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Posted by: | Posted on: January 15, 2021

New York City Renters Owe More Than $1 Billion in Unpaid Rent, Survey Finds

New York City apartment tenants are more than $1 billion in debt from missed rent payments during the coronavirus pandemic, according to a new survey measuring the depth of the rent crisis brought on by Covid-19.

The debt figure is the most recent indicator that unemployment benefits and federal stimulus packages have so far been inadequate to alleviate the growing financial burden of missed rent payments across thousands of city households. Both landlord and tenant advocacy groups have lobbied heavily for more government rental assistance during the pandemic.

The survey, conducted by the Community Housing Improvement Program, a landlord trade group, focused on New York buildings subject to the city’s rent-regulation laws. These apartments account for about half of the city’s total rental apartments. Tallying responses from landlords, the group estimated that as many as 185,000 households living in these apartments are more than two months behind on rent,

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Posted by: | Posted on: January 12, 2021

Fannie, Freddie Tighten Rules for Condos in Vacation Locales

WASHINGTON—Getting a mortgage for a resort-area condo might become more difficult after Fannie Mae and Freddie Mac moved to tighten rules on buildings with many short-term rentals and hotel-like amenities, some Realtors and bankers say.

Fannie Mae last month changed its rules to make it clearer that it won’t back certain loans in high-rent vacation areas, with Freddie Mac taking similar steps that go into effect next month.

The moves by the two government-controlled mortgage giants come as the Trump administration seeks to shrink their footprint in housing, especially in areas such as vacation properties that may not serve the core mission of encouraging homeownership by making it more affordable.

The updated rules, which went into effect Dec. 7 for Fannie, are starting to generate pushback from Realtors and bankers who say entire buildings could be ineligible for financing even if only some units are rented out on a

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Posted by: | Posted on: January 11, 2021

If a Sale Doesn’t Go Through, Who Pays the Appraisal Fee?

If you’re buying a home, one of the (many) things you must check off your list is hiring a professional to do a home appraisal to assess the property’s value. But what if you check it off your list and then, for whatever reason, the home sale falls through—who pays the appraisal fee then?

Let’s take a look.

What is a home appraisal anyway?

A home appraisal is a professional assessment of how much a property is worth. Unless you’re paying for your home in cash, it’s a non-negotiable in the process. Most lenders require an appraisal before they’ll grant you a mortgage. Your home is their collateral, and if you can’t pay your mortgage, they want to make sure they can get back as much of their money as possible. An appraisal also helps protect you from buying an overpriced property.

The appraiser will take an unbiased look

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Posted by: | Posted on: December 30, 2020

U.S. Home Prices Surge to 6-Year High as More People Flee Cities, Case-Shiller finds

The numbers: The cost of buying a home surged again in October, a closely followed index showed, and prices rose at the fastest rate in six years in a clear sign the housing market is still booming despite a raging pandemic.

A measure of home prices in 20 large cities rose at a 7.9% yearly pace in October, according to the S&P CoreLogic Case-Shiller price index. That’s up from 6.6% in the prior month.

A broader measure by Case-Shiller that covers the entire country, meanwhile, showed a similarly large 8.4% increase in home prices over the past year. That’s also up sharply from 7% in the prior month.

Prices have risen at the fastest clip since 2014 owing to record-low mortgage rates and an influx of people leaving cities to escape the coronavirus and find more space. A short supply of homes for sale has also been a contributing

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Posted by: | Posted on: December 24, 2020

New-Home Sales Fall as Buyers Begin to Get Cold Feet in an Expensive Market

The numbers: Sales of newly built homes occurred at a seasonally-adjusted annual rate of 841,000 in November, the Census Bureau reported Wednesday. That was 11% below the downwardly-revised pace of 945,000 in October.

Analysts polled by MarketWatch had projected new-home sales to occur at a seasonally-adjusted annual rate of 875,000. Compared to last year though, November’s numbers remained elevated, up nearly 21% year-over-year.

What happened: New-home sales fell across all parts of the country, led by a 43% decline in the Midwest.

Inventory rose markedly by month’s end, up some 14% to a 4.1-month supply. A six-month supply of homes is generally considered indicative of a balanced market. The median price of new homes for sale was $335,300, down from October but up 5% from a year ago.

The big picture: The dip in sales in November is a sign that buyers are cooling on the market, in tandem

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Posted by: | Posted on: December 23, 2020

Existing-Home Sales Fall in November as Buyers Struggle to Find Properties to Purchase

The numbers: Existing-home sales fell after five straight months of increases in November, as buyers were met with a record-low number of homes for sale.

Total existing-home sales dipped 2.5% from October to a seasonally-adjusted annual rate of 6.69 million, the National Association of Realtors reported Tuesday. October’s sales figure had been the highest in 15 years.

Compared with a year ago, home sales were up nationally nearly 26%. Economists polled by MarketWatch had projected existing-home sales to dip to a median rate of 6.64 million.

What happened: The inventory of homes for sale fell nearly 10% from October to a record-low of 1.28 million units, which equates to a 2.3-month supply. A six-month supply of homes is generally considered to be indicative of a balanced market.

Falling inventory has created more competition for homes, pushing prices upwards. The median existing-home price was $310,800 in November, up 14.6% from

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