National News

US housing stock ages as construction backlog grows

More Americans are becoming homeowners, particularly young adults. But the homes they are living in are generally older. Data from the U.S. Census Bureau’s most recent American Community Survey showed that in 2016, the median age of all owner-occupied

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NAR secures ‘a big win’ on new tax break for agents

Updated guidance from the IRS related to federal tax cuts passed at the end of 2017 confirmed that many real estate professionals should be able to claim a substantial income deduction once they file their 2018 tax returns, in

Redfin doubles down on direct buying program

Redfin’s direct home-buying program, Redfin Now, is no longer in testing phase. Redfin recently announced that it has doubled down, making direct home-buying its long-term business plan. Redfin Now buys and lists homes, making an offer to the homeowner

Real Estate in Brief: Millennials worry about prices, Spruce raises $15.6 million and more

Millennials want to buy a home, but they continue to view homeownership as unattainable amid rapidly increasing prices and increasingly limited inventory across the market, according to the CoreLogic Home Price Index (HPI) and HPI Forecast for June 2018.

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Construction industry job openings reach post-recession high

For those under the age of 24, a career in construction is a rare goal. According The Wall Street Journal, many parents these days may feel they have failed their child if they do not receive a college education.

Luxury market sees record growth in July

As the homebuying season reaches its peak for the year, sales in the luxury market continued to grow at a record pace in July. Prices in 19 major luxury markets saw double digit growth, according to the realtor.com 2018

Buyers will choose pets over dream home

A recent Realtor.com survey of more than 1,000 new homeowners concludes that pet ownership plays a vital role in selecting a home. Most pet owners consider their furry, feathered, or scaly friends as family, but 75 percent of pet-owning buyers

Strict land-use regulations bring highest home values

Economic growth often leads to increased home values, but why are some cities overwhelmingly surpassing others? A new report from Zillow finds zoning restrictions seem to have an impact on growing home values. From Zillow’s data, the medium and

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Real estate no longer Americans’ top investment choice

Choosing an investment strategy can be a nerve-racking and difficult decision. For years, investing in real estate has been a popular choice for a lot of Americans, but a new survey found that’s no longer the case. In a

NAR: Metro home prices reach record high in Q2

The national median home price for existing single-family homes reached an all-time high, edging up to $269,000, 5.3 percent higher than the second quarter of 2017, according to the latest quarterly report by the National Association of Realtors. As

Survey: Homebuying among the most stressful life events

Source: homes.com Purchasing a home is meant to be a joyful accomplishment, but many Americans find it more stressful than any other major life event. A new survey from Homes.com found that nearly 40 percent of Americans said purchasing

Rubio proposes federal expansion of Miami cash sales rule

Last month, the Miami Herald reported that an effort to crack down on money laundering through real estate purchases in Miami-Dade County could be expanded nationwide. In a July 31 statement made to McClatchy and the Miami Herald, Florida

Many millennials are prioritizing homeownership over retirement, debt payoff

Despite the high amounts of debt that plague many millennials, home ownership is still at the top of their priority list. For them, achieving the American Dream means buying a home early, even if that means dipping into retirement

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Zillow acquires Mortgage Lenders of America

Zillow Group took a lot of risks in the last year, but its latest is seen as one of the most uncertain. On Monday, Zillow announced plans to enter the mortgage business with its acquisition of Mortgage Lenders of America.

Study finds small-dollar mortgages denied at highest rate

Urban Institute recently identified a lack of small-dollar mortgages for single-family home purchases. When a shortage of these small loans is present, it is more difficult for those with sufficient credit to find affordable homeownership opportunities in low-cost housing

Real Estate in Brief: Wells Fargo pays $2.1 billion fine, West Coast price increases and more

Wells Fargo agreed to pay a $2.1 billion fine in order to settle allegations of misrepresenting the types of mortgages the company sold to investors during the housing crisis, according to the Chicago Sun Times. Although the amount seems

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