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For millennials looking to buy their first home, the hunt feels like a race against the clock.
U.S. long-term mortgage rates fell this week to a 10-month low, spurring on potential homebuyers for the upcoming season.
In defense of millennials, a new Bankrate survey shows the generation has the will, and National Board of Realtors data show they have the wallet (or at least the mortgages).
Spring is here, which means some people are gearing up to make what could be the largest purchase of their lifetime: a home. In many parts of the country, would-be buyers are finding that there aren’t enough homes on the market. That could lead them to move more quickly than they would like to increase their chances of getting the home they like, says Tim Manni, a mortgage expert for NerdWallet, a personal-finance site. The home-buying process can have many moving parts, and even people who aren’t rushing the process can make mistakes.
Single women account for 17 percent of homebuyers in the U.S., compared with 7 percent of single men, according to the National Association of Realtors.
The U.S. housing industry is ready to sell it to baby boomers.
While a majority of homebuyers age 55 and over is seeking homes about the same size as their present home, builders catering to the age group can no longer afford to ignore the cash-strapped population demanding a smaller alternative to the 2,400-square-foot new home.
Maybe this time higher interest rates actually mean higher interest rates. A year ago, the Federal Reserve lifted the key U.S. interest rate for the first time in more than nine years. Counterintuitively, mortgage rates then fell, and homebuyers had one more chance to refinance at historically low rates.
First-time buyers may be entering the U.S. home market in greater numbers than industry watchers had assumed.
U.S. homebuyers pulled back in July, as sales declined amid a shortage of available properties and steadily rising prices.
g-term U.S. mortgage rates declined this week after rising for three straight weeks, continuing to lure prospective homebuyers.
An appeal to Congress this week from more than a dozen governors, including Washington’s Chris Gregoire, to approve more money for Medicaid patients appears to have fallen on deaf ears, at least for now. Gregoire and other governors gathered in Washington, D.C., Wednesday hoping to put pressure on the Senate to raise the federal medical assistance percentages, or FMAP. But the senators headed home for their July Fourth recess without taking another vote on the measure.
WASHINGTON — Homebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday. Under current law, homebuyers who signed purchase agreements by April 30 have until today to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases.
Homebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House today.
WASHINGTON – The housing market may be on the verge of taking another plunge that could weaken the broader economic recovery. Sales of previously occupied homes dipped in May, even though buyers could receive government tax credits. And nearly a third of sales in May were from foreclosures or other distressed properties. That means home prices could soon be heading down after stabilizing over the past year.
Home prices in February posted their first annual increase since the end of 2006, lifted by temporary tax credits for homebuyers.
WASHINGTON – Millions of homebuyers in the United States will have to come up with more cash and reach higher minimum credit scores to get a government-backed mortgage under changes announced by the Federal Housing Administration. Some loans might require more than the current 3.5 percent minimum down payment, but the Obama administration is resisting calls for an across-the-board hike. Instead, it is looking at other ways to increase the amount of cash at closing, such as requiring borrowers to pay more of their mortgage insurance premiums upfront.
WASHINGTON – Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.
Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.