Alejandro Aravena, an architect and recipient of the prestigious Pritzker prize, posted four new housing plans online in order to make affordable, modern design more accessible. Mr. Aravena offered the plans free of charge, and hopes it furthers his plans of addressing rapid urbanization. Each of the plans contains drawings, sections, elevations, site plans, and details.
A reduction in rates contributed to a 2.7% increase in mortgage applications last week. This was the first sign of growth after a mostly-stagnant six weeks. Refinance volume is still 2% lower than it was a year ago. CNBC has a breakdown on where the market is currently.
This is a little off topic, but I wanted to share some information about this little-known program. The Senior Farmers’ Market Nutrition Program (SFMNP), awards vouchers that low-income seniors can use for a variety of foods at a local farmers’ market, roadside stand, or community-supported agriculture programs. If you or someone you know is interested, there is a list of participating state agencies on the USDA.gov site here.
There’s a good explanation on forbes.com today about the amount of paperwork required during the mortgage approval process, and why it’s necessary. Mark Greene breaks down the Qualified Mortgage, made law by the Consumer Financial Protection Bureau in January 2014. And, as much a nuisance as it may seem, the required paperwork is absolutely essential.
For a little April Fool’s Day levity, fusion.net has a story about merchants attempting to sell real estate in outer space. From mineral rights on the planet Ceres—where, the seller insists, the queen of England has some acreage—to something a bit more pedestrian (a simple plot on the moon). There are, surprisingly, multiple companies operating in the space real-estate arena.
Elizabeth Harris at Forbes examines recent data showing the spike in rent for lower-income families since 1996. Decline in homeownership among the middle and upper-income households has resulted in a limited supply for rental options. Additionally, median household expenditures increased across the board between 1996 and 2014.
Normally, this is something one researches only when already deeply entrenched in divorce. But, some forethought could preserve finances, and work to make a sometimes deeply contentious situation, less contentious. By utilizing calm decision making skills—free of emotion—both parties may be better prepared for their new lives. Time.com has some advice on their site.
USA Today has a short piece on what to look for in a real estate agent. We all want to support our friend or family member who happens to be an agent, but the article has an interesting anecdote that may give us pause depending on the transaction.
Seniors currently have $5.83 trillion in home equity, which is 16% above the pre-recession peak. Bankrate has a piece today detailing the new data, and what options it offers to senior citizens. President and CEO of the National Reverse Mortgage Lenders Association, Peter Bell, says “”For the millions of seniors without a pension, home equity is a valuable resource and can be an integral part of their retirement funding strategy.”
Stan Humphries, chief economist at Zillow, says that early May is the peak time to list your home. Basing his advice on a lower inventory this year, he posits that increased buyer competition will result in a faster sale. Furthermore, Thursday is apparently the best day to list your home, because buyers are preparing to go shopping over the weekend. CNBC has an article and accompanying video worth checking out.
