HELOC Use is On The Rise
June 29, 2018 Jessica Guerin
More Americans are tapping their home equity
For most homeowners, a good portion of their money is tied up in their house. But a sizable number are no longer content to sit on that nest egg and watch it grow. They want cash - now - and they're tapping their home equity to get it.
In the first quarter of this year, the number of people taking home equity lines of credit jumped 18% from the previous quarter and 14% from the same time period last year, according to a recent report from property analytics firm ATTOM Data Solutions.
In just three months, nearly 350,000 borrowers took out HELOCs, according to ATTOM. The cities with the most impressive upticks in HELOC volume were Hartford, Connecticut (up 80%), Nashville, Tennessee (up 74%) and Las Vegas (up 69%).
Fannie Mae: Both renters and homebuyers feel pessimistic about affordable housing availability
June 29, 2018 Jeremiah Jensen
Affordability concerns could be keeping people in their homes and contributing to inventory shortage
Renters and owners are more likely to be concerned about housing affordability when they have to find a new place to live compared to the affordability of where they already live, according to a report from Fannie Mae.
Basically, people feel more comfortable paying what they pay now and are concerned that their payment (whether it's rent or a mortgage) will be less affordable than what they currently have. This may explain why people are moving less frequently and, by extension, explain some of the shortage of homes on the market.
According to a new survey from Fannie Mae, just 8% of owners with a mortgage said their mortgage was not affordable, whereas as a whopping 45% of owners overall feel that it is difficult to find affordable housing in their area.
Your Guide to the Housing Market
U.S.News & World Report
By Devon Thorsby, Staff Writer
Breaking down buyer's and seller's markets, forecasts for home prices and how the housing market affects your financial situation.
How's the housing market these days?
It's a question almost as common as asking about the weather, and you'll hear it at a networking event, on the phone with your out-of-town cousin or while chatting with a real estate professional. But do you really know how the housing market is these days?
If you're looking to buy or sell a house, you should. The ebb and flow of activity in the real estate market is a major factor in your ability to make a successful offer on a house or find a buyer fast, and it may even affect how lenders valuate a property leading up to closing on a deal.
To be able to leverage all the details you need to make a confident, smart decision in a transaction, a little bit of knowledge on the current state of the real estate market is a must. But if you're just throwing out common industry terms like "seller's market" or arguing about buyer preference trends without any additional knowledge to back up your arguments, you'll likely see your bluff called.
You want to have an understanding of not just how the typical housing market cycle works, but also how your local market is functioning relative to the national market. To help you out, we've compiled the basics when it comes to understanding common real estate market lingo, current trends and how to examine the state of housing in your area.
Housing Market Basics
Buyer's market definition: A buyer's market occurs when there are more properties for sale than buyers actively shopping, giving buyers the upper hand. Homes for sale can be on the market for a few months before the right buyer comes along, and it's more likely that the seller will be inclined to give in to concessions the buyer requests, such as paying for a new roof or covering closing costs, in order to get the buyer to the closing table.
Seller's market definition:
A seller's market occurs when there are more buyers than properties available, leading to competition among buyers that brings about bidding wars, buyers placing offers on properties sight unseen and buyers experiencing pressure to put more cash down to get the seller's attention. In some seller's markets, the competitive spirit can at times cause prices to inflate beyond the rate of property value growth. When this happens, lenders may catch an inflated price during appraisal and refuse to lend the full amount. In other situations, the market may endure a price correction in which buyers hit their price limit and activity slows until prices return to a more normal level.
Ongoing Calendar of Concerts
Arizona Science Center
600 E Washington St Phoenix, AZ
July 27, 2018 to September 4, 2018
10:00 AM to 5:00 PM
$8.95 for non-members (adults and children) and $6.95 for members (adults and children). Exhibition requires purchase of general admission ticket.
Arizona Broadway Theatre
7701 W. Paradise Lane Peoria, AZ
July 27, 2018 to August 12, 2018
Show times vary, see website for details.
Ticket prices vary, check website for details
The Arizona Biltmore, A Waldorf Astoria Resort
2400 E Missouri Ave. Phoenix, AZ
July 27, 2018 to August 31, 2018
Recurring weekly on Friday
602-955-6600 x 7000
6:00 PM to 6:45 PM
Desert Botanical Garden
1201 N. Galvin Parkway Phoenix, AZ
July 28, 2018 to September 1, 2018
Recurring weekly on Saturday
7:00 PM to 9:30 PM
Included with general admission
Superior Town Hall
199 N Lobb Superior, Az 85173
The event begins Sat Aug. 18th 2018 at 7:00amand lasts All Day
At The Westworld Equidome In Scottsdale
16601 N Pima Rd, Scottsdale, AZ 85260
Friday, Sept 8th: 6:30 pm
Saturday, Sept 9th: 11:00 am, 3:00 pm, 6:30 pm
Sunday, Sept 10th: 11:00 am, 3:00 pm, 6:30 pm