Issues related to drone usage, imagery copyright, and mold are putting homeowner associations at increased risk of litigation, according to national insurer USI Insurance Services.Some residents have sued their condo boards for using drones to snap photos of buildings that also capture interior views of their units through the windows. Community associations may use drones to collect information on the conditions of roofs and common grounds, but
Borrowers were faced with rising mortgage rates again this week, after a slight pause from increases the week before.“Despite volatility in the stock market, the 30-year fixed-rate mortgage inched forward just 1 basis point to 4.86 percent this week,” says Sam Khater, Freddie Mac’s chief economist. “We expect rates to continue to rise, which will put downward pressure on homebuying activity. While higher borrowing costs will keep some peo
Financial experts are growing concerned by how millennials’ lack of homeownership will impact them financially when they retire."Homeownership is one of the touchstones of being prepared for retirement," Tamera Sims, a research scientist at the Stanford Center on Longevity, told CNBC. "Buying a home at age 50 or 60 isn't going to do you much good in funding a 30-year retirement."But young adults are “not able to hit the [housing] market at t
Home prices are showing some signs of cooling, but in a handful of markets, some homeowners likely won’t notice much. That’s because homeowners who have owned their home since before the recession have seen their home prices jump by 50 percent—even up to 80 percent.Median home prices are above pre-recession levels in 69 percent—or 103--of the 150 metro areas tracked, according to a new report from ATTOM Data Solutions. Median home prices
Pending home sales increased slightly in September, with significant gains in the West and Midwest offsetting more modest growth in other regions, the National Association of REALTORS® reports. NAR’s Pending Home Sales Index, a forward-looking measure based on contract signings, shows signings inched up 0.5 percent nationwide to a reading of 104.6 in September. But on a year-over-year basis, contract signings have dropped 1 percent—marking t
Sales of newly built homes dropped for the fourth consecutive month, while new construction inventory reached the highest level in years, the U.S. Commerce Department reported Wednesday. Sales of new single-family homes dropped 5.5 percent last month, the slowest pace since December 2016.“New-home sales activity has slowed this summer as housing affordability remains a serious issue,” says Randy Noel, chairman of the National Association of H
The surge in off-market “pocket listings”—those held off the MLS in favor of secret channels and networks between agents or within a brokerage—is a growing issue in the real estate industry. In markets starved for inventory, real estate professionals are struggling with being kept out of these secret dealings for homes that their buyers could potentially want.In markets such as Los Angeles, for example, reports say that up to 30 percent
Which city will be the site of Amazon’s second headquarters? City officials in finalist areas are anxiously awaiting, and some investors are already betting on the winner and snatching up real estate ahead of the announcement or gathering commitments ahead of time so they’ll be ready to pounce once the winner is announced, The Wall Street Journal reports.“HQ2 is guaranteed to meet three criteria: tech job growth, tech job growth, and tech
Many consumers may see their credit scores move higher, following an announcement on Monday from FICO, a leading credit scoring company. FICO, Experian, and Finicity announced a new pilot program that will consider how prospective borrowers manage their cash that could move credit scores higher. Credit scores are a critical component when qualifying for a mortgage and getting the lowest rates.The program, called UltraFICO score, aims to help peop
Investors could be eligible for significant tax breaks when purchasing property in distressed economic areas across the country that the U.S. Treasury Department has labeled “opportunity zones.” Treasury Secretary Steve Mnuchin predicts that the newly designated zones could attract up to $100 billion in investment.The goal is to draw capital to areas where investment has lagged since the Great Recession by allowing investors to avoid some tax
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