Aspiring home buyers may be getting so desperate to qualify for a mortgage that they may be tempted to lie about how much they earn on their mortgage application.The problem is getting worse, reports show. Mortgage fraud has climbed more than 12 percent in the past year, according to CoreLogic. A recent report from the real estate data firm showed that one of every 109 mortgage applications was believed to contain fraud. The largest jump in mortg
In many areas of the country, rents just keep increasing. Some renters may pay hundreds of dollars in higher rent over the next year, according to a new report from RentCafe. For example, Chicago renters could pay $948 more for their rent in the upcoming year, which is half a month’s worth of rent now, the study warns.RentCafe looked at actual rents charged in the 252 largest U.S. cities and where rents are expected to rise. Cumulated price in
Housing costs have soared higher than what teachers can comfortably afford on their salary alone in San Jose, Calif. So California’s San Jose Unified School District identified nine district-owned properties that it wants to transform into affordable housing units for teachers and other school staff. But their plan is drawing criticism from parents and neighborhood residents, the Mercury News reports.The plan calls for closing several of the di
A new program being piloted in west Denver sets out to help low-income homeowners build accessory dwelling units, or “granny flats,” onto their homes to then rent out and earn extra money as landlords. The program hopes to add more affordable units will help to address the area’s housing shortage.Mortgage financing giant Fannie Mae is funding the program, selecting it as one of three “innovative ideas” submitted by city officials this y
Borrowers saw a slight cool down in mortgage rates this week following last week’s seven-year high. The 30-year fixed-rate mortgage dipped for the first time after five consecutive weeks of increases, averaging 4.71 percent.But the higher rates may be deterring some would-be home buyers. “The strength in the economy has failed to translate to gains in the housing market as higher mortgage rates have contributed to the decrease in home purchas
U.S. home prices in the third quarter were at the least affordable level since the third quarter of 2008—a 10-year low, according to ATTOM Data Solutions’ Q3 2018 U.S. Home Affordability Report. Researchers calculate affordability based on the percentage of income needed to purchase a median-priced home compared to an area’s historic averages.Seventy-eight percent of the 440 U.S. counties analyzed had homes that were less affordable than th
Even if they’re part of an entertainment activity, you can still take tax deductions on your business meal expenses, the IRS clarified in temporary guidance issued this week. The real estate community has been anticipating this clarification, which REALTOR® Magazine reported on last week.The tax reform law, which was enacted at the start of the year, ended deductions for business-related entertainment, amusement, or recreation but created u
Consumers can have a lot of assumptions about the housing market. Some of those beliefs may cause them to miss out on a great house. HouseLogic.com recently featured some of the biggest misconceptions that buyers have, including:1. Assuming you need 20 percent for a down payment. Buyers who may be waiting to save 20 percent for a down payment on their home purchase may end up missing out. About 60 percent of home buyers actually put down less t
Everything is bigger in Texas. The Lone Star state boasted three of the top five cities with the largest homes in the country in new rankings released by LendingTree, an online lending resource.In fact, Southern cities in general tend to have larger homes than elsewhere across the country. Houston topped LendingTree’s list with a median size of 1,952 square feet, followed by Atlanta at a median of 1,914 square feet.Researchers from LendingTree
Consumers drowning in student loan debt say that it is delaying their purchase of homes—a concern most often faced by women and millennials, according to the sixth annual NeighborWorks America at Home report, a survey of about 1,000 U.S. adults.Rising costs has prompted overall student loan debt to climb 130 percent since 2008. Student loan debt has surpassed $1.5 trillion and now makes up 42 percent of all consumer debt, according to the repor
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