Saturday, January 6, 2024

Mortgage Rate History: 1970s to 2023

Bankrate is a financial advisory platform that provides accurate and unbiased information to help consumers make smart financial decisions. The platform focuses on mortgage rates, lenders, and the homebuying process. Bankrate's content is created by qualified professionals and is not influenced by advertisers. The platform also provides a historical overview of mortgage rate trends from the 1970s to the 2020s.



Original post here: Mortgage Rate History: 1970s to 2023

Friday, January 5, 2024

Report: How Many U.S. Home Mortgages Are Performing?

The Mortgage Bankers Association's latest Loan Monitoring Survey shows that the number of loans in forbearance has decreased slightly. GSE loans, Ginnie Mae loans, and portfolio loans have all seen a decline in forbearance rates. The majority of borrowers in forbearance are facing temporary hardships or are affected by COVID-19. The performance of loan workouts has been solid but declined last month. The report also mentions potential economic downturn in 2024 and signs of distress in other credit types.



Original post here: Report: How Many U.S. Home Mortgages Are Performing?

Thursday, January 4, 2024

From $200 to $12K: Homebuyers’ Hidden HOA Fees

In many southern and western states, it's extremely rare to find a single-family home without Homeowners associations (HOA).Homeowners may face unexpected financial burdens from property-related fees and penalties.
Unresponsive HOAs can lead to legal actions, such as putting a lien on a home and garnishing wages.



Original post here: From $200 to $12K: Homebuyers’ Hidden HOA Fees

Wednesday, January 3, 2024

Navigating the Singles Tax: Practical Tips

The "singles tax" refers to additional costs faced by single individuals when living alone.
A report shows that singles living alone in 1-bedroom homes can spend up to $7K more than couples splitting the cost.
To manage solo living, singles must set a budget, typically allocating 30% to 33% of their income for housing and related expenses.



Original post here: Navigating the Singles Tax: Practical Tips

Tuesday, January 2, 2024

How the Federal Reserve impacts mortgage rates: Will mortgage rates go down in 2023 and 2024?

Instead, they typically move up and down with 10-year Treasury yields, because mortgage rates are largely impacted by investor demand. "Fixed mortgage rates are typically set based on the yield of …



Original post here: How the Federal Reserve impacts mortgage rates: Will mortgage rates go down in 2023 and 2024?

Monday, January 1, 2024

Sunday, December 31, 2023

What is the latest data on housing characteristics in Cobb County?

The 2022 5-year American Community Survey provides data on housing in Cobb County. The county has 308,949 housing units, with 291,171 occupied. The vacancy rate for homeowners is 1%, while for rentals it's 4.6%. 66.5% of units are owner-occupied, and 33.5% are renter-occupied. The survey also includes information on home values and rental rates. The ACS is an ongoing demographic survey conducted by the United States Census Bureau, providing detailed data on various topics for informed decision-making.



Original post here: What is the latest data on housing characteristics in Cobb County?

Thursday, December 28, 2023

Georgia Defies Housing Shortage With Innovative Approaches

Home affordability lags in Georgia because of too little supply.
Georgia new home construction remained 30% below 2005's peak.
Addressing the crisis demands innovation in home construction methods, materials, and strategies.



Original post here: Georgia Defies Housing Shortage With Innovative Approaches

Wednesday, December 27, 2023

Georgia’s Housing Markets: Top Cities With Surging Prices

Skidaway Island leads with a $844,865 typical home value, ↑ 9.9% yearly.
Tybee Island follows closely with a $680,178 typical home value, showing a ↑ 10.0%.
Milton boasts a typical home value of $866,982, witnessing a ↑ 5.2% yearly.



Original post here: Georgia’s Housing Markets: Top Cities With Surging Prices

Monday, December 25, 2023

Can I Qualify as a First-Time Homebuyer Again?

The main criteria for first-time homebuyer status include not owning a principal residence for 3-yr.
Other Eligibility Criteria
Single parents with past joint ownership
Displaced homemakers
Previous ownership of detached homes, non-compliant homes, or homes not permanently attached can also count.



Original post here: Can I Qualify as a First-Time Homebuyer Again?

Sunday, December 24, 2023

Happy Holidays

The middle of winter has long been a time of celebration around the world.
Many peoples rejoiced during the winter solstice, when the worst of the winter was behind them, and they could look forward to longer days and extended hours of sunlight.Popular modern customs include gift-giving and the display of various holiday decorations.Here's wishing you Happy Holidays! May the good times and treasures of the present become the golden memories of tomorrow. We hope you have a safe and relaxing holiday season.Happy Holidays!



