National News

Home price index soars in May

Home prices continue to grow on both a year-over-year and month-over-month basis, according to the CoreLogic Home Price Report for May. Nationwide, home prices are up 6.6 percent in May 2017 compared to May 2016. May home prices increased

U.S. homes are the least affordable since 2008, new report finds

The U.S. affordability index dropped to 100 in the second quarter of 2017, which is the least affordable level since the third quarter of 2008, according to a new report from ATTOM Data Solutions. The affordability index measures the

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More and more people are bidding on homes they haven’t seen

Those looking to buy homes in this market have little time to ponder if they want an available home. In fact, more and more people are bidding on a home without even seeing it in person, according to a

NAR names Bob Goldberg as new CEO

After a months-long search, the National Association of Realtors (NAR) announced the selection of Bob Goldberg as the next chief executive officer for the company on June 23. Goldberg joined NAR in 1995 and currently serves as the NAR

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Renters don’t believe it’s a good time to buy, report says

America’s housing market might be notably stronger than it was when the recession hit nearly a decade ago, but not everyone is ready to jump back into buying. Despite wanting to purchase a house of their own one day,

The average millennial needs to save for 13 years to afford a home in Chicago, study says

As millennials have aged into the largest homebuying population in the country, economists and real estate experts have spent considerable time figuring out why the group is slow to buy homes. Millennial spending habits have been blamed, as has

Potential homebuyers could crowdfund their future homes

Fundrise, a Washington D.C. managing company, created a way for prospective homebuyers to crowdfund their future homes. Public investors buy shares in an “eFund,” a limited liability company that develops housing in the city. Investors must make a minimum

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Home price index hit five-month record high

Home prices rose across the country, according to a report released Tuesday. S&P Dow Jones Indices announced the positive results of the S&P CoreLogic Case-Shiller Indices, which measures U.S. home prices. The U.S. National Home Price NSA (non-seasonally-adjusted) index showed

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Homeowners believe it is a good time to sell. Why won’t they?

Market factors indicate that it’s a seller’s market, yet the number of homes for sale is at a record low. Now, an overwhelming percentage of homeowners believe it is a good time to sell, leading some to conclude that

You can rent out most homes in Chicago for a profit, study says

If you’re considering becoming a landlord in a city like Chicago, you’re in luck. Potential landlords can rent out most homes in a majority of America’s largest markets for a profit, according to a recent Zillow report. In 25

National housing inventory drops at fastest rate in four years, study says

Low housing inventory has troubled buyers since the end of the recession, and it doesn’t seem to be getting any easier to beat out the competition for a purchase. In fact, the number of homes for sale has now dropped

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Tear-down starts increase to meet demand for smaller, more affordable homes

Tear-down starts are increasing to meet the rising demand for new single-family units, according to a new report from The National Association of Home Builders. The NAHB and Wells Fargo used their February 2017 Housing Market Index to track the

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Trump tax plan targets loophole that spurs property investment, critics say

The Trump administration’s tax reform plan could have a negative effect on homeowners, but another key piece of the policy may especially hurt property investors. Though some experts have thrown cold water on the idea of a major tax overhaul passing

Majority of Americans say cost is top barrier to homeownership

As home prices continue to rise nationally month after month, affordability is a major concern for people across the country. Rising costs are making it more difficult for many potential homeowners to find quality homes with an affordable mortgage. According to a

National median home sales price hit record highs, NAR reports

The median sales price hit a new high while the median days on market hit a new low, according to the National Association of Realtors. Total existing home sales increased 1.1 percent from April to a seasonally adjusted annual

Sales speed, competition hit record highs in May

Last month’s buyers faced one of the most competitive markets to date, according to Redfin’s May 2017 housing market report. As homes flew off the market and supply continued to decrease, speed of home sales and buyer competition hit

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