Did you know on this day in 1752 Benjamin Franklin flew his kite in the middle of a thunderstorm and discovered electricity? Talk about a “spark” of inspiration!
Catch up on all the latest real estate news and industry updates from the week in the real estate resource roundup:
Lower Rates Boost Loan Demand
According to the Mortgage Bankers Association, mortgage rates lowered last week, which helped to lift mortgage applications. Total mortgage applications, which includes those for home purchases and for refinancing, rose 9.3 percent.
No Fed Rate Hike in June
As measured by the CME FedWatch tool, there was a roughly 36% chance of a rate hike in June just a few weeks ago, but now that probability has fallen to just 4 percent.
Rising Home Prices Lift US Wealth, Even as Stocks Fall
The Federal Reserve said that U.S. household net worth increased by 1 percent in the first quarter, while Americans’ stock and mutual fund portfolios shrank $160 billion, as home values increased $498 billion.
Single Women Make Up 2nd Largest Home Buying Group
According to the 2015 Profile of Home Buyers and Sellers, single women made up 18% of all first-time homebuyers last year, second only to married couples who made up 54% of total buyers.
NAR® Discovers Top Purchase Markets for Millennial Homebuyers
A flurry of financial obstacles and lifestyle choices are stalling the journey to homeownership for many young adults, but becoming a homeowner is currently more feasible in some less expensive metro areas with steady job growth and lower qualifying incomes needed to buy, according to new research by the National Association of REALTORS®.
Buying or Renting, Housing Affordability Just Gets Worse
Mortgage rates may be hovering near record lows, but it’s not enough to counter the sky-high and still rising prices in many of the nation’s largest housing markets.
America’s Most Undervalued And Overvalued Housing Markets 2016
The undervalued and overvalued markets have fairly distinct geographical breakdowns – overvalued in the West and Southwest and undervalued in the Northeast. Job growth is one common thread, but the other is a throwback to the housing crash and how different states handle foreclosures.