More households are feeling richer across the country. But in a handful of cities, residents are seeing incomes skyrocket.SmartAsset, a personal finance site, evaluated the cities where incomes are growing the fastest by analyzing median household income data from 2015 and 2016.Tech hubs have seen the biggest jumps in incomes. Five of SmartAsset’s top 10 cities with the fastest-growing incomes are in tech hub areas: Oakland, Calif.; Raleigh, N
Homes are actually more affordable now than they were in the late 1990s, according to the latest Mortgage Monitor Report by Black Knight Inc., a mortgage data and performance information provider.Interest rates have plunged by 40 basis points over the past six months. However, the bulk of the potential savings is offset by the accelerating rate of home price appreciation across the country.“Rising home prices continue to offset the majority of
Interest rates on the 30-year fixed-rate mortgage dropped last week, but it wasn’t enough to entice more refinancers and potential buyers to take out loans.The Mortgage Bankers Association reported on Wednesday that total loan volume—which includes refinancings and home purchases—was unchanged last week compared to the previous week.Typically refinance applications perk up when interest rates drop, but the MBA reported the refi market actu
A shortage of homes for sale is now affecting the upper tier of the housing market too and prompting prices to escalate even more. The top 5 percent of homes by price sold in the third quarter saw their prices rise 4.9 percent compared to a year ago, according to a new report by Redfin, a real estate brokerage.The higher prices are due to a sharp decrease in the number of listings in the luxury sector, according to the report. The number of homes
Prices continue to accelerate at record paces in a few select markets, and investors and homeowners are seeing their equity stake surge.Realtor.com®’s research team analyzed 300 of the nation’s largest metros between September 2014 and September 2017 to find which markets have seen the largest increases in median list prices over that period. Researchers looked at the percentage change—not total dollar uptick—over one-, three-, and five-
Real estate investors are utilizing parking spaces as lucrative investments in some major metros across the country. Buying up individual parking spaces is garnering greater interest among small investors who are looking for a low-maintenance investment with potentially big profits, The New York Times reports. For investors, parking spaces can offer a steady income, nearly zero maintenance, and limited damage to worry about.“It’s a gre
Mortgage rates mostly held steady this week after posting a sizable jump last week.“Following a strong surge last week, rates held relatively flat this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained unchanged at 3.94 percent, while the 10-year Treasury yield dipped roughly 4 basis points. The markets’ reaction to the upcoming announcement of the next Fed chair may impact the movement of rat
Home prices have been accelerating faster than general inflation. So, should the housing market be worried about a housing bubble brewing? Urban Institute researchers say there’s no cause for concern, at least on a national level.Over the past five years, home prices have outpaced inflation by 34 percent cumulatively since 2012, according to UI. The increase, however, is less than half the pace between 1997 and 2006. In that time period, home p
Constrained inventories are pushing up home prices at a rapid pace in nearly all major metro areas in the third quarter, the National Association of REALTORS® reported Thursday.The national median existing single-family home price in the third quarter was $254,000, up 5.3 percent from the median a year ago of $241,300.Single-family home prices rose in 92 percent of the 177 measured markets last quarter, NAR reported. Nineteen metros saw double-d
The Republican leadership in the House has released its long-awaited bill to reform the nation’s tax code, and it raises significant concerns for middle-class homeowners because of limits on the mortgage interest deduction and the deductions for property taxes and state and local taxes.“This legislation closely tracks with the House Republican blueprint for tax reform released this spring, which threatens home values and takes money straight
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