You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way. On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year. What Sparked the […]
Mortgage Rates Just Saw Their Biggest Drop in a Year Read More »
The homeownership rate among Black Americans fell to 43.9% in the second quarter of 2024, the lowest level since late 2021, according to Redfin. That was down from 45.3% a year earlier and marked the steepest annual decline since the third quarter of 2021. By comparison, the Hispanic homeownership rate rose slightly to 48.8% from
Homeownership among Black Americans drops to 4-year low Read More »
California has become the first U.S. state to require homeowners selling older properties in high-risk wildfire zones to disclose not just a house’s vulnerabilities, but also steps taken to reduce those risks. The new mandate took effect in July and applies to houses built before 2010 – when the state strengthened building codes to withstand
Wildfire warnings accompany California’s older home sales Read More »
The total value of U.S. homes has climbed to a record $55.1 trillion, although growth has cooled in the past year amid high housing costs. That figure represents a $20 trillion increase since early 2020 and an $862 billion gain over the past year, according to an analysis released Monday by Zillow. But while the
US housing market value hits record $55T, but growth is slowing Read More »
Los Angeles will make $387 million available for affordable housing projects — reportedly the largest single funding round in the city housing department history. Applications for the funds opened Sept. 5 and close Oct. 20. Eligible applicants include nonprofit and for-profit developers, community land trusts, limited equity housing cooperatives, public entities and other organizations, the
Los Angeles ‘mansion tax’ fuels record affordable housing funding Read More »
Homeowners are spending a growing share of their mortgage payments on property insurance, which is now rising faster than principal, interest and taxes, according to the September ICE Mortgage Monitor. Data shows that annual property insurance payments for single-family mortgage holders now average nearly $2,370. That amounts to 9.6% of monthly mortgage-related expenses, the highest
Rising insurance costs deepen homeownership strain Read More »
More than two dozen organizations will present cutting-edge housing and building solutions on the National Mall in Washington, D.C., this weekend during the U.S. Department of Housing and Urban Development (HUD)’s annual Innovative Housing Showcase. The event, established by then-HUD Secretary Ben Carson in 2019, is scheduled for Sept. 6–10. “HUD is proud to champion
HUD Innovative Housing Showcase begins Saturday Read More »
A growing number of U.S. housing markets face elevated risks from high foreclosure rates, underwater mortgages and rising costs, according to a new report. ATTOM analyzed 579 counties nationwide for its second-quarter Housing Risk Report — with ranking criteria including affordability, foreclosure activity, mortgage equity and unemployment. California and Florida counties were heavily represented among
Housing market risk steepest in southern, western areas Read More »
A Florida House select committee will meet later this month to discuss cutting or eliminating property taxes as Gov. Ron DeSantis continues pressing for action. A Thursday post from Florida Realtors said the House Select Committee on Property Taxes is tentatively scheduled to convene the afternoon of Sept. 22 and the morning of Sept. 23.
Florida House committee to discuss eliminating property taxes Read More »
Although modular construction has been a long-time construction option, advancements in technology, data and automation are making it more viable at scale, according to recent research from McKinsey & Co., which analyzed more than 700 companies in 50 countries. The data draws on interviews conducted by McKinsey with more than 20 global executives. Its database
Modular construction advancements could help address the housing shortage Read More »