Thursday, February 6

Tag: Home Prices

Here’s where U.S. homeowners pay the most — and least — in property taxes
8Apr By adminNo Comments
Money

Here’s where U.S. homeowners pay the most — and least — in property taxes

Rising U.S. real estate prices and higher mortgage rates aren't the only challenges to owning a home these days. Between 2022 and 2023, property taxes shot up as much as 31% in some parts of the country, recent data shows. Homeowners saw their property taxes increase an average of 4.1% over that period, according to an analysis of more than 89 million single-family homes, by ATTOM Data Solutions, a provider property data. That translates to a typical tax bill last year of $4,062, up from $3,901 in 2022.ATTOM CEO Rob Barber attributed the tax increases partly to inflation, which pushed up costs for running local governments and schools, including wages for public employees.  Across the U.S., property taxes rose higher than the national average in 118 lar...
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It’s been a brutal year for homebuyers. Here’s what experts predict for 2024, from mortgage rates to prices.
2Dec By adminNo Comments
Money

It’s been a brutal year for homebuyers. Here’s what experts predict for 2024, from mortgage rates to prices.

New real estate data shows sellers incurring more losses, sales down New real estate data shows sellers incurring more losses, sales down 02:14 Homebuyers faced a tough real estate market this year, with home prices continuing their upward march and mortgage rates reaching their highest levels in more than 20 years. Making matters worse, homes for sale were in short supply, putting more upward pressure on prices. The question is whether 2024 will deliver more of the same, or if homebuy...
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Here’s how much you need to earn to afford a home in 97 U.S. cities
8Nov By adminNo Comments
Money

Here’s how much you need to earn to afford a home in 97 U.S. cities

You don't have to be a millionaire to buy a home, but earning six figures would help.The typical American household needs an annual income of $115,000 to afford the median priced home, which is $40,000 more than what the average household makes, according to Redfin chief economist Daryl Fairweather."Even places that historically have been affordable now need six figures," she told CBS MoneyWatch. In pricey San Francisco, it may not be surprising to learn a household income of in excess of $400,000 is needed to afford the median home. But what about Boise City, Idaho, where the figure $127,000. In fact, a six-figure income is required to buy a median priced home in at least 50 U.S. cities, according to data from Redfin. Unless you're a white-collar worke...
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Thinking of getting an adjustable-rate mortgage? Here are 3 questions to ask.
2Nov By adminNo Comments
Money

Thinking of getting an adjustable-rate mortgage? Here are 3 questions to ask.

Demand for adjustable-rate mortgages (ARMs) is growing as interest rates on conventional home loans surge and as people seek an affordable on-ramp for buying a home. The average interest on a 30-year fixed rate mortgage hit 8% last month, reaching its highest level since August 2000. By comparison, rates on the average ARM currently range between 7.12% and 7.65%, according to Bankrate. What major Missouri court decision in realty case means for home buying and selling 02:33 Still, ARMs aren't right for everyone. Here are three questions homebuyers should ask when considering an adjustable-rate mortgage. What diff...
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Luxury California home — complete with meth lab and “contamination” — selling for $1.55 million
31Oct By adminNo Comments
Money

Luxury California home — complete with meth lab and “contamination” — selling for $1.55 million

Raw Video: SJPD press conference on PG&E transformer attack suspect Peter Karasev Raw Video: SJPD press conference on PG&E transformer attack suspect Peter Karasev 14:12 Now's your chance to own a luxury California home — complete with "meth lab and meth "contamination" — for sale at $1.55 million.The six-bedroom house in tony San Jose offers a "great location" with easy access to the freeway, according to a realtor's listing, which notes it affords more than 2,700 square feet ...
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Homebuying has become so expensive that couples are asking for help in their wedding registry
25Oct By adminNo Comments
Money

Homebuying has become so expensive that couples are asking for help in their wedding registry

Paige Mankin and Corey Moss want to buy a home in the New York, New Jersey and Connecticut area but the couple fears that dream may not come true any time soon, given how expensive the current housing market is. With that in mind, the New York residents who are engaged to be married in January are asking friends and family for a novel though increasingly popular gift in their wedding registry: contributions for a down payment on the purchase of a new home. Mankin, 28, and Moss, 32, are among a growing number of couples feeling shut out by the high cost of buying a home these days and are using their upcoming matrimony as a platform for drumming up funds. The number of soon-to-be wed couples who asked for home-fund donations through their online wedding registry on The Knot grew 55% since ...
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Home Sellers Take On the Realtors Cartel
23Oct By adminNo Comments
Business

Home Sellers Take On the Realtors Cartel

The 1.5 million-member National Association of Realtors spent $81.7 million on political lobbying in 2022, more than any other business group. Behind the teachers unions, it ranks as the most powerful special interest in the country. Though it claims to help consumers, it is a cartel that seeks primarily to enrich its members by expanding government control over middle-class Americans’ largest source of wealth: their homes.Consider Burnett v. NAR, a federal class-action suit that Missouri home sellers have brought against the association. The case, which went to trial last week, presents an existential threat to the cartel. If the plaintiffs prevail, home buyers and sellers could save $120 billion in fees each year. Half of the country’s real-estate agents who work as buyer brokers might ...
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Mortgage rates haven’t been this high since 2000
6Oct By adminNo Comments
Money

Mortgage rates haven’t been this high since 2000

Mortgage rates continue to climb, hitting their highest level in nearly 23 years. The average rate on a 30-year fixed-rate loan rose to 7.49%, from 7.31% last week, Freddie Mac said Thursday. The average rate on a 15-year mortgage rate rose to 6.78% from 6.72% last week."Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve's next move, are contributing to the highest mortgage rates in a generation," said Sam Khater, Freddie Mac's chief economist. "Unsurprisingly, this is pulling back homebuyer demand."Depending on the length of the loan, rising mortgage rates add hundreds of dollars to a mortgage payment. While mortgage rates don't necessarily mirror the Fed's rate increases, they tend to track the yield on the 10-year Treasury note.  ...
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Homes “unaffordable” in 99% of nation for average American
28Sep By adminNo Comments
Money

Homes “unaffordable” in 99% of nation for average American

The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards, and there's no clear sign of conditions getting better soon.That's the takeaway from a new report released Thursday by real estate data provider ATTOM. Researchers at ATTOM examined the median home prices last year for roughly 575 U.S. counties and found that 99% of those counties now have homes priced too far out of reach for the average American who makes approximately $71,214 a year, according to the report.Housing experts said a couple of trends explain why prices continue to climb. Interest rates on home loans grew past 7% this year, adding hundreds of dollars per month to a potential mortgage payment. Meanwhile, homeowners who locked in at low...
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