Banks likely don’t want to repeat the mistakes of 2008-2012 when they put large numbers of foreclosures on their books. This time, many will instead negotiate a modification plan with the borrower, which will enable households to maintain ownership of the home.
Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.
In simplest terms, a home appraisal determines the value of a home, while a home inspection determines the condition of a home.
Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not.
As vaccines become more widely available and a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows.
Here is a list of some of the most common terms in the homebuying process.
Recent data from the Federal Reserve indicates the net worth of a homeowner is actually over 40 times greater than that of a renter.
The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.
According to the latest report from the National Association of Realtors (NAR), in July, 68% of homes were on the market for less than a month.
Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale.