single-family

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California home sales fell 24.5 percent last month compared to the same period a year ago as the median price of an existing home slumped 29 percent, the California Association of Realtors said.

The seasonally adjusted annualized sales rate of existing, single-family detached homes in California fell to 318,830 last month, down from an annual pace of 422,330 in March 2007.

The median price of an existing, single-family detached home in California last month was $413,980, a 29 percent decrease from the revised median of $582,930 a year ago and a 1.3 percent decline from February’s revised $419,640 median price.

Newport Beach led the state with the highest median home price of $1,198,500 during the month, followed by Danville at $990,000 and Santa Barbara at $977,500.

“Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to constrain sales,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.

“Historically, mortgage rates on jumbo loans are 0.2 percent to 0.4 percent higher than those on conforming loans, but the spreads in recent weeks have been as large as 2 percentage points, reflecting an increase in the perceived risk associated with these loans (risk-based pricing).

“The lack of available funds for loans, even for qualified buyers, continues to keep the demand side of the market thin, and enables buyers with financing (or all cash) to exert leverage over sellers,” she said.

The hope is that conforming jumbo loans will be offered at more competitive prices now that Fannie Mae and Freddie Mac have pledged to buy the loans from a slew of mortgage lenders like Wells Fargo and Indymac.

However, it’s clear that a lack of available financing options and historically high home prices in the state will keep most buyers away in the near term.

Last month, the median number of days it took to sell a single-family home was 56.7 days, up from 52.9 days during the same period a year earlier.

And the glut of unsold existing home inventory stood at 11.6 months to clear, compared with 7.6 months in March 2007.

(photo: ciana13)

Source: thetruthaboutmortgage.com

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Your new life in a Nashville suburb awaits.

Often celebrated for its rich musical legacy and legendary nightlife, Nashville is surrounded by suburbs that offer unique living experiences for every preference. From historical hotspots to serene lakeside communities, each suburb paints its own picture of life on the outskirts of the famed Music City.

As more people seek the perfect blend of urban conveniences and suburban tranquility, of rolling hills and bright lights, understanding what each of these locales brings to the table is key. In this article, we journey through some standout suburbs of Nashville, unraveling the distinct charm that makes each one a desirable place to call home near Music City.

  • Population: 45,491
  • Average age: 42.6
  • Median household income: $165,948
  • Average commute time: 25.1 minutes
  • One-bedroom average rent: $2,162
  • Two-bedroom average rent: $2,687

Brentwood stands out as one of the premier Nashville suburbs. Located just south of the city, Brentwood offers the ideal balance between the excitement of Nashville and the tranquility of suburban living. Families are particularly drawn to the area for its commitment to education, as the local schools consistently rank among the top in the state. The town’s spacious parks, including Marcella Vivrette Smith Park and Crockett Park, provide residents with more than enough opportunities for outdoor recreation and relaxation under the shining Nashville sun.

Three great apartment complexes in Brentwood

Adding to Brentwood’s appeal is its rich history, which dates back to the late 1700s. The well-preserved homes dotting the landscape serve as reminders of the area’s storied past, while the modern shopping centers and restaurants cater to contemporary tastes.

  • Population: 85,469
  • Average age: 37.5
  • Median household income: $102,721
  • Average commute time: 24.2 minutes
  • One-bedroom average rent: $1,829
  • Two-bedroom average rent: $2,477

Among the Nashville suburbs, Franklin shines. Established in 1799, this picturesque town has beautifully maintained its historic downtown, where brick-lined streets lead to independent boutiques, coffee shops and antique stores. The town’s Main Street is a hub of activity, with frequent festivals, parades and events that bring the community together.

Three great apartment complexes in Franklin

On the flip side, Franklin isn’t just about reliving history; it’s also forward-looking. This Nashville suburb on the gorgeous Harpeth River has a thriving business district that offers ample employment opportunities. As connectivity is essential, Franklin’s proximity to Nashville ensures residents can enjoy big-city amenities while residing in a town with a close-knit community feel.

  • Population: 62,257
  • Average age: 40.1
  • Median household income: $75,146
  • Average commute time: 27.6 minutes
  • One-bedroom average rent: $2,243
  • Two-bedroom average rent: $1,624

Situated along the scenic shores of Old Hickory Lake and the Cumberland River, Hendersonville is one of the most attractive Nashville suburbs there is. Its lakeside setting not only offers breathtaking views but also a range of water-based activities. Residents enjoy fishing, boating and picnicking along the water’s edge, granting them a lifestyle that seamlessly combines the leisure of lake living with the convenience of the suburbs. Additionally, the town’s extensive park system, including the popular Drakes Creek Park, further enhances the opportunities to get outside.

Three great apartment complexes near Hendersonville

Beyond its natural beauty, Hendersonville is a hub of growth and development. With a wide range of housing options, from charming single-family homes to modern apartments, Hendersonville caters to a broad demographic. And with Nashville just a short drive away, the allure of city life remains within reach.

  • Population: 40,766
  • Average age: 38.5
  • Median household income: $98,628
  • Average commute time: 30.6 minutes
  • One-bedroom average rent: $1,624
  • Two-bedroom average rent: $1,949

Often referred to as the “Gateway to the Appalachians”, Mount Juliet holds a distinct position among Nashville suburbs. Its rapid growth in recent years can be attributed to a combination of factors. For starters, the suburb has seen significant commercial development, making it a hub for shopping and dining. You also can’t mention Mount Juliet without noting the impressive Providence Marketplace, a central destination for locals and visitors.

