Priced Out: The Housing Affordability Gap in America’s Largest Metros

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Housing affordability is a growing problem for the middle class. As home prices across the nation’s 30 largest metro areas have increased by 26 percent since the market bottomed in 2012 and the median household income edged up just 1.6 percent nationally, housing affordability for the middle class has dwindled. In 2012, a family earning the area median income could … Read More

Homes Sold Faster than Ever in April; Prices Marched Upward

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The median home sale price increased 6.2 percent in April to $280,000, continuing a five-year trend of steady annual growth. A lack of homes for sale kept a lid on sales, which inched up just 1.2 percent compared to last year. The number of homes for sale fell 13.3 percent, the steepest decline in four years. Since October 2015, the … Read More

Movement Out of California Was the Most Influential Driver of U.S. Migration Patterns in Early 2017

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In an analysis of a sample of nearly one million Redfin.com users searching for homes across 75 metro areas in the first three months of 2017, we found that one in five (19.8%) searched mostly1 for homes outside their home metro2. Among them, about half searched exclusively in other metros. Three trends dominated the migration patterns seen in Redfin.com user … Read More

These Are the Best Places to Live If You Love March Madness

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The official bracket has been released and we’re ready to kick off March Madness! It’s the time of year for office pools, alma mater pride and the chance to impress the world with your basketball knowledge (or incredible luck depending on how you view gambling). About 40 million Americans fill out a bracket and bet more than $2 billion on … Read More

How Ben Carson and HUD Can Begin to Solve America’s Housing Affordability Crisis

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Image via Wikimedia Commons This afternoon Dr. Ben Carson, the newly-confirmed Secretary of the Department of Housing and Urban Development (HUD), addressed his staff, observing that because of its scope, the department was well-positioned to influence the country very broadly. On this point, we couldn’t agree more. Income inequality and a shortage of affordable housing are at the worst levels … Read More

Solar Power is an Untapped Resource in These 10 Cities

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We all live under the same sun, but some places get a lot more sun-love than others. The Northeast region of the United States might seem like one of those places that is lacking in the sunlight department when compared to areas like the West Coast, but there is actually a lot of untapped solar potential in that part of … Read More

Mapping FHA Loans Shows Where Cities Need More Housing

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In the hottest job markets, federal loan programs aren’t helping people land homes in the areas that are closest to the best jobs. Federal Housing Authority (FHA) borrowers are often working-class first-time homebuyers. In hot job markets, the supply of affordable homes close to work is so limited that FHA homebuyers chase affordability into neighborhoods that are far from their … Read More

Mortgage Rates Are Back Down: Why They’ll Stay Low

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Mortgage rates were down this week, averaging 4.09 percent for a 30-year, fixed-rate loan, down from 4.12 percent last week. Last year at this time, the rate was 3.81 percent, according to Freddie Mac . What’s going on? Immediately after Donald Trump’s unexpected victory in the presidential election, mortgage rates jumped, with the 30-year fixed climbing as high as 4.32 … Read More

Rising Mortgage Rates: Homebuyers Are More Resilient Than You Might Think

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Last week, the average 30-year fixed-rate mortgage rose to 4.16 percent , while the Federal Reserve raised the federal funds rate for the first time in a year, and only the second time this decade. How does this affect homebuyers? Redfin is on the record predicting that in 2017, rates won’t average above 4.3 percent for the year , as … Read More

The Fed Raised Rates, So What Will Happen With Mortgages?

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Mortgage rates were up this week, averaging 4.16 percent for a 30-year, fixed-rate loan, up from 4.13 percent last week. Last year at this time, the rate was 3.97 percent, according to Freddie Mac . As recently as late October, the 30-year fixed was at 3.47 percent, so the current rate does mark a notable hike. And just on Wednesday, … Read More