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Tag Archives: Zillow

Castro Expresses Optimism, Addresses Challenges Facing Housing in ‘Fireside Chat’

Castro based his optimism on what he called a "confluence of factors" he believes will encourage more potential homebuyers to take the plunge this year, including a leveling off in home prices, lower entry barriers to mortgage credit, and falling costs—helped by an imminent reduction in Federal Housing Administration (FHA) annual mortgage insurance premiums and the Federal Housing Finance Agency's (FHFA) directive for Fannie and Freddie to accept mortgages with lower down payments.

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Castro to Answer Housing Questions at Fireside Chat-Style Event

U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro will answer questions about a variety of housing topics in a fireside-chat style event on the morning after President Obama's state of the union speech on Wednesday, January 21, at the Newseum in Washington, D.C.

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Underwater Borrower Rate Drops Below 17 Percent

The number of U.S. homeowners who owe more on their mortgage than their home is worth has fallen off by nearly half in the last two years, but third-quarter data shows millions are still close to slipping back under. By the end of Q3 2015, the company expects negative equity will drop further to a rate of 15.2 percent. While improving trends in home values and foreclosures have helped push more homeowners into positive equity positions, many are still barely afloat, possessing too little equity to realistically afford the cost of selling their home and buying a new one. Because they're essentially locked into their houses, those homeowners are unable to contribute to their local stock of for-sale homes and are stuck in the way of entry-level or move-up buyers.

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Housing Confidence Heats Up, But Expectations Remain Cool

Two of the three component sub-indices improved through the summer: the measure of current market trends and conditions rose more than half a point to 62.7, while the measure of homebuying plans and attitudes toward homeownership climbed more than two points to 62.4.

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High Rents Prevent Potential Buyers From Owning Homes

New Homes

What this means for the future of the housing market could be trouble. The effects of rents high enough to keep prospective buyers away from houses is particularly hitting millennials, who are already saddled with uncertain job prospects and enormous student debt, according to Zillow Chief Economist Stan Humphries.

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