Thursday, September 8, 2022 / by Dave Magua
Mortgage lenders are once again getting a head start on raising their conforming loan limits, which could help homebuyers get better rates and make smaller down payments when taking out loans of up to $715,000 in most parts of the country and upwards of $1 million in many high-cost markets.
The 2022 baseline conforming loan limit for Fannie Mae and Freddie Mac is still $647,200 in most of the country, after a record 18 percent increase driven by rising home prices. Fannie and Freddie can purchase loans of up to $970,800 in Alaska, Hawaii and other high-cost markets.
Fannie and Freddie can’t buy or guarantee “jumbo” mortgages that exceed the conforming loan limit. So those loans tend to have stricter underwriting and higher down payment requirements. Some borrowers may also pay higher rates than they would for a conforming loan.
But two of the nation’s biggest mortgage lenders — Rocket Mortgage and United Wholesale Mortgage (UWM) &mdR ...
Tuesday, September 6, 2022 / by Dave Magua
Labor Day is one of the busiest times of the year on Airbnb, and the company claims it’s seeing more interest in trips to the beach and homes with high-end pools this weekend.
College football also played a role in attracting people to the top most sought-after market on the top 10 list this year.
The short-term rental platform said Sept. 4, 2021 — the start of Labor Day weekend — shouldered the largest number of guests checking into a U.S.-based home on Airbnb last year.
Last year, hosts earned a collective $300 million over the long weekend alone, with the median host earning $750. Given the upward trends in both average daily rates and in the number of people traveling and staying in short-term rentals, it’s a safe bet to expect earnings to increase this year.
More people are traveling solo this year, up about 20 percent compared to last year, Airbnb said in a report released ahead of the holiday weekend.
The company said its nN ...
Monday, August 29, 2022 / by Dave Magua
The U.S. has entered a “housing recession,” CNBC declared last week.
The very same day, U.S. News and World Report announced that the “housing recession” was in fact deepening.
Market Watch, The Hill, and a bunch of local news stations have offered their own takes as well, all of them arguing that a “housing recession” has begun.
Suddenly, it seems, the idea of a housing recession is everywhere.
But while the idea of a recession, in general, is commonly understood, the notion that a recession could apply to just one sector such as housing is a significantly more novel idea — and one that few people were talking about up until very recently. So Inman wanted to know: What is a housing recession? Is this a technical term? And are we, in fact, in a housing recession right now?
Inman spoke to a handful of economists to get answers. The takeaway from these conversations is that the term is only loosel ...
Thursday, August 4, 2022 / by Dave Magua
Power Buyer Knock believes it’s found a creative way to help take some of the sting out of rising mortgage rates — by letting homebuyers use the equity in their existing home to buy down their mortgage rate or make a bigger down payment on their next home purchase.
The new interest-free home equity advance announced by Knock Tuesday is available to homebuyers using the company’s “Home Swap” product to buy their next home before they sell their existing property.
“With mortgage rates doubling since the start of the year and home prices continuing to grow at double-digits, buying a home has gotten a lot more expensive,” Knock co-founder and CEO Sean Black said in a statement. “At the same time, homeowners have more of their wealth tied up in their home than any other time in history.”
Americans have about $11 trillion in tappable equity tied up in their homes, or about $207,00 on average, according to a recent analysis&nbR ...
Wednesday, August 3, 2022 / by Dave Magua
Investor purchases made up 9.5% of home purchases nationally in April, just shy of a February peak of 9.7% and an increase of 64% from 2019 levels, according to new data from Realtor.com
Property investors scooped up a record-high number of houses this spring, according to a new report that arrives as Congress begins its investigation into the root causes of the nation’s shortage of homes for sale.
Investor purchases made up 9.5 percent of home purchases nationally in April, modestly below a February 2022 peak of 9.7 percent and an increase of 64 percent from 2019 levels, according to a report Wednesday from Realtor.com.
The report found that investors took more inventory off the market than they added to it during the spring, after the end of 2021 and beginning of 2022 saw reduced buying activity and a focus on home sales.
Buying activity resumed at full speed in the spring and winter, with investors buying more homes than they sold and approximately th ...