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Hits and Misses for the Real Estate Week of July 24-28

Hits and Misses for the Real Estate Week of July 24-28

by Phil Hall | Jul 28, 2023 | Hits and Misses, News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

An accused serial killer’s house attracts unwanted attention, a royal couple’s possible arrival created agita, and what does Iceland have that the U.S. doesn’t? Looking into the wild and wooly world of real estate, here are our Hits and Misses for this week. Miss:...
First-Time Buyers Need to Earn 13% More Than a Year Ago to Purchase Starter Home

First-Time Buyers Need to Earn 13% More Than a Year Ago to Purchase Starter Home

by Phil Hall | Jul 28, 2023 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

What a difference a year makes – according to Redfin (NASDAQ:RDFN), a first-time homebuyer must earn roughly $64,500 per year to afford the typical “starter” home, up by $7,200 or 13% from one year earlier. Redfin reported the typical starter home sold for a record...
$91 Million Affordable and Supportive Housing Development Opens in the Bronx

$91 Million Affordable and Supportive Housing Development Opens in the Bronx

by Phil Hall | Jul 28, 2023 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

The New York State Division of Housing and Community Renewal announced the completion of Williamsbridge Gardens, a $91 million affordable and supportive housing development in the Williamsbridge section of the Bronx. The new development consists of two eight-story...
HUD Debuts $85 Million Program for Removing Barriers to Affordable Housing

HUD Debuts $85 Million Program for Removing Barriers to Affordable Housing

by Phil Hall | Jul 27, 2023 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

The U.S. Department of Housing and Urban Development (HUD) has unveiled Pathways to Removing Obstacles to Housing (PRO Housing), a new program that will provide $85 million in grants for communities to identify and remove barriers to affordable housing production and...
Mortgage Rates Are Up Again

Mortgage Rates Are Up Again

by Phil Hall | Jul 27, 2023 | Mortgage Information, News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Mortgage rates ascended anew in Freddie Mac’s (OTCQB: FMCC) latest Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 6.81% as of July 27, up from last week when it averaged 6.78%. A year ago at this time, it averaged 5.30%. The 15-year...
Mortgage Delinquency Rate Crashes to All-Time Low

Mortgage Delinquency Rate Crashes to All-Time Low

by Phil Hall | Jul 27, 2023 | Mortgage Information, News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

U.S. mortgage delinquency plummeted to a historic depth, according to new data from CoreLogic that determined 2.6% of all mortgages were in some stage of delinquency during May. This is down from 2.8% in April and 2.7% in May 2022. During May, early-stage...
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