Original post here: Happy Holidays

Thursday, December 21, 2023

Average and Median Prices Across Georgia

Columbus
Avg price in Nov: $216K
Median listing price: $195K
Gainesville
Avg price in Nov: $553K
Median listing price: $317K



Original post here: Average and Median Prices Across Georgia

Wednesday, December 20, 2023

Mastering the Market With VA Loans: Essential Tips for Success

VA loans offer benefits like no down payment, no private mortgage insurance, and competitive interest rates.
Eligibility requirements for VA loans vary and are specific to veterans and active-duty military personnel.
VA loans can only be used for primary residences, subject to minimum property requirements.



Original post here: Mastering the Market With VA Loans: Essential Tips for Success

Monday, December 18, 2023

Georgia Housing Forecast 2024

Georgia housing market is expected to be a favorable environment for both buyers and sellers in 2024. The housing market in Georgia is expected to continue its growth trajectory into 2024.
Thomaston, Toccoa, Cedartown, Cornelia, and others are expected to experience significant increases in home prices by October 2024.



Original post here: Georgia Housing Forecast 2024

Sunday, December 17, 2023

What’s the Minimum Credit Score To Buy a House?

The minimum credit score needed to buy a house can be as low as 580 for some loans, but a score of 620 or higher is generally required. Different loan types have different credit score requirements. FHA loans accept scores as low as 500 with a 10% down payment, while conventional loans typically require a minimum score of 620. Other factors, such as your overall debts and down payment size, also play a role in mortgage eligibility. It's important to maintain a good credit history, pay bills on time, and reduce debt to improve your chances of getting a mortgage.



Original post here: What’s the Minimum Credit Score To Buy a House?

Friday, December 15, 2023

Georgia Contemplates Rent Control Solutions

Georgia lawmakers discuss rent control amid statewide housing cost challenges.
A state representative highlights 37 states with existing rent control measures.
Legislators emphasize the widespread impact on working-class and middle-class residents.



Original post here: Georgia Contemplates Rent Control Solutions

Thursday, December 14, 2023

Cost of Living in Georgia

Georgia is ranked as one of the most affordable states in the United States, with a Cost of Living Index of 88.8.
Key cost elements and their respective index scores in Georgia are as follows:
Groceries: 95.9
Housing: 74.4 (4th lowest in the nation)
Utilities: 90.5
Transportation: 92.6 (among the lowest in the country)
Health: 96.7
Miscellaneous: 97.1



Original post here: Cost of Living in Georgia

Wednesday, December 13, 2023

What is a first mortgage?

A first mortgage is the primary loan used to buy a home, giving the lender the first claim on the property in case of foreclosure. It is easier to qualify for than a riskier second mortgage. First mortgages are typically used to finance the purchase of a home, with the lender having priority over any second mortgages. Second mortgages have higher interest rates and usually don't require private mortgage insurance. The interest on a first mortgage can be deducted at tax time, while a home equity loan or HELOC can only be deducted if used for home improvement or repair.



Original post here: What is a first mortgage?

Tuesday, December 12, 2023

Real Estate Experts Share Their Predictions for the 2024 Housing Market: Will Prices Finally Drop?

Real estate experts predict that in 2024, buyers who left the market due to high interest rates will re-enter, interest rates will eventually fall, it will be a good market for foreign buyers, inventory will increase, and the luxury market will continue to thrive. Additionally, prices may dip but will likely go up again, and fixer-uppers may become more attractive to buyers compared to turnkey properties.



Original post here: Real Estate Experts Share Their Predictions for the 2024 Housing Market: Will Prices Finally Drop?

Monday, December 11, 2023

Which East Coast State Is the Best to Live In?

Charleston, SC:

A growing East Coast city with beautiful beaches, evolving job market, and considerations for crime rates.
Savannah, GA:

The oldest city in Georgia, known for its historical charm, below-avg home prices, and a job market dominated by various industries.



Original post here: Which East Coast State Is the Best to Live In?

Friday, December 8, 2023

Buy Now, Refi Later: Most Homebuyers Plan on Refinancing

82% of recent homebuyers were assured they could buy now and refinance later, according to a new survey.
84% plan on refinancing to a lower rate in the future.
43% are waiting for rates to drop between 5.5% and 6% to refinance.



Original post here: Buy Now, Refi Later: Most Homebuyers Plan on Refinancing

Georgia Fights Property Tax Surge: Capping vs. Exempting

Home values in Georgia have surged, leading property taxes to ↑ 41% since 2018. Lawmakers are proposing solutions: 1. Senate: – Cap an...