Three great apartment complexes in Mount Juliet

Yet, it’s not just about attractions. Mount Juliet balances its bustling commercial centers with serene landscapes and open green areas. Percy Priest Lake is a prime spot for fishing, boating and kicking back for a bit. The suburb also places a strong emphasis on community engagement, often organizing events and festivals that foster a sense of belonging for all.

  • Population: 55,518
  • Average age: 33.8
  • Median household income: $70,879
  • Average commute time: 27.3 minutes
  • One-bedroom average rent: $1,387
  • Two-bedroom average rent: $1,480

Smyrna’s history is deeply tied to aviation, with the Smyrna Airport playing a pivotal role during World War II. Today, the suburb continues to honor its heritage through the Tennessee Museum of Aviation, showcasing a vintage aircraft collection. This connection to aviation also paved the way for modern industrial growth, attracting several businesses and providing ample employment opportunities for its residents.

Three great apartment complexes in Smyrna

Smyrna is dotted with lush parks, green spaces and walking trails, most notably the Greenway System, where residents can enjoy the great outdoors and the true beauty of the surrounding nature. Additionally, Smyrna places a strong focus on education and community involvement, with schools that are dedicated to academic excellence and numerous community events held throughout the year.

  • Population: 157,519
  • Average age: 30.6
  • Median household income: $66,984
  • Average commute time: 19.2 minutes
  • One-bedroom average rent: $1,404
  • Two-bedroom average rent: $1,677

Standing proud as one of the most dynamic Nashville suburbs, Murfreesboro seamlessly merges history with the modern day. As the site of the significant Civil War battle, the Stones River National Battlefield serves as a testament to the town’s deep historical roots, attracting residents and tourists interested in the nation’s past.

Yet, while history is a cornerstone of its identity, Murfreesboro is equally recognized for its forward momentum. Home to Middle Tennessee State University, the town is infused with youthful energy, especially on Saturdays during football games.

Three great apartment complexes in Murfreesboro

Murfreesboro has a range of amenities that cater to a diverse population. The Avenue Murfreesboro, for instance, provides a shopping and dining experience that rivals any urban center. Green spaces, like Cannonsburgh Village, offer a glimpse into the pioneer times of Tennessee and so much more.

  • Population: 46,902
  • Average age: 38.4
  • Median household income: $62,881
  • Average commute time: 26.4 minutes
  • One-bedroom average rent: $1,405
  • Two-bedroom average rent: $1,699

Positioned along the northeastern edge of the greater Nashville suburbs, Gallatin provides a blend of scenic beauty and community spirit. Residents frequently indulge in boating, fishing and picnicking by Old Hickory Lake. Furthermore, the town’s green spaces, like Lock 4 Park and Triple Creek Park, provide additional avenues for outdoor adventures, bringing residents closer to nature whenever they please.

Three great apartment complexes in Gallatin

While nature’s beauty is undeniable in Gallatin, it’s the town’s commitment to growth and community that truly sets it apart. This Nashville suburb has invested heavily in infrastructure, education and local businesses, ensuring that its inhabitants have access to top-tier facilities and opportunities. Regular events, from farmers markets to music festivals, enhance the sense of community, encouraging residents to engage with neighbors and celebrate their shared home.

  • Population: 38,557
  • Average age: 36.3
  • Median household income: $66,793
  • Average commute time: 28.1 minutes
  • One-bedroom average rent: $1,249
  • Two-bedroom average rent: $1,553

Named after the historic home of President Andrew Jackson, Hermitage holds a distinguished place among Nashville suburbs. The area is steeped in history, and The Hermitage estate itself stands as a monumental tribute. This rich historical background provides the community with a unique identity, blending the tales of yesteryears with the rhythm of contemporary suburban life.

Three great apartment complexes in Hermitage

Beyond its historical significance, Hermitage provides a range of modern amenities and conveniences. With a smattering of shopping centers, restaurants and rec facilities, the needs of Hermitage residents are well-catered for. Proximity to the heart of Nashville means that the pulse of the city is never far away, while the serene landscapes of places like Percy Priest Lake provide a tranquil escape.

  • Population: 53,339
  • Average age: 34.4
  • Median household income: $92,779
  • Average commute time: 32.3 minutes
  • One-bedroom average rent: $1,290
  • Two-bedroom average rent: $1,560

Spring Hill, with its strategic location straddling Williamson and Maury counties, has emerged as a notable contender among Nashville suburbs. Though very rural in the past, Spring Hill has evolved considerably over the years, witnessing substantial growth and development, making it an attractive option for families and professionals alike.

Three great apartment complexes in Spring Hill

Spring Hill offers a variety of housing options, from traditional homes to contemporary townhouses, catering to a broad spectrum of preferences. The local economy has also seen a boost with the presence of major corporations, providing plenty of employment opportunities. Moreover, the suburb is replete with parks, shopping centers and restaurants, ensuring residents have access to everything they need right there in town.

