Richard Cordray, director of the Consumer Financial Protection Bureau, said on Wednesday that he would be leaving his post at the end of the month. Some organizations and lawmakers view this as an opportunity to restructure the financial watchdog agency.The CFPB was established about six years ago as part of the Dodd-Frank Act. Its goal has been to investigate financial abuses on accounts such as mortgages, bank accounts, student loans, and cred
Working families in rural areas looking for a home are finding it’s not a lack of inventory that is a challenge, but being able to afford what is available. A new study found that rural areas, particularly those in second-home or retiree havens, lack enough affordable and adequate housing for local working families, according to a new research report released by Carsey School of Public Policy at the University of New Hampshire.In New England,
The House passed legislation Tuesday to reauthorize the National Flood Insurance Program for five years, which would include reforms. But because the bill—which is backed by the National Association of REALTORS®—still needs Senate approval, it’s unclear whether the long-sought five-year extension will be passed before Dec. 8, when the NFIP is set to expire. Lawmakers could instead pass another short-term extension to give them time to deba
A slight dip in interest rates last week brought more homeowners and home buyers to the mortgage market. More homeowners were quick to refinance before interest rates rise again, and home buyers were able to lock in lower rates during the week.The Mortgage Bankers Association reported that total mortgage application volume—which includes for refinancings and home purchases—rose 3.1 percent last week on a seasonally adjusted basis. Mortgage ap
Rents have been slowing in many areas, but exceptions are still giving renters sticker shock. Rents in the nation’s largest cities, in particular, continue to grow.Nearly half of renters—or 46 percent—devote more than 30 percent of their income to rent, according to Census Bureau data. Economists consider that “cost-burdened.”SmartAsset, a personal finance website, analyzed data median household incomes and average rents and compared th
Microsoft founder Bill Gates wants to smarten up city planning and make cities more high-tech. The billionaire’s real estate investment firm has paid $80 million for a large plot of land in Arizona to develop into a “smart city.”Cascade Investment, an investment group owned by Gates, purchased nearly 25,000 acres in Tonopah, which is about 50 miles west of Phoenix. The desert land currently is mostly undeveloped.Belmont Partners will develo
Facebook plans to significantly expand its rental real estate listings section in its Marketplace as it attempts to better compete against Craigslist, eBay, and other e-commerce platforms.Currently, Facebook allows individual homeowners to list their homes for sale on the Marketplace. But Facebook now seeks to beef up its rental offerings. It has developed partnerships with Apartment List and Zumper to serve up hundreds of thousands of rental lis
More homeowners are putting an emphasis on their pets’ priorities when home shopping, according to recent surveys. For example, a third of recent home buyers ages 18 to 36 say their decision to purchase was based on the desire for a larger property with a yard for their dog, according to a survey by Harris Poll conducted for SunTrust Mortgage. Further, 33 percent of 412 young adults surveyed listed their pet as their top homebuying motivation.
Single-family rentals that are either detached or townhomes are developing faster than any other segment of the housing market, according to the Urban Institute. They are currently outpacing single-family home purchases and apartment living.Within the last three years, single-family rentals have surged 30 percent. Single-family rental homes and townhomes comprise 35 percent of the nation’s 44 million rental units. That percentage is up from 31
Most home buyers put in the effort to save for their down payment, but that is only a fraction of the cost they should expect for homeownership. There are many other lesser-known costs that can sometimes come as a shock to buyers. Make sure your home shoppers plan accordingly for the following extra expenses, including:Earnest money: The amount of earnest money required varies by state and local market. In a slower market, $500 to $1,000 migh
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