U.S. household wealth rose to a record of more than $160 trillion in the first three months of 2024 thanks to the stock market's record run and gains in real estate, Federal Reserve data showed on Friday.Household net worth rose 3.2%, or by $5.1 trillion, with the appreciation of equity holdings accounting for the lion's share of the gain at $3.8 trillion, the Fed said in its quarterly snapshot of the nation's private and public sector finances.T
Freddie Mac says rates could decline modestly throughout the remainder of the year.Borrowing costs are on the decline again, with mortgage rates falling slightly this week following last month’s surge, which was blamed for cooling the housing market. The 30-year fixed-rate mortgage averaged 6.99%, and further drops—although minor—could be on the way, Freddie Mac reports.“Mortgage rates retreated this week given incoming data showing
Owning a waterfront property is a dream for many Americans. Here’s where your clients can snag a beach house in the U.S. for under $450,000.Most Americans say they dream of owning a vacation home, according to a new realtor.com® survey, and many hope it’s near a beach. But beachside property often comes with a hefty price tag.Realtor.com® found pockets across the country offering bargains on the beach in its list of America’s 10 most
They could save “hundreds of dollars a month” by doing this one simple task, a housing expert says.As mortgage rates once again move above 7% this week, more home buyers may be desperate for savings to better afford homeownership. But housing experts say a common mistake could be costing them thousands of dollars in potential savings: failing to shop around for their mortgages.Slightly more than half—54%—of recent buyers who recently took
‘We’ve witnessed records repeatedly break in both stock and housing markets over the past year,’ Brian D. Luke at S&P Dow Jones Indices says The numbers: Home prices in the 20 biggest U.S. metros hit another all-time high, as the housing market remains hampered by a low number of properties for sale.The S&P CoreLogic Case-Shiller 20-city house price index rose 0.3% in March compared to the previous month. Home prices in th
“But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply,” says NAR’s chief economist.As mortgage rates climbed above 7% in April, would-be home buyers appear to have pressed pause, revisiting their house-shopping budgets. As a result, pending home sales dropped nearly 8% in April. However, housing experts predict a turnaround could be coming soon.The Nat
It’s no secret that housing costs have become increasingly expensive over the past few years, and there’s no sign of a drastic market change anytime soon. Hopeful first-time buyers are arguably experiencing the crunch more than anyone else, with many feeling like their long-held dream of purchasing real estate is simply out of reach. What clients may not realize is that there are numerous financial solutions available that can alleviate some
“Spring home buyers received an unexpected windfall this week,” says Freddie Mac’s chief economist.For the first time in a month, the 30-year fixed-rate mortgage fell back into the 6% range, bringing lower borrowing costs for home buyers who have been waiting for relief. “Spring home buyers received an unexpected windfall this week,” says Sam Khater, Freddie Mac’s chief economist.The decrease in mortgage rates—the 30-year loan avera
Indoor air quality is a hot topic these days. Technology and trends are driving improvement and development.In our modern living and working spaces, the quest for cleaner air has never been more timely. As we continue to seal our buildings tighter for energy efficiency, the importance of maintaining and enhancing indoor air quality (IAQ) escalates. This discussion delves into the latest insights, technological advancements and trends shaping our
Driven by the work-from-home dynamic, as well as by new migration patterns, both single-family and multifamily rent prices were red-hot during the first years of the pandemic.Now different drivers are pushing some rents higher — and throwing cold water on others.Multifamily rents in April were 0.8% lower than they were in the same month last year, according to Apartment List. Rents cooled because a massive amount of new supply entered the marke
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