  • Population: 39,091
  • Average age: 32.0
  • Median household income: $67,102
  • Average commute time: 32.5 minutes
  • One-bedroom average rent: $1,477
  • Two-bedroom average rent: $1,359

Sitting comfortably on the southeastern edge of the Nashville suburbs, La Vergne offers its residents an appealing blend of affordability and accessibility. Being strategically located near key highways, it provides smooth connectivity to the heart of Nashville, making daily commutes and weekend trips convenient. This proximity to the city, coupled with its relatively more economical housing market, has made La Vergne an appealing choice for many first-time homeowners and those seeking value without compromising on location.

Three great apartment complexes near La Vergne

The serene waters of Percy Priest Lake are just a stone’s throw away. The town also places emphasis on community engagement, frequently organizing events that foster unity and neighborhood bonding. As safety and community spirit remain at its core, La Vergne continues to rise in popularity, solidifying its reputation as a valued member of the Nashville suburbs.

Your new apartment in the Nashville suburbs awaits

While Nashville continues to resonate as the heart of music and culture in Tennessee, its surrounding suburbs offer diverse lifestyles, each with its own set of attractions and comforts. Whether one is seeking a deep dive into history, a lakeside retreat, bustling commercial hubs or tight-knit community vibes, the Nashville suburbs have something to cater to every aspiration.

Choosing to live in any of these suburbs means embracing a unique blend of the serene and the dynamic, all within arm’s reach of everything Nashville has to offer. When you’re ready to find the perfect apartment in one of Nashville’s best suburbs, you know where to start your search.

Source: rent.com

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Within those 77 Chicago neighborhoods are also unique communities and sometimes neighborhood personalities differ by block. Moving to a brand new city or even moving within the city can be a confusing and tedious exercise.

Before you start the apartment-hunting process, it’s smart to consider your budget and what’s important to you — access to public transportation, nature, Lake Michigan, nightlife, etc.

Luckily, there are tons of amazing neighborhoods in Chicago, no matter your cash flow. We’ve rounded up a list of the median rental rates for a one-bedroom Chicago apartment in the most expensive and least expensive Chicago neighborhoods.

The most expensive Chicago neighborhoods

Part of the reason these neighborhoods are among the most expensive to rent in Chicago is due to their proximity to major attractions, the presence of new apartment buildings offering luxury amenities and their locations within walking distance to the Loop and Lake Michigan.

5. Old Town: $2,804

Source: Adam Alexander Photography Photo Courtesy of Choose Chicago

It’s entirely possible to walk cobblestone streets in Chicago’s Old Town neighborhood, which also includes Michael’s Church, the oldest Victorian building in the neighborhood, and one of the only buildings that survived the Great Chicago Fire. Since it’s one of the few areas that wasn’t destroyed by the fire, several streets are intact and not part of the Chicago street grid built after the fire.

Today, the neighborhood is an active and vibrant community filled with boutiques and restaurants along Wells Street. Improv comedy troupe The Second City sits prominently at the corner of North and Wells. The area’s charm of historic homes, and walking distance to restaurants, nightlife, Lincoln Park Zoo and Lake Michigan, among other reasons, help drive up the rental rates where one can expect to pay about $2,804 per month for a one-bedroom apartment.

If those rent prices aren’t within your budget, don’t sweat it — there are plenty of other mid-price bustling neighborhoods to check out, like Lincoln Park, Lakeview and Logan Square.

4. Fulton Market: $2,842

Fulton Market Street was the meatpacking district of the city in the 1870s, when grocery shops and restauranteurs would source not only their meat but other commodities, including poultry, fish, eggs and butter. More wholesalers, including those who sold flowers, were nearby, along Randolph Street.

Today, Fulton Market’s past is barely visible since those meatpackers and food distributors have since sold their properties to make way for some of the most expensive new developments to be built in the city’s West Loop neighborhood.

While they often come with luxury amenities, a one-bedroom apartment in Fulton Market comes with a $2,842 per month price tag.

3. Streeterville: $2,939

City of Chicago Photo Courtesy of Choose Chicago

Streeterville is one of Chicago’s smallest neighborhoods, but it packs some serious punch in terms of real estate. Nestled right along Navy Pier, it has easy access to the Loop, River North and Gold Coast all at once, plus some incredible views of Lake Michigan.

The Magnificent Mile shopping district is located in Streeterville, and the area is also home to both Northwestern Memorial Hospital and Ann and Robert H. Lurie Children’s Hospital, so there’s a fair amount of hospital staff, both permanent and visiting, who live in this area.

High-end skyscrapers are the apartment buildings of choice in this neighborhood, and there are plenty of public transportation options within short walking distance. Expect to spend around $2,939 for a one-bedroom apartment in this tony neighborhood.

2. River North: $2,962

You know you’re in River North when you see the magnificent, mammoth Merchandise Mart and get a waft of chocolate from the nearby Blommer Chocolate Company. This is another neighborhood filled with gorgeous skyscrapers and five-star restaurants, and it has a particular edge on the posh nightclub scene. Many professionals who work in the Loop live in River North since it’s within walking distance, and its art gallery-laden streets are great for meandering on the weekends.

Many of the luxury apartment buildings in this area feature dedicated dog runs and dog parks within them since there aren’t many parks in this part of the city. A one-bedroom apartment is just shy of $3,000 per month.

