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California Senate Approves Bill to Expand Down Payment Program to Illegal Immigrants

California Senate Approves Bill to Expand Down Payment Program to Illegal Immigrants

by Phil Hall | Aug 29, 2024 | Industry Updates, News/Current Events, Real Estate News, WRE News Exclusive

The California State Senate voted 23-11 to approve a bill that opens a state program for down payment assistance to illegal immigrants. However, it is unclear whether Gov. Gavin Newsom will sign or veto the bill. AB 1840 would require the California Dream for All...
Atlanta Fed Chief Recommends Waiting on Rate Cuts

Atlanta Fed Chief Recommends Waiting on Rate Cuts

by Phil Hall | Aug 29, 2024 | Industry Updates, News/Current Events, Real Estate News, WRE News Exclusive

Federal Reserve Bank of Atlanta President Raphael Bostic is seeking to dial down the enthusiasm over a potential rate cut by the central bank next month, arguing there was no rush for such an action. Reuters reported that Bostic used a speech in Atlanta to declare he...
Mortgage Rates Drop Again

Mortgage Rates Drop Again

by Phil Hall | Aug 29, 2024 | Mortgage Information, News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Mortgage rates continued to decline in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). The 30-year fixed-rate mortgage averaged 6.35% as of Aug. 29, down from last week when it averaged 6.46%. A year ago at this time, it averaged...
Police Dispute Claims That Venezuelan Crime Gang Took Over Denver-Area Apartment Complexes

Police Dispute Claims That Venezuelan Crime Gang Took Over Denver-Area Apartment Complexes

by Phil Hall | Aug 29, 2024 | News/Current Events, Real Estate News, WRE News Exclusive

The Denver Police Department has disputed reports that several local apartment complexes have been taken over by the Venezuelan gang Tren de Aragua after a video surfaced of gang members roaming through a building while openly carrying guns. In a statement shared on...
Pending Home Sales Plummeted in July

Pending Home Sales Plummeted in July

by Phil Hall | Aug 29, 2024 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Pending home sales sank during July, according to new data from the National Association of Realtors (NAR). The Pending Home Sales Index (PHSI), NAR’s a forward-looking indicator of home sales based on contract signings, dropped by 5.5% to 70.2 in July, the lowest...
Study: Buyers Need to Earn Nearly $80,000 Annually to Afford a Typical Starter Home

Study: Buyers Need to Earn Nearly $80,000 Annually to Afford a Typical Starter Home

by Phil Hall | Aug 29, 2024 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

The monthly housing payment for the typical starter home that sold in July was $1,981, up 4.4% from one year earlier, according to a new data report from Redfin (NASDAQ: RDFN). To afford a typical starter home, buyers must earn $79,252 annually, also up 4.4%...
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