Last week’s economic reporting included readings on new home sales and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published. No economic data was published Thursday or Friday due to the Thanksgiving holiday. New Home Sales Surpass Expectations in October The Commerce Department reported higher-than-expected sales of new homes during October. New homes sold at a seasonally-adjusted annual pace of 632,000 homes sold. Analysts expected new homes to sell at an annual pace of 570,000 sales as compared to the revised annual pace of 588,000 new home sales in September. The supply of available new homes rose by 1.50 percent between September and … [Continue Reading...]
Just because you live in a small space doesn't mean your home needs to feel cramped. There are several renovations that are popular among interior designers to make a space feel larger. Incorporate them into your own home to give it a more open, spacious feel. 1. Crystal Clear Glass is an absolutely phenomenal way to make a small space feel larger as it removes visual barriers to show off additional square footage, making it seem as though it's part of the room. Whether you choose a glass railing for a staircases or room divider or incorporate a glass shower into a small bathroom, glass can help your home feel more spacious. 2. Make The Most Of Mirrors Similar to glass, mirrors can make a … [Continue Reading...]
There are many complicated terms thrown around regarding your mortgage, and one of them is an escrow account. You will probably hear that your lender will collect some additional money every month for escrow payments. If you take a look at your mortgage statement, you will see your interest, your principal, and your escrow. What does this mean, and why do you have to pay additional money that isn't going toward the balance of your loan? The Definition Of An Escrow Account An escrow account is an extra account that your lender opens on your behalf to make sure certain expenses are covered. Because your mortgage investor has a lien against the property, the mortgage company has an interest in … [Continue Reading...]
Last week’s economic reporting included readings on U.S housing markets, housing starts, and building permits issued. Data on sales of previously-owned homes were released along with weekly reports on mortgage rates and jobless claims. Builder Sentiment on Housing Markets Declines in November November’s National Association of Home Builders Housing Market Index fell five points to an index reading of 33; analysts expected a reading of 36. November’s reading was the lowest since June 2012 except during the pandemic. All three indices contributing to the Housing Market Index were lower in November than in October. Homebuilder sentiment regarding current sales conditions fell … [Continue Reading...]
Are you a retired individual looking for ways to increase your financial security? If so, you may have heard of a home equity conversion mortgage, more commonly known as a reverse mortgage. Used correctly, this is one of the most effective financial products for retirees who own their home. Let's explore three ways that a reverse mortgage can help to transform a dull retirement into one filled with excitement. It's All About Flexibility The primary benefit that one receives with a reverse mortgage is financial flexibility. It is an excellent way to tap into the equity that has built up in your home over time without having to sell the house and move out. Moreover, unlike a traditional home … [Continue Reading...]
The National Association of Home Builders' Housing Market Index for November showed builders’ growing concerns over U.S. housing market conditions. November’s index reading dropped five points to 33 as compared to October’s reading of 38 and the November 2021 reading of 83. November’s home builder index reading was the lowest reading since June 2012 except during the pandemic. Readings over 50 indicate that most home builders were positive about housing market conditions. All three index readings that contribute to the HMI reading were also lower. Builder confidence in current housing market conditions fell six points to an index reading of 39. Home builder sentiment … [Continue Reading...]