Foreclosure filings—including default notices, scheduled auctions, or bank repossessions—dropped 44% in the first six months of 2020 from the same time period a year ago. They are also at a record low, despite the global pandemic and skyrocketing unemployment, ATTOM Data Solutions reports in its Midyear 2020 U.S. Foreclosure Market Report.A total of 165,530 U.S. properties received a foreclosure filing in the first six months of this year.But
Some home buyers are feeling confident enough to proceed with a home purchase after a virtual tour. The latest sight unseen mega-deal occurred last week for a private island off the coast of Ireland. An anonymous European buyer purchased the entire 157-acre island, known as Horse Island, for more than $6.3 million without ever seeing it in person. Negotiations mostly took place over WhatsApp. The agent said the buyer viewed a video of the island
More buyers were out shopping for new homes last month. Single-family housing starts rose 17.2% in June to a seasonally adjusted annual rate of 831,000, the U.S. Commerce Department reports. The multifamily sector—which includes apartment buildings and condos—increased 17.5% last month.“The housing market is hot,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “Home buyers have swiftly moved into the mark
Real estate investors are scrutinizing second-home markets in hunt for growth opportunities, even during the pandemic. After all, “travel doesn’t stop when the economy weakens, it changes where people travel,” a new report from Rented Inc., a rental management site, and Weiss Analytics notes.“In 2020, travelers want to stay closer to home and they are seeking genuine experiences. High on the list are Instagram-worthy, outdoor locations, a
The housing inventory crunch has sparked a dramatic increase in the number of accessory dwelling units in the U.S., most notably in high-cost areas that have seen growing populations over the last decade, Freddie Mac reports in a new study on ADUs. Freddie’s research identifies 1.4 million ADUs in the U.S., including granny flats, garage apartments, and in-law suites. These ADUs can be either attached or detached from the main residence.Fr
The 30-year fixed-rate mortgage averaged 2.98% this week, the lowest rate in Freddie Mac’s records dating back to 1971.“The drop has led to increased home buyer demand and, these low rates have been capitalized into asset prices in support of the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recover
Americans love their morning brew. The U.S. boasts more than 100,000 coffee-related businesses. But which cities are best to grab a cup of joe?Apartment Guide analyzed 9,500 cities in the U.S. that have at least one coffee shop and then narrowed its list to cities with populations of more than 100,000. They pinpointed the ratio of coffee-related establishments per 100,000 residents in each of those cities and narrowed the list again by calculatin
Empty nests no more: Millions of college students returned home as college campuses closed in the spring during the outbreak of COVID-19. And many of those college students say they’ve enjoyed being back home.On average, students said at first they expected to stay at their family’s home for four months, according to a survey of about 1,200 college students conducted by CollegeFinance. But 41% acknowledged they were unsure how long they’d s
Home buyers may face stricter credit score requirements and larger down payment or higher cash reserve requirements if trying to qualify for a supersized mortgage. Lenders reportedly are growing stricter about granting jumbo mortgages, CNBC reports.Jumbo mortgages, also known as “nonconforming loans,” allow buyers to qualify for higher loans to purchase homes, typically in more expensive areas. In many areas, for 2020, the lending cap is $510
As cities locked down while the COVID-19 outbreak began, many housing markets came to a standstill. But it was a short-lived one. As states and cities have begun to reopen, buyers have reemerged in some markets—in some cases growing their footprint from even a year prior.Clever Real Estate recently examined national housing market trends to pinpoint which metro areas have seen the largest rebounds in buyer demand. The service’s Housing Demand
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