California, Colorado and Michigan nabbed six spots in the top 10 (another zip in California, 95758, stopped just shy at No. 11), thanks to three traits: affordability, good-paying jobs and millennials. Of California’s zip codes in the top 10, the median home price ranges from $536,394 (Mira Mesa/San Diego) to $728,267 (Castro Valley); of Colorado’s zip codes in the top 10, the median home price ranges from $273,222 (Colorado Springs) to $533,873 (Littleton); and of Michigan’s zip codes in the top 10, the median home price ranges from $118,833 (Kentwood) to $223,780 (Livonia).
Generally, homes in the top 10 are more affordable than counterparts in their county or metropolitan area, and the markets themselves have higher incomes, low unemployment and more millennials.
“While low inventory is a challenge, millennials are the largest generation in U.S. history and they are flexing their muscle when it comes to the housing market,” says Danielle Hale, chief economist for realtor.com. “Increasingly, the hottest housing markets are the ones that appeal to millennial preferences, and...
If you’re looking for a way to add style and value to your home, skylights might be the perfect solution. It will take some planning, but a well-designed skylight comes with a multitude of benefits — not just beauty and value, but possibly energy savings and health benefits, as well. Here is an in-depth look at some of the rewards that skylights can bring to your home.
Letting Natural Light into Your Home
It isn’t easy to fill your home with natural lighting. Some rooms have limited (or no) exterior walls for windows. In the rooms that do have windows, you likely use curtains or blinds for privacy. Skylights are an excellent way to bathe your home in sunlight without giving your neighbors a view.
Make sure to align your skylights according to the type of natural lighting that you want. Southern-facing skylights will give rooms a sun-kissed look, but they can also heat those rooms during the summer. Eastern- and western-facing skylights will let the light in as the sun rises or sets, and northern skylights add cooler, more diffused lighting to rooms since the sun doesn’t shine directly into them.
Saving on Heating and Cooling Bills
A poorly planned skylight can wreak havoc on your energy bills, but with some thought as to the positioning and design of your skylights, you can save money on heating and cooling costs. South-facing skylights will increase the temperature of your home year-round because they will pick up more of the sun’s rays than a skylight facing in any other...
The Federal Open Market Committee announced in its December meeting that it is officially raising the federal funds rate for the first time since June 2006.
In a statement released Wednesday by the Federal Reserve, the FOMC said that it will gradually raise the federal funds rate to a range of 0.25% to 0.50%.
“Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic outcomes, the committee decided to raise the target range for the federal funds rate to 0.25% to 0.50%. The stance of monetary policy remains accommodative after this increase, thereby supporting further improvement in labor market conditions and a return to 2% inflation,” the FOMC said in a statement.
Moving forward, the FOMC said, “In determining the timing and size of future adjustments to the target range for the federal funds rate, the committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2% inflation.”
All FOMC members voted unanimously.
According to the economic projections of Federal Reserve Board members and Federal Reserve Bank presidents under their individual assessments of projected appropriate monetary policy, the federal funds rate is projected to grow from 0.4% in 2015 to 3.4% in 2018.
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(Source: Federal Reserve)
During the October meeting, the Federal Reserve said that it would not raise the federal funds rate at that time, citing the fact that the country’s...
Now that over two months have passed since the TILA-RESPA Integrated Disclose rule went into effect, the initial impact is starting to show in the closing data, according to the latest Origination Insight Report by Ellie Mae.
In the last report, Jonathan Corr, president and CEO of Ellie Mae, said “It is still too early to see if there will be impacts stemming from the Know Before You Owe changes that went into effect just last month.”
A month later and in the new report Corr said, “We are beginning to see the anticipated impacts of the Know Before You Owe changes that went into effect in October.”
The average time to close a loan increased by 3 days to 49 total days in November, the longest time to close since February of 2013.
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(Source: Ellie Mae)
“The time to close loans has crept up to 49 days, a 3-day increase over October, while the closing rate on purchased loans increased to 72 percent. Additionally, we’ve seen the percentage of refinances increase to 46% of all closed loans, most likely driven by a recent dip in rates over the last three months since the 2015 high point in August,” said Corr.
This isn’t the first report to say that TRID is impacting the industry, though not everyone is saying TRID is completely bad.
In a recent speech, CFPB Director Richard Cordray compared the October implementation of the CFPB’s new TRID rules to Y2K, telling the Consumer Federation of America Financial Services Conference that the housing industry’s concerns...