United States home prices increased by 3.90 percent year-over-year in January as compared to December’s growth rate of 3.70 percent according to Case-Shiller’s National Home Price Index. Home prices also rose in Case-Shiller’s 20-City Home Price Index. 20-City Home Price Index: Phoenix Arizona Leads in Home Price Growth The Case-Shiller 20-City Home Price Index is followed closely by real estate pros and its trends are used to gauge home price growth within cities included in the index. Phoenix, Arizona led home price growth rates for the eighth consecutive month with a … [Read more...]
Millions Now Qualify For Home Refinancing To Save Money
To refinance or not to refinance, that is the question. How do you know when it is an appropriate time to refinance? Many factors influence this decision, besides just the cost of the mortgage loan. Here is a checklist to follow when considering a refinancing opportunity. Check Your Credit Score Refinancing is similar to getting the original home loan. The lenders will run a credit check and verify your current income. Your total debt level and your credit history are both important. If you have some "dings" on your credit record, you may be better off staying with the existing mortgage rather … [Read more...]
Most Renters Are Paying Far More Than Their Landlord’s Mortgage
In the overwhelming majority of the 50 largest cities across the U.S., monthly rent is more than the mortgage payment for single-family homes. In several cases, much more. Global answering service and chat support company Moneypenny compiled data from Zillow on median rent and mortgage payments from July 2014-July 2019. In order to calculate the monthly mortgage payments, Moneypenny took the median home sale prices during the same time period and in the same major cities and then used nationally-average mortgage terms: 30-year fixed rate at 4% with approximately 6% down. Once … [Read more...]
The Narrowing Gap Between Renting And Buying A Home In The US
According to data compiled by Realtor.com in the fourth quarter of 2019, it is still more affordable overall to rent versus buy a home -- but just barely. The median monthly mortgage payment at the end of 2019 was $1,600, while the median monthly rent payment was $1,319. This is largely due to steadily-increasing rates, rising home prices, and near-record-low mortgage rates. The Realtor.com study looked at 593 counties across the country. As compared to the fourth quarter of 2018, the average monthly cost of renting a home increased 4%, up from $1,254, while the average monthly cost of … [Read more...]
NAHB: Home Builder Confidence Near 1999 High
The National Association of Home Builders reported a housing market index reading of 74 in February; the index reading was one point lower than for January and was only two points below the highest reading of 76 reported in December. Readings over 50 indicate that most builders consider housing market conditions to be positive. Factors contributing to builder confidence included strong housing markets and low mortgage rates; job growth and higher wages also boosted builder confidence. Low Inventory Influences Home Prices Low inventories of available homes continued to drive demand and rising … [Read more...]