The impending reauthorization deadline for the National Flood Insurance Program (NFIP) by September 30 has significant consequences for homeowners and potential homebuyers. Without the reauthorization, the NFIP will not be able to issue new policies or increase coverage on existing policies. This means that individuals in flood zones or those looking to purchase homes in
Real Estate
Kamala Harris, Vice President of the United States, recently unveiled an economic policy proposal that focuses on increasing affordable housing in the country. Harris aims to lower the costs of owning and renting a home in the U.S. by constructing 3 million new housing units over the next four years. This proposal has been met
Recent reports have shown that the shareholder returns for top homebuilders, such as D.R. Horton and Lennar, have outpaced the wider S&P 500 index between August 2014 and August 2024. However, analysts have recently downgraded the investment outlook for both companies this summer. This shift in sentiment has raised concerns among investors about the future
The real estate market experienced a 1.3% increase in closed sales of previously owned homes in July compared to June, reaching a seasonally adjusted annual rate of 3.95 million units. Despite this slight improvement, sales were 2.5% lower compared to the same period last year. Sales performed best in the Northeast region, while the Midwest
Despite mortgage rates falling for the third consecutive week, there was a significant drop in applications to refinance a home loan. The Mortgage Bankers Association reported a 15% decrease in refinance applications compared to the previous week. This decline comes after a 23% surge in demand over the past four weeks, as mortgage rates saw
The current situation in the UK mortgage market is one of unprecedented change. In the aftermath of the Bank of England’s first interest rate cut in four years, high street lenders have been quick to follow suit by slashing borrowing costs. This move has resulted in a significant drop in mortgage rates, with some lenders
Inflation in the United States continued to decline in July, with price pressures easing on consumer staples like food and energy, as well as physical goods such as new and used cars. The consumer price index (CPI), a crucial metric for measuring inflation, increased by 2.9% in July compared to the same month a year
The construction boom in the U.S. has led to a surplus of housing units, resulting in lower rents and various benefits for renters. This surge in construction activity, especially since the pandemic, has substantially increased the inventory of available units, giving renters more options to choose from. According to Zillow Group, a significant number of
Homeowners across the country are currently sitting on a staggering $17 trillion in equity, a figure that has increased significantly compared to previous years. This means that the average homeowner has gained around $28,000 in equity over the past year. While it may be tempting to tap into this equity for various reasons, experts are
Despite the remarkable strength of the U.S. economy amidst persistent inflation and high interest rates, a surprising 59% of Americans believe that the country is currently in a recession. According to a recent survey conducted by Affirm in June, most respondents pointed to higher costs and difficulty in making ends meet as a reason for