Efforts to abolish or deeply reform property taxes are gaining momentum in multiple states — including Ohio — where impassioned debate has cited potential funding shortfalls for local services, seniors being prices out of homes and further effects on the housing market. Howard Fleeter, an economist with the Ohio Education Policy Institute who has worked […]
Ohio property tax debate intensifies Read More »
U.S. real estate investors bought about 52,000 homes in the second quarter, the lowest level for that period since 2020, according to a report from Redfin. Purchases were down 6% from a year earlier — the largest drop since late 2023. Redfin, which analyzed purchase records across 39 major metropolitan areas, defines an investor as
Investor home purchases hit lowest second-quarter level since 2020 Read More »
Mortgage rates remain below the 50-year average, but most homebuyers see them as unusually high — a perception that is driving stress, delaying purchases, and reshaping major life decisions, according to a nationwide survey conducted in August. The survey of more than 1,000 buyers, released this week by Tomo Mortgage, highlights the gap between economic
Homebuyers strained by costs, confused about mortgage market Read More »
You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way. On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year. What Sparked the
Mortgage Rates Just Saw Their Biggest Drop in a Year Read More »
The homeownership rate among Black Americans fell to 43.9% in the second quarter of 2024, the lowest level since late 2021, according to Redfin. That was down from 45.3% a year earlier and marked the steepest annual decline since the third quarter of 2021. By comparison, the Hispanic homeownership rate rose slightly to 48.8% from
Homeownership among Black Americans drops to 4-year low Read More »
California has become the first U.S. state to require homeowners selling older properties in high-risk wildfire zones to disclose not just a house’s vulnerabilities, but also steps taken to reduce those risks. The new mandate took effect in July and applies to houses built before 2010 – when the state strengthened building codes to withstand
Wildfire warnings accompany California’s older home sales Read More »
The total value of U.S. homes has climbed to a record $55.1 trillion, although growth has cooled in the past year amid high housing costs. That figure represents a $20 trillion increase since early 2020 and an $862 billion gain over the past year, according to an analysis released Monday by Zillow. But while the
US housing market value hits record $55T, but growth is slowing Read More »
Los Angeles will make $387 million available for affordable housing projects — reportedly the largest single funding round in the city housing department history. Applications for the funds opened Sept. 5 and close Oct. 20. Eligible applicants include nonprofit and for-profit developers, community land trusts, limited equity housing cooperatives, public entities and other organizations, the
Los Angeles ‘mansion tax’ fuels record affordable housing funding Read More »
Homeowners are spending a growing share of their mortgage payments on property insurance, which is now rising faster than principal, interest and taxes, according to the September ICE Mortgage Monitor. Data shows that annual property insurance payments for single-family mortgage holders now average nearly $2,370. That amounts to 9.6% of monthly mortgage-related expenses, the highest
Rising insurance costs deepen homeownership strain Read More »
More than two dozen organizations will present cutting-edge housing and building solutions on the National Mall in Washington, D.C., this weekend during the U.S. Department of Housing and Urban Development (HUD)’s annual Innovative Housing Showcase. The event, established by then-HUD Secretary Ben Carson in 2019, is scheduled for Sept. 6–10. “HUD is proud to champion
HUD Innovative Housing Showcase begins Saturday Read More »