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- Housing.buzz - Aug. 30 - Sept. 6, 2024
Housing.buzz - Aug. 30 - Sept. 6, 2024
Weekly 'buzz' on housing trends, homebuilders, mortgage rates, renting & more
Housing.buzz
September 06, 2024
Housing.buzz - Aug. 30 - Sept. 6, 2024
Weekly 'buzz' on housing trends, homebuilders, mortgage rates & more
Table of Contents
1st Time / First-time Homebuyers
California Bill that Would Give Undocumented First-Time Homebuyers Money Despite Lack of Funding Advances - California lawmakers voted a bill through the state Senate on Tuesday that would allow illegal immigrants to apply for their "California Dream for All" first-time homebuyers' financial assistance program. (Fox LA)
What Happens When You Give People Money to Buy Houses - We've been here before. In the depths of the financial crisis, Congress passed a similar $8,000 credit — it was hugely popular — but it was also suited to the economic circumstances of the time. Today, not so much... The proposed credit package also includes tax breaks for homebuilders who build starter homes, as well as those who rehabilitate older housing stock. There are provisions to lower rent prices, as well. (Axios)
In Case You Missed These Recent Articles…
California First-Time Home Buyer | 2024 Program & Grants, What to know about buying a house in California - Buying your first home can be a real challenge, especially in a state like California where prices are often sky-high… (Source: The Mortgage Reports)
New Sacramento, CA program helps community members reach their goal of buying a first home - A new program to help first-time homeowners in Sacramento is seeing success, as people are moving… (KCRA)
Harris unveils economic plans on inflation, housing. Here's what economists think - The plans include eye-catching proposals such as a ban on grocery price gouging and a $25,000 subsidy for first-time homebuyers. Economists who spoke to ABC News offered up a mixed…(ABC News)
Guide to first-time homebuyer grants - Coming up with a down payment on a home can feel impossible — especially if it’s your very first home. The good news is that there are many first-time homebuyer… (Bankrate)
Buying & Selling
Housing Payments Have Dropped to Their Lowest Level Since January - But Home Sales Are Still Falling - Declining mortgage rates have pushed the median U.S. housing payment down to $2,534, roughly $300 below April’s record high. But many homebuyers are still sitting on the sidelines. Some are hoping mortgage rates will fall further once the Fed cuts interest rates in a few weeks, and others are waiting for clarity about the new NAR rules or the outcome of the presidential election. (Redfin)
Big Changes to How You Buy and Sell a Home Are in Effect: What You Need To Know - A new set of rules governing how most real estate professionals do business in the US have taken effect — and the changes could potentially upend how Americans buy and sell homes. The rules were agreed to by the National Association of Realtors, the powerful trade association that counts 1.5 million members, as part of a $418 million settlement into antitrust claims. The rules are designed to transform the way Realtors get paid and who pays them. It’s the largest change to the organization’s rules in at least a generation. (CNN)
Home Contract Signings Hit Lowest Since 2001 as House Hunters Losing Hope - The National Association of Realtors’ Pending Home Sales Index, which tracks contract signings, was down 5.5% in July when compared with June, with declines in all four regions of the country. Compared with July 2023, only the Northeast region saw higher activity. The index was at its lowest point since NAR began tracking the data in 2001. (USA Today)
In Case You Missed These Recent Articles…
How will the Los Angeles Olympics Effect the Real Estate Market? - The Los Angeles Olympics will undoubtedly affect real estate in Los Angeles County. The questions are how, when, and where… (House Beautiful)
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? - The housing market might finally be entering a transitional phase. Summer sales have been tepid thus far, but there are signs that activity could heat up by the end of the summer as… (Forbes)
Ben Affleck and Jennifer Lopez’s Beverly Hills mansion hits the market for $68M — wait until you see the tax bill ($400K!) (NY Post)
Mortgages, Rates & Trends
Mortgage Rates Sink to New Low on Sept 6th/7th - Rates on 30-year new purchase mortgages fell again Thursday, to an average 6.17%. That's a big-enough drop to push the flagship average to its lowest level since early April 2023. Rates for most other new purchase mortgage rates also moved lower Thursday. (Investopedia)
In Case You Missed These Recent Articles…
How to Prequalify for a Home Loan as a First-Time Buyer - As you prepare to buy a home, you’ll likely wonder how to get prequalified for a home loan. Loan prequalification is the first step in the mortgage… (The Mortgage Reports)
Housing Market Decoded: Is prime shopping season about to hit? - The pendulum is swinging in buyers' favor this fall. See which three trends could finally give them some leverage. (RE News)
Rate Cuts Could Renew Interest in Mortgage REITs - With hope building that the Fed Reserve will finally pare interest rates in September, some income investors are considering returns to high-yield, rate-sensitive… (ETFTrends)
First-Time Home Buyer Programs by State - Down payment and closing cost assistance, special loans with reduced interest rates, and much more are available to first-timers. Learn about the… (NerdWallet)
‘New Construction’ & Home Builders
Monthly New Residential Sales, July 2024 - Sales of new single-family houses in July 2024 were at a seasonally adjusted annual rate of 739,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 10.6 percent (±16.5 percent)* above the revised June rate of 668,000 and is 5.6 percent (±21.3 percent)* above the July 2023 estimate of 700,000. The median sales price of new houses sold in July 2024 was $429,800. The average sales price was $514,800. (U.S. Census Bureau)
How Much Does It Really Cost to Build a New House in Ireland? - Analysis: depending on who you ask, where you are and what's included, it can cost from an estimated €318,365 to €461,000 (approx $350K to $500K) AFTER substantial government subsidies to fill the 'affordability gap’, read more. (RTE)
In Case You Missed These Recent Articles…
Latest Denver home construction trends show off at Parade of Homes - Technology and adjusting to the region's high cost of homeownership are popular trends this year. 25+ builders are showcasing 80… (Denver Gazette)
Home builders tell VP Harris her housing plan needs to address regulatory barriers - The National Association of Home Builders (NAHB) responded to Vice President Harris' housing plans that were… (Fox Business)
Hurricane Beryl, excess inventory pressure US single-family homebuilding - U.S. single-family homebuilding dropped to a 16-month low in July, likely weighed down by Hurricane Beryl and an oversupply of new houses as higher mortgage rates and prices depress sales…(Reuters)
Rental Housing
Blackstone Hiked Rent Prices At Double The Market Rate in San Diego, Allegedly Uses RealPage's Rent Fixing Software: Report - The recent "Helter Shelter: How Blackstone Contributes to and Profits from California's Broken Housing System" report from an industry watchdog states there is ample evidence of the private equity giant leveraging RealPage's YieldStar real estate software, which is under investigation by the US Department of Justice for allowing landlords and property managers to collude in fixing higher-than-expected rents that affected millions of renters. (IBT)
In Case You Missed These Recent Articles…
3 Affordable Places Where Renters Are Thriving Due to a Construction Boom - While the housing market remains stagnant with high interest rates and low inventory for buyers, a construction boom in the U.S. has…(MSN)
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