1. Greektown: $3,069

Greektown in the West Loop is just a few blocks on Halsted, between the 290 Expressway (also known as the Eisenhower or the Ike) and Madison Street. It’s named Greektown because of the high concentration of Greeks who moved into the area and established restaurants and other businesses. Gyros and saganaki (the flaming cheese that’s often ordered as an appetizer at many Greek restaurants) were introduced to the United States by Chicago’s Greektown restaurants.

While there are a handful of Greek restaurants that still line the street, many of those have been replaced with luxury high-rises to accommodate the ever-growing West Loop demand for housing. Today, this small strip is among the most expensive when it comes to one-bedroom apartments — you can score a place for around $3,069 per month.

The cheapest Chicago neighborhoods

You’d think apartment rental rates would rise as you got closer to Lake Michigan, but that’s not always the case. There are plenty of deals to be found if you’re craving access to the lake or the lakefront trails. Not all of the cheapest Chicago neighborhoods are along Lake Michigan, but it’s worth checking out these, which are among the top five cheapest areas to rent in Chicago.

5. Buena Park: $1,350

Source: Park Shores

When you say Buena Park, people wonder if it’s part of Uptown or Lakeview and for good reason. This tiny enclave between Montrose Avenue and Irving Park Avenue butts up against Graceland Cemetery to the west and Lake Michigan to the east. Historic single-family homes (including some George Maher mansions along Hutchinson Street) dot the area and share the quiet neighborhood with high rises and apartment complexes.

The neighborhood has a very active neighborhood membership-based group with a website that provides updates on various neighborhood events and happenings. Buena Park often plays host to summertime concerts and movies, and the group usually organizes an annual outing to a Chicago Cubs home game since it’s within walking distance. If living in a quiet neighborhood on the city’s north side appeals to you, it’s possible to snag a one-bedroom apartment in Buena Park for around $1,350 a month.

4. South Shore: $1,146

Source: Chicago Park District Photo Courtesy of Chicago Park District

Former First Lady Michelle Obama grew up in South Shore and while that may be how most people from out of town learn of this South Side neighborhood, most locals know it for its close proximity to Lake Michigan, Rainbow Beach and Stony Island Arts Bank — an art gallery, media archive, gorgeous library and community center.

And while the namesake owner of Harold’s Chicken Shack may have left this earth, his name lives on with what many consider the best fried chicken. If that weren’t enough, the neighborhood is also home to the South Shore Cultural Center which includes a 65-acre park complete with a nine-hole golf course and tennis courts, a culinary center, a nature center and a number of cultural programming and classes.

It’s also located just south of Hyde Park and Woodlawn, where rents tend to be higher because of their proximity to the University of Chicago campus. South Shore allows residents to enjoy all the South Side has to offer at $1,146 per month for a one-bedroom.

3. West Ridge: $1,102

Source: 6200 Hoyne

West Ridge includes Devon Street and along this strip of West Devon is Little India, a colorful and vibrant community filled with Indian and Pakistani shops, bakeries, restaurants and other businesses. Come any time of the day and you’ll likely find a hub of activity and people double-parked.

To really enjoy all this area has to offer, don’t miss some of the liveliest nights during India and Pakistan’s respective independence day celebrations (in mid-August for each), as well as various multi-cultural festivals and the night before Ramadan ends.

Due to Little India’s density, there are more apartment buildings and condos near West Devon but there are many single-family homes throughout the West Ridge neighborhood. A one-bedroom apartment in this part of the city is around $1,102 per month.

2. Austin: $967

Source: 200 Central

Austin is such a large neighborhood in terms of geography that even locals differentiate their location by saying North Austin and South Austin. The West Side city also includes Columbus Park, a 140-acre park and what some consider landscape architect Jens Jensen’s finest work. Jensen’s work can also be enjoyed in nearby parks, including Garfield Park and Humboldt Park.

Residents also have easy access to the suburb Oak Park. Madison Street and Lake Street tend to have a high concentration of shopping and the area has several Chicago public transit (CTA) train stops, as well as Metra stops. The 290 Expressway, known as the Eisenhower, or the Ike to locals, runs through Austin, as well.

A one-bedroom apartment in Austin runs around $967 per month.

1. South Chicago: $700

South Chicago is located just south of South Shore and includes Steelworkers Park, a 16.5-acre park with a rock-climbing wall. Transforming this park into a beautiful nature area, complete with trees and walking paths so close to Lake Michigan is particularly impressive since it was formerly part of the U.S. Steel Complex known as South Works.

The area still boasts some of the least expensive apartments available in the city. A one-bedroom apartment runs around $700 per month in this area.

What is the average rent in Chicago?

According to our analysis, the average rent in Chicago is $2,395 for a one-bedroom apartment.

Finding your perfect Chicago neighborhood

For Chicagoans, rents vary by dramatically by neighborhood, even by block within a neighborhood and there are many reasons for these rent fluctuations. It pays to look around and talk to locals to help you find the perfect Chicago neighborhood and one that matches your personality, wants and needs. Regardless of where you land, in the Windy City, we’re all happy to live here.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments. Data was pulled in August 2020 and goes back for one year. We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

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Warning that the housing market is contracting again as today’s mortgage rates hover near 8%, Wells Fargo economists wrote in a new analysis that rising borrowing costs “stand to tip the housing sector back into a recession.”

