Single-family rentals soaring in hot housing market
Americans are finding homeownership increasingly out of reach or not worth the commitment, and are instead turning to the next closest thing: single-family rentals. Built-to-rent homes, which are constructed for single families as rentals, were surging even before Covid. The pandemic accelerated the trend, as the number of built-to-rent homes soared by 30 percent from 2019 to 2020, according to the New York Times.
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Housing is the economy's Energizer bunny: It keeps going and going
The housing market is showing no significant signs of slowing, despite some concerns that prices may be close to peaking as mortgage rates climb. Housing starts in September were up from a year ago, while existing home sales topped economists' forecasts and rose from August levels. Even as some sectors of the economy remain muted, the housing boom keeps going and going. That's obviously good for builders, but it could also be great news for the broader economy and stock market - especially since this strength appears to be nationwide.
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The Affordable Housing Crisis Is Destroying Relationships and Families
usan, a call center employee, moved in with her boyfriend, Eugene, after they had been dating for just over two months. "We couldn't afford to live by ourselves," she explained. Eugene, who worked two jobs, was barely breaking even, although he split rent with a male roommate. Adding Susan to the household was no one's first choice, but they all understood it was financially what they needed to do.
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Can a Seller Relist a House When the Earnest Money Hasn't Been Returned?
Is the seller legally able to withhold a buyer's earnest money, even if the house is relisted? Let us help you make sense of this stressful situation.
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First American doubles down on Endpoint with $150M in funding
First American Financial Corp. is doubling down on its digital title and settlement services subsidiary, Endpoint, injecting another $150 million in funding to help the company bring a "reimagined" closing process to more markets.
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Prospective Buyers Cite Down Payment, High Prices as Barriers
Buying a home is typically the largest purchase one makes in their lifetime and new data from Bank of America shows that the locations and feelings of family are a huge factor for first-time buyers looking to get into the market.
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Changes to Title and Survey Diligence Insurers Don't Want to Miss
As part of an effort to revamp and modernize title insurance policies and land surveys, this year, the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS) updated their standards, which are now in use and are summarized below.
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FHFA to make desktop appraisals permanent
Desktop appraisals, a temporary flexibility implemented in March 2020 to keep the mortgage industry afloat amid lockdowns and social distancing, will become permanent, the Federal Housing Finance Agency said today. Sandra Thompson, acting director of the FHFA, said both Fannie Mae and Freddie Mac will allow appraisals to be conducted remotely, using public records such as listings and tax appraisals, for purchase loans starting in early 2022.
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Today's tight housing market is already overbuilt, one analyst says
One analyst, Dennis McGill, director of research at Zelman & Associates, however, said that the current supply of homes for sale is not indicative of the overall need to build more houses. Demand is strong right now, he said, because of an unusual emotional surge driven by the pandemic. Demographics, which are a better measure of housing demand historically, do not support more construction.
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