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Posted by: | Posted on: August 6, 2020

Attention Home Buyers: Foreign Buyers Purchased Fewer U.S. Properties

There’s a surprising amount of competition in the housing market this summer—even as the coronavirus pandemic rages on. But buyers aren’t likely to find themselves sparring with foreign shoppers and investors.

The number of purchases from international buyers dropped 16% compared with last year, as they closed on just 3% of existing homes (previously lived-in residences), according to a recent National Association of Realtors® report. They spent about $74 billion in total on their purchases, down 5% from the previous year.

“Foreign buyers stepping back a bit is good news for domestic buyers, who have a better chance of getting the property [they want,]”
says NAR’s chief economist, Lawrence Yun.

The NAR report is based on a survey of 11,615 Realtors conducted from May 21 through June 24. It measured sales to foreign buyers who live in the United States, such as recent immigrants and visa holders, who

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Posted by: | Posted on: August 5, 2020

Trump suggests freezing evictions and payroll-tax collection through orders

President Donald Trump on Monday raised the possibility of using executive orders to suspend evictions and freeze the collection of payroll taxes, as Democrats and Republicans reported slow progress in their negotiations over another big coronavirus aid package.

“I don’t want people to be evicted,” Trump said, while speaking at a news conference on Monday evening. He said it’s “not their fault” that “they’re thrown out viciously.”

“They oftentimes will go to a shelter with tremendous numbers of other people, and the virus will spread, and we don’t want that.”

He added that he could suspend the collection of payroll taxes through executive order.

“So we’ll be talking about that, but we’re having a very good discussion with Nancy Pelosi and Chuck Schumer,” the president said, referring to the top Democratic lawmakers in the House and Senate.

While March’s $2 trillion CARES Act established a temporary moratorium on evictions for

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Posted by: | Posted on: July 30, 2020

How the Coronavirus Pandemic Pushed Home Prices to a Record High

Who would have thought that this summer, with the number of COVID-19 cases surging and new rounds of restrictions and shutdowns, would yield one of the most competitive housing markets in recent memory? Nonetheless, home prices have hit record highs as buyers are battling it out across the nation over a limited selection of reasonably priced abodes.

In July, the median home price shot up 8.5% year over year, to hit a new all-time high of $349,000, according to the most recent realtor.com® data.  And those mind-boggling high prices, shooting up in the middle of a recession with the worst unemployment since the Great Depression and an economy undergoing a historic contraction, are a direct result of the pandemic.

Buyers paid a median $27,000 more for a home in July than they did last year because the supply of available properties for sale plummeted at the same time that demand

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Posted by: | Posted on: July 30, 2020

Pending Home Sales Continued to Rebound Across the Country in June (for Now)

The numbers: The index of pending home sales rose 16.6% in June as compared with May, the National Association of Realtors reported Wednesday.

The increase comes after pending home sales experienced the largest monthly rise on record last month, the trade group said.

Compared with a year ago, contract signings were up 6.3%, a sign of how sharply the market has rebounded from its coronavirus-related low.

“It is quite surprising and remarkable that, in the midst of a global pandemic, contract activity for home purchases is higher compared to one year ago,” Lawrence Yun, the National Association of Realtors’ chief economist, said in the report. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.”

The index measures real-estate transactions where a contract was signed for a previously-owned homes but the sale had not yet closed, benchmarked to contract-signing activity in 2001.

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Posted by: | Posted on: July 29, 2020

The Surprising Reason the Homeownership Rate Surged in a Pandemic

In the middle of a recession and the worst public health crisis in a century, the U.S. homeownership rate surged to its highest point since the Great Recession.

The homeownership rate reached 67.9% in the second quarter of 2020, according to a recent report from the U.S. Census Bureau. That’s up from 65.3% of Americans owning their residences in the first quarter of the year and 64.1% in the second quarter of last year.

While on the surface the housing market appears to have recovered from the housing crash of more than a decade ago, the rate is a bit deceiving. The Census’ data collection efforts were affected by the novel coronavirus and ensuing shutdowns.

“Part of the increase we’re seeing is likely due to changes in the way the U.S. Census Bureau collected data,” says realtor.com® Chief Economist Danielle Hale. “The housing market is doing really well. It’s

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