The “ominous” special commentary posted Thursday, according to a Wells Fargo news release, states prospects for a housing rebound are dimming as mortgage rates tighten their grip on the already sharp U.S. housing affordability issues.

Even though the economy has shown “a remarkable degree of resilience” this year — and a strong labor market along with moderating inflation has “raised hopes that the U.S. economy can avoid a recession — the same can’t be said for the real estate market. Unfortunately, not every sector of the economy has been as sturdy in the face of rising debt costs,” the Wells Fargo economic group wrote.

“After generally improving in the first half of 2023, the residential sector now appears to be contracting alongside the recent move higher in mortgage rates,” they continued. “Although mortgage rates may gradually descend once the Federal Reserve begins to ease monetary policy, financing costs are likely to remain elevated relative to recent norms.”

The commentary comes days after Goldman Sachs analysts also issued a downgraded housing forecast, predicting “higher for longer” mortgage rates will continue to squeeze home inventory and yet home prices will stay in the green, though growth will be slight as sales slow even more.

It also comes a day after the Federal Reserve Bank of Atlanta posted an update to its Home Ownership Affordability Monitor, showing housing affordability sank to a “new record low” in August due to still stubbornly high prices and rising interest rates.

In yet another month of declines, the monitor index score sank to 67.3 in August with a national median home price of $377,500, a median income of $76,621, a total median monthly payment of $2,848 and an interest rate of 7.1%. The Atlanta Fed estimated the annual total payment share of median income to be 44.6%, well over the recommended 30% of income for housing costs.

Compare that score to a score of 112.3 in November 2012, when the median home price was $197,333, median income was $52,161, and the interest rate was 3.4%.

This latest affordability reading was back in August, before interest rates inched closer to 8%, hitting that threshold last week before tipping down only slightly, according to Mortgage News Daily.

This “higher for longer” interest rate climate is likely to “not only weigh on demand, but could also constrain supply by reducing new construction and discouraging prospective sellers carrying low mortgage rates from listing their homes for sale,” Wells Fargo economists wrote.

The bank’s analysts also downgraded their home price forecast, though now they expect a “slightly softer pace of home price appreciation in the years ahead.” Because high interest rates are expected to continue to both dampen demand and constrain supply, they predict those dynamics will continue to buoy home prices slightly.

“Higher financing costs are likely to both weigh on demand and constrain supply, which will allow home prices to maintain a positive trajectory,” Wells Fargo economists wrote, predicting the S&P Case-Shiller National Home Price Index to increase 1.8% in 2023 and 2.5% in 2024.

The economic group also predicts a “downshift” in new residential construction starts, with multifamily permits already declining sharply in recent months.

“The recent drop in home builder confidence is evidence that single-family construction may begin to moderate as higher mortgage rates test builders’ ability to offer rate buy-downs to attract new buyers,” they wrote. “That noted, a structural shortfall of single-family supply will likely continue to boost new development.”

Source: deseret.com

The Federal Housing Finance Agency (FHFA) will revise the treatment of active single-family mortgages backed by government-sponsored enterprises Fannie Mae and Freddie Mac for which borrowers elected a COVID-19 forbearance under the Enterprises’ representations and warranties framework, according to its newest media release.

“Under the updated rep and warrant policies, loans for which borrowers elected a COVID-19 forbearance will be treated similarly to loans for which borrowers obtained forbearance due to a natural disaster,” the FHFA said. “As a result, loans with a COVID-19 forbearance will remain eligible for certain rep and warrant relief based on the borrower’s payment history over the first 36 months following origination.”

FHFA Director Sandra L. Thompson argued that homeowners, who needed more time to keep up with housing costs during the pandemic, benefited from a mortgage forbearance plan that would reduce or suspend mortgage payments.

“Forbearance was an invaluable tool for borrowers experiencing financial hardship due to the COVID-19 pandemic,” Thompson said. “Servicers went to great lengths to implement forbearance quickly amid a national emergency, and the loans they service should not be subject to greater repurchase risk simply because a borrower was impacted by the pandemic.”

The Enterprises’ existing rep and warrant policies with respect to natural disasters allow the time the borrower is in forbearance to be included when demonstrating a satisfactory payment history in the first 36 months following origination, the FHFA noted. These policies will now expand to loans for which borrowers elected a COVID-19 forbearance.

Thompson stressed the importance of helping current and prospective homeowners manage present housing conditions at the Mortgage Bankers Association Annual Convention last week.  “In a housing market like this one, it is all the more important that both our policies and the industry’s efforts align to support existing and aspiring homeowners,” Thompson said. “That is why I believe a model based on partnership and mutual feedback is necessary for us to achieve our shared goal of promoting affordable and sustainable housing opportunities.”

If you’re considering becoming a homeowner, it could help to shop around to find the best mortgage rate. Visit Credible to compare options from different lenders and choose the one with the best rate for you.

MORTGAGE RATES KEEP CLIMBING, BUT BUYERS CAN FIND THE BEST DEALS BY DOING THESE TWO THINGS: FREDDIE MAC 

Mortgage rates affecting affordability, buyers advised to build up down payments

Mortgage rates are continuing their ascent. The average 30-year fixed-rate mortgage rose to 7.63% for the week ending Oct. 19, according to the Freddie Mac’s latest Primary Mortgage Market Survey. This time in 2022, the 30-year fixed-rate was below 7%. 

