Real Estatin' The Facts Market News - 9/24/2021
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. Enjoy!
Americans cashing out on home equity
Source: Inman
With interest rates remaining low and home prices on the rise, the amount of cash-out refis has shot up 41% over the last three months, according to Black Knight Mortgage Monitor Report. The rise in home equity — the value of a homeowner’s interest in their home, after subtracting what they owe on their mortgage — is also good news for borrowers who decided to put their mortgage payments on hold during the pandemic. Read more...
Remote work will fuel housing demand for years
Source: Benzinga
A recent Zillow survey found that while remote workers were far more likely to move, approximately 40% of respondents said they did not know if or when they would be required to return to their workplace. However, more than 80% of respondents said they wanted to work remotely at least occasionally while 44% wanted to work from home without having to venture to a workplace. Furthermore, half of Millennial and Gen Z respondents who did not know their employer's post-pandemic plans said they were somewhat likely to consider getting a new job if they were forced to work in person more often. Read more...
California wildfires ignite insurance crisis
Source: Press-Telegram
Permanent wildfires in the state have forced millions of homeowners in fire-prone areas to pay soaring premiums for insurance coverage. As the number and severity of wildfires increases, insurers are becoming more and more reluctant to renew their insurance policies, and even if they do, premiums often double or triple. Most homeowners need insurance because their mortgage lenders demand it. And if they can’t get regular coverage, they are forced by FAIR’s insurance company, which is a last resort with very high premiums and limited coverage. Read more...
Landscape tips to protect your home from wildfires
Source: House Logic
Most homes ignite during a wildfire with floating embers or a piece of burning wood that falls on a roof, gutter, in a vent, under a deck, or on a porch and ignites leaves and debris, says the National Fire Protection Association. Other house fires simply take the fast lane to your home via dry vegetation. If you live where wildfires are a possibility, fortifying your home against a raging fire will make it easier for firefighters to put out blazes. Read more...
Stronger mortgage demand points to September surge in home sales
Source: CNBC
After a Labor Day week lull, demand for mortgages rose sharply last week from homeowners and homebuyers. Mortgage interest rates, however, didn’t move, and haven’t for the past four weeks. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) remained unchanged at 3.03%, with points decreasing to 0.30 from 0.32 (including the origination fee) for loans with a 20% down payment. Read more...
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