Mortgage refinance activity may have been the true hidden culprit behind the housing crisis, according to a new report by the Urban Institute written by Laurie Goodman, codirector of UI’s Housing Finance Policy Center.Mortgage refinances were more likely to default than mortgages taken out to purchase a home “mostly because many people were treating their homes as ATMs through cash-out refinances,” Goodman notes.Eighty-four percent of gover
The Consumer Financial Protection Bureau reportedly is looking into whether some of Zillow’s advertising revenues violate regulations against kickbacks, MarketWatch reports.The investigation centers around the Real Estate Settlement Procedures Act, known as RESPA, and how a real estate agent or lender gets business from a home buyer. RESPA prevents agents and lenders from funneling customers to one another in exchange for kickbacks or rewards.T
More homes are predicted to be sold this year than in more than a decade. In 2017, the number of existing-home sales is expected to increase about 3.5 percent to 5.64 million. By 2018, existing-home sales will likely rise another 2.8 percent to 5.8 million, according to forecasts by the National Association of REALTORS®.The rise in new jobs, pent-up household formation, and increasing consumer confidence are helping to propel the housing market
If you’re new to water features, a little nervous to try them, or just plain lazy, then consider this your personal guide to installing a backyard pond and waterfall.There will be no fancy-pants koi fish to clean up after, no custom river rapids, and no Niagara-sized waterfalls here. We’re working with the simple stuff: a basic rigid plastic pond liner, a waterfall pump kit, rocks, and aquatic plants — all of which should be available at y
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Household debt is topping its 2008 peak prior to the housing crash. Total household debt has risen to $12.73 trillion in the first quarter, the Federal Reserve Bank of New York reported Wednesday.However, Americans are handling their debt—mortgages, credit cards, auto loans, and other forms of borrowing—much better, the report shows.Americans were delinquent on 4.8 percent of total debt in the first quarter. For comparison, at the end of 2009
Several startups and real estate owners are jumping into the apartment-sharing business, where they rent out individual rooms instead of entire apartments, The Wall Street Journal reports.For example, Property Markets Group, through its PMGx division, started offering the “co-living” option in one of its Chicago buildings. The company plans to develop more buildings designed for co-living and expand the offerings to more than 7,000 beds in 3,
Engineering college majors can become homeowners in the shortest amount of time compared with those who earned other college degrees, according to a realtor.com® analysis.Engineering majors become homeowners, on average, in 2.6 years following graduation. Petroleum engineering majors earn a starting salary of $96,700, according to Payscale.com. The study estimates that they can, therefore, potentially save $19,340 a year, which could amount to a
Smart-home features can boost a home’s sale value by up to 5 percent. That totals about $15,000 on a $300,000 home—no chump change to a seller.Home appraisers are now starting to factor in the value of smart-home features into their valuations as well, according to a recent article at realtor.com®.So what exactly are the perks of a smart home if you ever find you’re selling one? The article points to some of the following benefits:Smart ho
Where are the hotspots of new apartment development post-recession?New York’s Long Island City leads the nation for the most new apartment construction. The area has added 12,533 new units between 2010 and 2016 in 41 buildings, according to a new analysis by RentCafe. A handful of other cities also saw large spikes in apartment buildings in that time period.RentCafe analyzed construction data from Yardi Matrix and Property Shark in about 1,000
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