Buyers may do well for themselves by browsing for the best home loans and making a considerable down payment. Freddie Mac’s Chief Economist Sam Khater said “in this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate.”

Freddie Mac announced last week the launch of DPA One®, a new tool that strives to help mortgage lenders quickly find and match borrowers to down payment assistance programs nationwide. 

“DPA One delivers a one-stop shop at no cost that brings lenders and their borrowers greater detail and visibility into these programs, while seamlessly connecting the right assistance program with the lender, housing counselors and borrowers who need this assistance the most,” Sonu Mittal, Freddie Mac’s senior vice president of and head of single-family acquisitions, explained.

“With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance,” Khater said.

If you’re looking to buy a home, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.

MANY AMERICANS PREPARING FOR A RECESSION DESPITE SIGNS THAT SAY OTHERWISE: SURVEY

Housing market showing lackluster activity

By end of 2023, there is likely to have been around 4.1 million existing home sales in the U.S., which would mark the weakest year of home sales since the Great Recession of 2008, according to a Redfin report. 

Redfin’s Economic Research Lead Chen Zhao said current conditions have led to buyer and seller hesitancy across the board. 

“Buyers have been in a bind all year,” Zhao said. “High mortgage rates and still-high prices are making it harder than ever to afford a home, shutting many young people out of homeownership and causing homeowners to reevaluate whether 2023 is the right time to move. Mortgage rates are staying high longer than anticipated, keeping away everyone except those who need to move and pushing our sales projection for the year down to a 15-year low.

“The last time home sales were this low was during the Great Recession,” Zhao continued.

Redfin agents suggest that buyers invest in newly built properties which are performing more strongly than existing-home sales. Newly constructed homes saw sales increase 1.5% year-over-year in September as prices dropped about 4%, according to Redfin’s data. 

Based on the findings from a National Association of Realtors (NAR) report, the total amount of home sales decreased by 2% from August to September and have dropped 15.4% since September 2022.

Looking to reduce your home buying costs? It may benefit you to compare your options to find the best mortgage rate. Visit Credible to speak with a home loan expert and get your questions answered.

AFFORDABILITY KEEPING YOU FROM OWNING A HOME? HERE’S HOW YOU CAN GET READY

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Source: foxbusiness.com

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While existing homebuyers have been battling high mortgage rates for months — which are now at 8% — the builders are wooing buyers with lower rates and incentives. Today, the new home sales data beat expectations and surprised people. However, sales have been rising slowly for some time. 

Using a low bar of sales from last year, the builder’s incentives have created more sales growth and their significant advantage is that they’re offering lower rates to move homes. Imagine what the existing home sales market would look like if mortgage rates were below 6%. We certainly wouldn’t be trending below 4 million existing home sale today if that was the case.

From Census: New Home Sales: Sales of new single‐family houses in September 2023 were at a seasonally adjusted annual rate of 759,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.3 percent (±16.6 percent)* above the revised August rate of 676,000 and 33.9 percent (±22.9 percent) above the September 2022 estimate of 567,000..

As you can see in the chart below, new home sales are slowly growing, There’s nothing gangbusters here, but new home sales have been slowly moving higher for some time. This is very different from the housing bubble years, where sales were booming like crazy and got close to 1.4 million. Currently, the seasonal adjusted annual rate of sales is just 759,000. 

From Census: For Sale Inventory and Months’ Supply The seasonally adjusted estimate of new houses for sale at the end of September was 435,000. This represents a supply of 6.9 months at the current sales rate.

Here’s my model for understanding the builders.

  • When supply is 4.3 months and below, this is an excellent market for builders.
  • When supply is 4.4-6.4 months, this is just an OK market for builders. They will build as long as new home sales are growing.
  • When supply is over 6.5 months, the builders will pause construction. 

We have been able to build more single-family housing, and single-family permits have been slowly rising, which offsets the multifamily weakness that should be here for some time now, as we can see in the chart below. The monthly supply of new homes is falling from the recent peak but needs more work to return to pre-COVID-19 levels.

One of the things I like to do is break down the monthly supply data into subcategories. We have a lot of homes in the pipeline that still need to get built; this is why the builders are making deals. As we see in the monthly supply data, they had a spike last year and are forced to create incentives to move homes. Here’s how the supply breaks down: 

  • 1.4 months of the supply are homes completed and ready for sale — about 75,000 homes.
  • 4.0 months of the supply are homes that are still under construction — about 255,000 homes
  • 1.7  months of the supply are homes that haven’t been started yet — about 105,000 homes

75,000 new homes ready for sale

One of the data lines that very few people know about, but is critical to the inventory story in the U.S., is how many new homes are built and ready for sale! It’s not a lot now, nor has it ever been a lot. Even during the housing bubble crash years, we never got above 200,000. Most active listings’ inventory growth comes from the existing home sales market.

Keep things simple with today’s new home sales report: the builders confidence has been falling for months as rates have risen; many builders can’t pay down rates, and the ones that do are taking a hit on their profit margins.

However, the builders’ profit margins are still higher today than in the previous decade. This is the first time this century that we have seen a noticeable gap between purchase application data and new homes because, as we all know, the builders are singing: Baby, it’s cold outside…come inside for lower rates.

