners alone will strengthen home sales activity and price. The National Association of Realtor’s (NAR) Danielle Hale, managing Director of housing research, was joined by Nowrasteh at the 2017 Realtors Legislative Meetings and Trade Expo to discuss the current and future impact foreign buyers have on the U.S. Housing Market.

According to Nowrasteh and the 2015 American Community Survey, of the roughly 321.4 million residents in the U.S., 278.1 million are native, and…

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High Down Payments Alter Young Homebuyer Priorities

High Down Payments Alter Young Homebuyer Priorities

According to the latest Merrill Edge® Report, 63 percent of millennials are looking to achieve the amount of savings or income necessary to live their desired lifestyle, whereas most (55 percent) Gen Xers and baby boomers are instead saving to leave the workforce.

What the survey found is that millennials are more focused on personal achievements, such as dream jobs and travelling, than “traditional,” long term life milestones, such as marriage and parenthood.

“This spring’s report shows us even more differences between how millennials and their parents view and save for the future,” said Aron Levine, head of Merrill Edge. “Young adults tell us they are willing to do whatever it takes to…

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Home Prices Still Rising, Inventory Still Dropping

Home Prices Still Rising, Inventory Still Dropping

On Wednesday, at 9 a.m. EST, the Federal Housing Finance Agency (FHFA) will release its House Price Index (HPI) for March. The Index covers single-family housing, using data provided by Fannie Mae and Freddie Mac.

Previously, the FHFA reported in its February HPI that home prices rose 0.8 percent month-over-month. In the report, January’s former unchanged index was revised to a 0.2 percent increase.

On a seasonally adjusted national level, prices are now nearly 10 percent higher than their March 2007 peak. Prices have seen a compound annual growth rate of 3.5 percent since 1991, 3.4 percent since 2000, and 6.2 percent since 2012.

Out of all nine census divisions, the Mountain region saw the…

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Homes are Shrinking Again

Homes are Shrinking Again

New single family homes are have been shrinking, according to the National Association of Homebuilders (NAHB).

According to Q1 2017 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area was slightly lower at 2,389 square feet. Average (mean) square footage for new single-family homes declined to 2,628 square feet.

According to the data, home sizes reached a plateau in 2015 and 2016 after experiencing a steady rise post-recession, but have started to drop off since. The current average home size is 2,624 square feet, 10 percent higher than the cycle low. The median size is 14 percent higher, at 2,402 square feet.

NAHB

…

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Falling Housing Inventory Stock is Troubling

Falling Housing Inventory Stock is Troubling

National Association of Realtors, a trend that continued into April.

"The inventory is reaching historic lows. It's never declined faster than it did last month. It's freaking us out—it's affecting our business; it's limiting our sales," said Redfin CEO Glenn Kelman, on CNBC. "We're going to be fine in terms of market share, but I think the overall industry for the first time is seeing sales volume really limited by the inventory crunch."

Data from Redfin shows that homes in April sold the fastest since 2010, and sold 10 days faster than a year previously. Many homes, one in four, sold above their list price. Kelman puts the blame partially on an unwillingness to sell, as many homeowners choose to…

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Household Debt Reaches Recession-Level Highs

Household Debt Reaches Recession-Level Highs

On Wednesday, the New York Federal Reserve released its Q1 report on household debt and credit. According to the report, total household debt totaled $12.73 trillion in Q1 2017. This means that household debt has finally surpassed its $12.68 trillion peak reached during the recession in 2008. This is a $149 billion quarterly increase.

“Almost nine years later, household debt has finally exceeded its 2008 peak but the debt and its borrowers look quite different today. This record debt level is neither a reason to celebrate nor a cause for alarm. But it does provide an opportune moment to consider debt performance,” said Donghoon Lee, Research Officer at the New York Fed. “While most delinquency flows have…

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5 Reasons to Look Up the Address While House Hunting

Be a Detective: Google the Address When House Hunting

It doesn't hurt to be a little curious — especially when you're searching for a new home.

Search-engine sleuthing is worth the effort to unearth the niceties — and perhaps negatives — when searching for your new home.

There’s probably not a day that goes by that you don’t Google something — the weather, a foreign phrase, directions, or news, just to name a few. With all the information Google can provide through its bird’s eye view, not Googling your address is practically a crime — especially when you’re searching for a new home (whether you’re house-hunting for a waterfront home in Fort Lauderdale, FL, or looking for a ranch house in Houston, TX). Here’s what you could find.

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