End your week right with the latest in real estate news!
To bolster homeownership rates, make housing accessible to minorities
n spite of historically low interest rates coupled with a robust job market, domestic rates for homeownership have held steady at a 50-year low. Local, state and federal government agencies have paired with real estate institutions to create programs to help buyers with the homeownership process. It was recently revealed in a study by Apartment List that minorities need extra support via programs like these.
Homeowners (and Taxpayers) Face Billions in Losses from Harvey Flooding
As we watch the national tragedy of Hurricane Harvey unfold on our screens, preliminary estimates are revealing there may be upwards of $30 billion in damages inflicted on homeowners. Insurance may cover 40 percent, but the federal government will have to pick up the rest of the tab. Complicating matters is the fact that the National Flood Insurance Program, which underwrites all other homeowners’ flood coverage, faces financial uncertainty.
Lean Inventory Drives Home-Price Gain in 20 U.S. Cities
A persistent inventory shortage for previously-owned homes is keeping prices elevated at a time when housing demand is being sustained by a strong job market and still-low mortgage rates. In the past few years, growth in property values has consistently outpaced wage gains and is holding back potential new entrants to the housing market.
Mortgage applications fall again, as borrowers wait for even lower rates
Mortgage volume is weakening with interest rates at their lowest since November of last year. Other factors include a reduced number of sales as buyers struggle with low supply.