Source: housingwire.com

Apache is functioning normally

One of the nation’s largest home builders, PulteGroup, also operates its own financing division called “Pulte Mortgage.”

This is a common setup employed by large builders that look to control the process from start to completion.

It allows them to streamline operations and move their homes in a timely fashion, without relying on third parties that might cause delays.

Their “one-stop shopping” experience allows them to work hand-in-hand with the builder to coordinate the processing of your loan with the construction of your new home.

Read on to learn more about their lending process, rates and fees, loan programs, and customer reviews.

Pulte Mortgage Fast Facts

  • Captive mortgage lender for the PulteGroup
  • Offers home purchase loans for its new home buyer clients
  • Founded in 1972, headquartered in Englewood, Colorado
  • Parent company is third largest home builder in the country
  • Publicly traded company (NYSE:PHM)
  • Funded over $7 billion in home loans last year
  • Licensed to do business in 28 states
  • Most active in Arizona, California, Florida, North Carolina, and Texas
  • Also operates a title insurance and homeowners insurance agency
  • Company hours are Monday – Friday: 7:00 am – 6:00 pm MT

Pulte Mortgage is the home lending division of its parent company PulteGroup, a top-3 home builder in the United States. Only Lennar and D.R. Horton are bigger than them.

The home builder’s roots stretch back to 1950 when then 18-year-old William “Bill” Pulte built a five-room bungalow near Detroit, Michigan. The company later went public two decades later.

Some of the company’s home building brands include American West, Centex, Del Webb, DiVosta Homes, John Wieland Homes, Neighborhoods, and of course Pulte Homes.

Pulte Mortgage has been in operation since 1972 and is headquartered in Englewood, Colorado. It has apparently helped more than 700,000 customers since opening its doors.

They offer home purchase financing to buyers of new homes throughout the country where they are licensed, 28 states at last glance.

Last year, the company funded about $7 billion in home loans, and were most active in Florida and Texas, with each state accounting for roughly 20% of overall volume.

Like other major home builders, they also have their own title insurance company, PGP Title, and insurance company, Pulte Insurance Agency.

How to Get Started

First you must register for an account on the Pulte Mortgage website. Then you can access the electronic loan application.

They say they offer a high-touch digital mortgage experience, meaning a mix of the latest technology combined with a human lending team

Once you complete the digital mortgage app, you will be assigned a loan number and provided with access to your own personalized Loan Dashboard.

Any required documentation can be uploaded via smartphone/computer or securely linked to your application.

At this point, a designated loan team will be assigned, including a loan officer, loan processor, mortgage underwriter, and closer.

Pulte Mortgage prides itself on knowing its parent company’s processes and timelines better than anyone.

This means you should be in good hands when it comes to closing on time and avoiding any costly delays.

If and when you have questions, you can reach out to your loan team. You can also check loan status 24/7 to see where you’re at in the process.

They appear to make it easy to complete most tasks electronically/remotely, and their affiliated title and insurance agency may help streamline the process.

Just be sure to shop around for those services as well as the price and service can vary.

Loan Programs Offered by Pulte

  • Home purchase loans
  • Conforming loans backed by Fannie Mae or Freddie Mac
  • FHA loans
  • VA loans
  • USDA loans
  • Fixed-rate and adjustable-rate options available

Pulte Mortgage says they have more than 200 different loan options. I’m not sure what those are, but they appear to offer all the basics you would expect from a full-service mortgage lender.

This includes conforming loans, jumbo loans, and government-backed loans, including FHA, USDA, and VA loans.

Both fixed-rate loans and adjustable-rate mortgages are available, including the 5/1 ARM, 7/1 ARM, and the 30-year fixed.

What they might offer that the other guys can’t is big mortgage rate buydowns if you use them and their parent company to buy/build a home.

Lately, builder’s financing divisions have been advertising mortgage rates that are 2% or more below prevailing market rates.

They only appear to offer home purchase loans (no mortgage refinances), which makes sense because they are a home builder.

With regard to property type, they provide financing on single-family homes, condos, townhomes, and anything else they develop.

All occupancy types should be permitted, assuming you’re buying a second home or investment property.

Pulte Mortgage Rates and Lender Fees

Unfortunately, they do not provide any information regarding their mortgage rates or lender fees on their website.

This isn’t uncommon, but I do give lenders transparency points when they provide these details online.

As mentioned, the only thing they do advertise is big mortgage rate buydowns on their website if you use them to buy a PulteGroup home.

It’s unclear what lender fees, if any, they charge. But be sure to look at the big picture, the mortgage APR, which incorporates the interest rate and fees.

And take the time to compare their offer to other unaffiliated lenders. It’s perfectly acceptable to buy a newly built home using a third-party bank, lender, or even mortgage broker.

Even if you plan on using them, it might not hurt to get additional quotes to increase your bargaining power.

Pulte Mortgage Reviews

On Zillow, Pulte Mortgage has an excellent 4.74/5-star rating from over 350 customer reviews.

But there are some mixed reviews if you take the time to read them, with some calling them pushy, incompetent, etc.

Perhaps more concerning is they have a 1.13/5 rating on the Better Business Bureau (BBB) from nearly 200 customer reviews. And more than 200 complaints over the past 12 months.

