With real estate prices at the highest they’ve ever been, getting into a house in certain markets can be a daunting task. Out of 130 metro areas analyzed in June, about one-third are at all-time highs for real estate prices. Money magazine has additional information, here.
Low housing supply is hindering home sales as we progress through summer. Mortgage application volume is down 11%, but still up 40% from a year ago. CNBC has a breakdown of the current state of things, here.
For many, computing mortgage numbers is confusing and unpleasant. Realtor.com has a short article simplifying the process, with helpful links, here.
Realtor.com has an article today on the best U.S. cities to invest in budget real estate. Included in the top-ten cities are: Jacksonville, FL, (At #1), Chicago, IL, Detroit, MI, and Phoenix, AZ. You can read the report, and see the remainder of the list, here.
The New York Times has a piece on buyers beating out competition on sought-after properties by buying in cash, then securing financing at a later date. Depleting your savings to secure a real estate deal is not a sound investment strategy in most cases, but the article is worth a look. More, here.
The NAR reported that existing home sales were up 1.1% in June to an annual rate of 5.57 million units, the highest level since early 2007. More, here.
NerdWallet has an article on considering taking out a smaller loan than you qualify for. The article lists 6 reasons to consider, but it could be distilled into one broad point—Protect Yourself. Not overextending your credit provides you with greater flexibility should anything unexpected arise. More, here.
Claes Bell, reporting for Bankrate.com, shares national survey results on long-term investments. Real estate leads the list, followed by cash, gold, then the stock market. More, here.
HousingWire has a piece today about the Community Mortgage Lender Regulatory Act of 2016, a new legislation that could bring relief to independent, community-based mortgage lenders. More, here.
Fortune shared an informative piece yesterday using a series of charts to explain the current state of the real estate market. In short, we’re continuing to move in the right direction. More, here.
