As the spring housing market grapples with low supply, high prices, and increasing interest rates, potential homebuyers are turning towards new construction homes. According to Nicole Bachaud, a senior economist at Zillow Group, new homes offer more incentives and availability compared to previously owned properties. Statistics from the U.S. Census Bureau and the U.S. Department
Real Estate
Last week, mortgage rates experienced a third consecutive increase, reaching the highest level since November. Consequently, mortgage application demand suffered a 2.7% decline compared to the previous week, according to the Mortgage Bankers Association’s index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances also rose to 7.24% from 7.13%, with
Floodplain buyouts, facilitated by FEMA’s Hazard Mitigation Grant Program, have been instrumental in assisting homeowners who have experienced devastating flooding in their properties. By purchasing damaged homes and converting the land into open space or flood collection areas, communities can potentially mitigate the impact of future flooding events. This not only benefits individual homeowners by
When buying a newly built home, many buyers are often surprised by the total cost. The median sale price for new construction in the U.S. was $400,500 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. However, the value of a newly built house depends on various factors,
Recent regional bank earnings have raised concerns regarding the stability and vulnerabilities of these financial institutions. Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corp, has expressed worries about the reliance on industry deposits and concentrated exposure to commercial real estate. She also highlighted the potential instability of uninsured deposits, even for healthy
Vietnamese property tycoon Truong My Lan has been handed a severe sentence for her involvement in a major financial fraud case in Vietnam. She was found guilty of embezzlement, bribery, and violating banking rules related to lending. The court sentenced her to death for the embezzlement charges and 20 years in prison for each of
China’s economy heavily relies on the stability of its housing market. According to Richard Koo, chief economist at Nomura Research Institute, convincing people that home prices are set to rise is crucial for stimulating economic activity in the country. However, the reality seems bleak as both business and consumer appetite for new loans have been
Purchasing a new home can be an exciting and fulfilling experience, but it can also come with unexpected financial burdens. According to a recent survey by Real Estate Witch, nearly 75% of new homeowners have regrets about their purchase, with property taxes being the most common concern, surprising 33% of new owners. This is particularly
The U.S. real estate market is currently experiencing a significant increase in the number of “million-dollar” cities, with a record 550 areas where the typical home is valued at $1 million or more. This surge in million-dollar cities can be attributed to the mortgage lock-in effect, according to a recent analysis by Zillow. The lock-in
China’s real estate industry continues to face significant challenges that are impacting the overall GDP growth of the country. According to a recent report by global investment firm KKR, the real estate sector in China is fundamentally overbuilt and in dire need of immediate attention. This was highlighted by Henry H. McVey, the head of
