Minnesota is the latest state to adopt a First-Time Home Buyers Savings Account, joining a growing list of states.These accounts allow individuals and families to save for their first home by putting a percentage of their income, or a capped amount of funds, into an account that is free from state income taxes.The Minnesota Governor signed legislation to create a First-Time Home Buyers Savings Account in the state into law this week. Minnesota no
Homeowners may be reluctant to sell, but they still want to see a piece of that equity in their homes now. They’re cashing out in levels that have not been seen since the financial crisis, Freddie Mac reports.Nearly half of borrowers who refinanced their homes during the first quarter did a cash-out option, the highest level since the fourth quarter of 2008, according to Freddie Mac.Still, the number of borrowers doing a cash-out refi remains w
Amid scarce supplies and high buyer demand, homes are selling fast across the country. Home prices are rising as well: The nationwide median home list price rose above $250,000 for the first time, realtor.com® reports. The median list price is 10 percent higher than a year ago.“With a record number of home buyers out there, this is officially the most competitive, fastest-moving spring housing market in decades,” says Javier Vivas, manager o
The Federal Reserve says that an increase in interest rates is coming soon, and quarterly hikes are likely in the future—a fundamental shift of its policy over the last few years, The New York Timesreports. While the Fed has been very cautious regarding signs of economic weakness, the bank is “now willing to shrug off at least a little bad data,” according to the article.Federal Reserve board member Lael Brainard, who advocates caution when
For the second consecutive month, pending home sales scaled back as significantly weak supply levels of homes for sale continue to press on affordability conditions, the National Association of REALTORS® reported Wednesday.NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1.3 percent in April to a 109.9 reading. The index is now 3.3 percent below a year ago. All four major regions saw a decrease in co
The U.S. boasts 95,471 miles of shoreline, and owning a small portion of that doesn’t have to necessarily set you back millions to own. Home buyers can still fetch bargains in plenty of U.S. beach towns, snagging a home for $250,000 or less.Realtor.com®’s research team analyzed the median home prices in beach towns with populations of from 1,000 to 100,000. Towns must have had at least 30 properties on the market to be considered in the rank
Would-be buyers are hard-pressed to find enough homes for sale this spring, and that is chipping away at the number of mortgage applications lenders are processing, CNBC reports.Total mortgage applications, including those for refinancing and home purchases, dropped 3.4 percent week over week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. The MBA’s mortgage application index is now 14 percent lower than a y
Social media remains a central focus for businesses looking to reach new and old customers online, according to a survey of 376 business professionals about their strategies with online marketing.Facebook still dominates among industries, with 88 percent of survey respondents saying they turn to that network to promote their brands. Marketers also are growing more satisfied with Facebook ads for outreach. The number of participants using Facebook
Credit scores among U.S. consumers surged to a record high this spring. Further, the share of borrowers considered among the riskiest borrowers hit a record low. The higher credit scores could be a boon for the mortgage market: A good credit score can help borrowers snag a better mortgage rate and better their chances of qualifying for financing."Higher scores lead to more available credit," says Cris deRitis, senior director in the economics gro
No change in sight for the escalating seller's market, but what goes up must come down eventuallyKey Takeaways The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.8 percent annual gain in March, up from 5.7 percent last month.March’s S&P/Case-Shiller Home Price Index numbers set a fifth consecutive all-time high – the highest HPI seen in 33 months.March 2017’s n
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