Covering increased US minority homeownership, drop in mortgage rates and lumber prices, and more, Styldod’s fortnightly digest brings some good real estate news to you this week. We have also included a survey on ways to boost home supply and an exciting real estate award announcement for all professionals out there.
The International Federation of Real Estate (USA Chapter) accepts entries for the 2021 Grand Prix of Real Estate. FIABCI aims to provide optimal real estate solutions to society, thereby creating better places to live, play and work. Projects completed in the last 5 years and have been functional for at least 12 months by 31st December 2021 are eligible to apply. Regardless of the number of entries in the category, exemplary projects will be rewarded. The deadline is 30th September 2021, with an awards ceremony and gala taking place in November in picturesque San Diego, CA.
Despite homeownership rising in the country in recent years, the figures have been shallow for Black and Latino Americans. With layoffs and furloughs during the pandemic, these figures have been low for a while, but with new policies and programs, some states see a more equitable housing market. In a United Way of the National Capital Area ranking, 50 states made it to the list measuring criteria such as median household income, homeownership rate, unemployment rate, and the number of U.S. Department of Housing and Urban Development loans filed. Maryland tops the list with a low unemployment rate of 7.15%, followed by New Hampshire, Florida, and California.
Source: Realtor Magazine
In the latest Zillow Home Price Expectations Survey, 56% of panelists chose relaxing zoning rules to boost home supply in a housing market currently near historic inventory lows. Real estate market news says the panel also expects new construction growth to fall in the coming years due to high costs of labor, land, and materials. However, with a pandemic-infused boom in housing demand, home value is expected to grow to 8.7% in 2021- the highest since the inception of the quarterly survey in 2010.
The news of Fannie Mae and Freddie Mac dropping mortgage refinance fees has come as relieving real estate news because borrowers with a $300,000 loan will save $20 monthly. The two mortgage giants were charging lenders a 50 basis-point fee for all loans to cover losses fuelled by the pandemic, which had become a burden for borrowers. This move is expected to increase mortgage rates, that has been at a five-month low. “Eliminating the Adverse Market Refinance Fee will help families take advantage of the low-rate environment to save more money,” said acting Federal Housing Finance Agency Director Sandra Thompson.
After rising to excessive levels this spring, lumber prices have fallen to cheap rates. Prices for two-by-fours had surged in May, to more than twice their previous record, but have now plunged back down to pre-pandemic levels. Even though this real estate market news will help builders and DIYers, new home buyers should not expect a drop in prices, as builders expect to collect higher profits than drop asking prices.
The coming weeks look exciting as real estate news hints borrowers will have significant savings with a drop in mortgage rates, and home prices may improve with low lumber prices. Also, don’t forget to enter the FIABCI Grand Prix of Real Estate before applications close on 30th September.
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