If you are financing your home purchase, you will likely be required to get a home appraisal as one of the steps between signing and close. Here’s what you should know:What is an appraisal? An appraisal is an opinion on a home’s market value that helps a lender ensure the purchase price is in line with the property value. The process is led by a licensed or certified residential appraiser—an independent third party engaged by the lende
Between signing and close, a homebuyer may choose to have a new home inspected to make sure it is in good condition and safe for a new owner. Here’s what buyers and sellers should know:What is a home inspection? A home inspection is an assessment of a home’s condition in which an inspector identifies potential problems in a home’s structure, exterior, roof, plumbing, electrical systems, heating and air conditioning, interiors, ventila
Greystar is set to face a federal lawsuit as soon as this week over allegations the nationwide developer and manager of apartment buildings stuck renters with millions of dollars in hidden fees, according to people familiar with the probe.The US Federal Trade Commission has prepared a suit accusing the company — the largest third-party apartment manager in the US — of falsely advertising rental prices by failing to inform potential rente
Another weekly jump in borrowing costs appears to be making prospective home buyers jittery.Home sales have been on the rise, but the recent uptick in mortgage rates could threaten that trend. The 30-year fixed-rate mortgage rose to a 6.93% average this week as mortgage applications—a gauge of future home buying—dropped to their slowest weekly pace in nearly a year.“In the first full week of the new year, the 30-year fixed-rate mortgag
Federal Reserve Bank of Kansas City President Jeff Schmid said he favors slowing the pace of interest-rate cuts, though only after a persistent change in incoming economic data.“I am in favor of adjusting policy gradually going forward and only in response to a sustained change in the tone of the data,” Schmid said Thursday in prepared remarks for an event in Kansas City. “The strength of the economy allows us to be patient.”Schmid also e
Ken Jenkins, who on Jan. 6 took over as Westchester County Executive pending a special election Feb. 11 to fill the unexpired term of George Latimer, on Jan. 7 signed into law the first piece of legislation during his tenure. The Land Acquisition Act had been passed by the Board of Legislators and authorizes $10 million in county funding to fund the purchase of property in downtown White Plains that will be used by WBP Development LLC to create 1
National year-over-year asking rent growth eased to 1.0% in December 2024 compared to 1.1% at the end of September 2024, Apartments.com said Monday. Since mid-2023, Y-O-Y apartment rent growth has hovered around 1% after its rapid deceleration in 2021 and 2022.The national rent per unit closed the year at $1,729, compared to $1,712 recorded at the end of 2023. Quarter-over-quarter rents fell by 0.4%, the second consecutive quarter of falling rent
“No American should face homelessness,” reads the U.S. Department of Housing and Urban Development’s news release accompanying the January 2024 Point-In-Time Count Report.Yes, the data is a year old, but each year’s snapshot gives us a better understanding of how many in our communities are facing just that.During the look at the number of individuals in shelters, temporary housing and unsheltered settings, researchers found more than 77
American consumers are feeling less confident in December, a business research group says.The Conference Board said Monday that its consumer confidence index fell back in December to 104.7 from 112.8 in November. Analysts forecast a rise to a reading of 113.8. Consumers had been feeling increasingly confident in recent months, spending more in the run-up to the all-important holiday shopping season.The consumer confidence index measures both Amer
The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans.The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. The rate is now higher than it was a year ago, when it averaged 6.67%.Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinanc
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