They also have an ‘NR’ rating, which could indicate there is an ongoing review/update of the business’s file on the BBB website.

Their headquarters also has a 2.4/5 Yelp rating from about 165 reviews, though they’ve got a 4.9/5 on Facebook from 1,100+ “votes.”

So a bit of a mixed bag here, which might require some reading of reviews to see what some of the issues have been.

Remember, at the end of the day you DO NOT need to use the home builder’s mortgage lender to purchase a newly-built home.

It’s always wise to shop around and get multiple quotes, including ones from the builder and unrelated banks/lenders.

That way you can compare offers, and if need be, negotiate with the builder’s lender with increased leverage.

You don’t want any one lender to think you don’t have options, so gathering multiple quotes might give you a leg up.

It may also open your eyes to better options/offers you weren’t previously aware of. This is the case whether buying a new home or an existing home.

Long story short, put in the time or you may face disappointment when it’s too late in the process to switch lenders.

Pulte Mortgage Pros and Cons

The Good Stuff

  • Can apply for a home loan online via digital application
  • Paperless options like document upload and bank account verification
  • They offer big mortgage rate buydowns to their home buyer customers
  • Offer a streamlined process with their own title/insurance companies
  • Plenty of loan options to satisfy most home buyer’s needs
  • Free mortgage calculator, glossary, and home buyer guides online

The Maybe Not

  • Not licensed in all states
  • Only offer home purchase loans
  • Mixed customer reviews and high number of complaints
  • No BBB rating at the moment
  • Do not service loans after closing

Source: thetruthaboutmortgage.com

Apache is functioning normally

McAllen, nestled in Hidalgo County of the southernmost part of Texas, is often recognized for its affordability, burgeoning job market and close ties to Mexico.

This mid-sized city in the Rio Grande Valley attracts a diverse group of residents including retirees, young professionals and families. The question “Is McAllen Texas a good place to live?” often circles the minds of potential relocators. This article unfolds the myriad aspects of living in McAllen to provide a comprehensive outlook.

Cost of living

One of the primary reasons individuals find McAllen appealing is its excellent affordability. The cost of living in McAllen is well below the national average, making it a less expensive area compared to many other cities in Texas and across the country.

Housing costs, which constitute a significant part of living expenses, are remarkably low, with the median home price being much lower than the national average. This reduced price point is often a magnet for buyers and top real estate agents looking to find quality homes at an affordable price.

Amenities

The low cost of living in McAllen extends beyond just housing. Residents find that virtually all basic amenities including food, transportation and health care come at a cost that’s substantially lower than what they might encounter in more expensive areas. The low cost of living isn’t confined to just reduced price tags on goods and services but extends to utilities and other monthly expenditures as well.

Job market

McAllen has witnessed a recent economic boom, thanks to its strategic location near the Mexican border, which has fostered international trade. The city has become a major center for industries such as manufacturing, retail and healthcare. Job opportunities are growing, with many companies choosing to set up shop in the city due to its low operational costs.

Educational landscape

South Texas College is one of the notable educational institutions in McAllen, providing quality higher education to McAllen residents and individuals from the surrounding Rio Grande Valley. Additionally, the presence of other reputable schools and educational programs enriches the city’s educational fabric.

Community and demographics

McAllen is a vibrant city with a diverse population. A significant portion of McAllen’s population is of Mexican descent, reflecting the city’s close cultural and geographical ties with Mexico.

This cultural melting pot creates a unique living experience, albeit with a language barrier as a notable number of residents speak Spanish. Knowing Spanish, while not necessary, can enhance one’s living experience in McAllen.

Location and accessibility

McAllen’s prime location near the Mexican border opens up incredible opportunities for cross-border trade and cultural exchange. Its proximity to South Padre Island and other beautiful coastal areas means residents can easily indulge in outdoor activities. The city’s well-developed metro area facilitates easy commute to downtown McAllen and other bustling areas within and outside the city.

Real estate market

The real estate market in McAllen is thriving, with real estate agents finding a fertile ground for business. The market offers a wide range of housing options ranging from single-family homes to luxury apartments. The affordability of home prices, combined with the expertise of top real estate agents, makes the process of finding a home in McAllen relatively straightforward.

Recreational opportunities

McAllen brims with recreational spots including Archer Park, Fireman’s Park and a burgeoning arts district. The city’s favorable climate, characterized by hot summers and mild winters, is conducive for a variety of outdoor activities. Winter Texans, as the seasonal visitors are known, find McAllen’s mild winter climate particularly appealing.

Weather

The great weather is indeed a significant pull factor. While summers can be hot, the winters are mild with the coldest month of January having an average high that’s considerably warmer compared to many other cities in the U.S.

Safety

McAllen boasts a low crime rate compared to the national average, adding to its attractiveness as a place of residence. The city’s law enforcement agencies work diligently to maintain peace and safety.

Life in McAllen, TX

Living in McAllen Texas presents an array of benefits including a low cost of living, growing job market, and a multicultural community. Its strategic location near the Mexican border enhances its appeal, especially for those involved in international trade or those seeking a bicultural living experience.

While the city has its challenges such as the language barrier for non-Spanish speakers and hot summers, the positives substantially outweigh the negatives, rendering McAllen Texas a good place to live.

Looking for your next casa in McAllen? Check out our apartments and houses for rent here.

Source: rent.com