Background, Credit Checks Are Fertile Ground for Lawsuits Property managers and other real estate professionals routinely conduct background and credit checks in the course of business. Be vigilant: You could be sued for not adhering to federal and state regulations when gathering and sharing sensitive consumer data. The latest “Window to the Law” video from …
Tag: News
Sep 12
Mortgage Rates Rise Again, Nearing Affordability Threshold
Mortgage Rates Rise Again, Nearing Affordability Threshold Mortgage rates continued inching up this week, nearing a threshold that would bring the average American household to a financial tipping point, warns Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®. The 30-year fixed-rate mortgage jumped to an average of 5.66%, Freddie …
Sep 09
FSBOs Usually Soar in a Hot Market. Not This Time
FSBOs Usually Soar in a Hot Market. Not This Time The volatile housing market over the last couple of years has driven more consumers toward using real estate professionals rather than attempting to complete a transaction independently. FSBOs made up only 7% of home sales in 2021—the lowest share since 1981—according to the latest Profile …
Sep 09
REALTORS® Rush Aid to Kentucky, Missouri Flood Victims
REALTORS® Rush Aid to Kentucky, Missouri Flood Victims The record-setting rains that deluged areas of Kentucky and Missouri in July caused extensive damage to homes and properties. The REALTORS® Relief Foundation has provided $1 million to help flood victims in both states stay in their homes or find emergency housing while recovering from their losses. …
Sep 08
Mortgage Rates Hurt Buyers More Than Home Prices
Mortgage Rates Hurt Buyers More Than Home Prices Mortgage rates were back on the rise this week, hitting an average of 5.55%, Freddie Mac reported Thursday. Rates are nearly double what they were a year ago, and the latest housing data from the National Association of REALTORS® demonstrates the impact of the jump in borrowing …
Sep 07
Survey: 94% of Sellers Don’t Disclose Property Defects
Survey: 94% of Sellers Don’t Disclose Property Defects Home buyers who waive the inspection contingency must rely heavily on seller disclosures to be informed about any potential problems with the property. But more than 90% of buyers say they found at least one issue with their home after the transaction that the seller didn’t disclose, …
Sep 06
NAR: Contract Signings, Down Again, May Have Hit Bottom
NAR: Contract Signings, Down Again, May Have Hit Bottom Home buyers continue to recoil from higher mortgage rates and home prices, with pending home sales in July plummeting nearly 20% year over year, according to data from the National Association of REALTORS® released Wednesday. Though summertime is traditionally busy for the real estate market, contract …
Sep 06
New-Home Sales Plummet as Rising Costs Sideline More Buyers
New-Home Sales Plummet as Rising Costs Sideline More Buyers Just a year ago, homebuilders were overflowing with new contracts and, at times, raffling off their few remaining lots to wait-listed buyers. But since then, buyer traffic has slowed significantly as costs have soared. Rising mortgage rates and high inflation have crashed the homebuilding party. New-home …
Sep 02
Homes Haven’t Been This Unaffordable Since 1989
Homes Haven’t Been This Unaffordable Since 1989 The average monthly mortgage payment jumped 54% year over year in June while the median household income rose only 5.8%, according to the National Association of REALTORS®’ Housing Affordability Index. As home affordability weakened and the median home price shot to a record $413,800 in June, NAR’s index …
Sep 02
Mortgage Rates Settle In the 5% Range
Mortgage Rates Settle In the 5% Range Mortgage rates appear to be settling in the 5% range after recent dramatic climbs that shocked home buyers. The 30-year fixed-rate mortgage averaged 5.13% this week, down slightly from its 5.22% average a week ago, Freddie Mac reports. Mortgage rates peaked at 6% in early June, which prompted …
Aug 31
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’ Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again this week, clocking in at 5.22%, Freddie Mac reports. Last week, the average for the 30-year …
Aug 31
Vulnerability to a Cyberattack Could Land You in Court
Vulnerability to a Cyberattack Could Land You in Court You’re putting your livelihood at risk if you’re “asleep at the wheel” when it comes to creating a data security plan, especially as the real estate industry faces growing cyberthreats, says Maame Nyamekye, staff attorney at the National Association of REALTORS®, in NAR’s latest “Window to …
