The most common siding used on new homes can vary by geographic region, but nationally, vinyl and stucco are the overall favorites. The most common exterior wall materials on homes started last year were vinyl and stucco, at 26% each, followed by brick or brick veneer at 21%, and fiber cement siding (like Hardiplank or Hardiboard) at 20%. Only about 1% of homes had stock or rock used as their principal exterior wall material, the National Association of Home Builders reports on its Eye on Housing blog.
In the Middle Atlantic and New England region, 74% of new homes started used vinyl siding. However, in the Pacific, Mountain, and South Atlantic regions, the most commonly used exterior wall coverage was stucco. In the West South Central division, brick or brick veneer was the most popular choice.
Continue… https://magazine.realtor/daily-news/2019/10/30/vinyl-stucco-most-common-siding-used-on-homes

Click the link to see what basic policies cover and don’t. https://www.houselogic.com/finances-taxes/home-insurance/what-does-homeowners-insurance-cover/?site_ref=mosaic

Down payment assistance programs are helping more consumers become homeowners, according to a new study. Researchers with CBC Mortgage Agency, a national housing finance group, found that more than nine out of 10 home buyers would not have been able to purchase a home without down payment help. Further, more than half of the 1,100 buyers surveyed that received assistance were racial or ethnic minorities. Also, more than a third say they are the first in their family to buy a home.
Continue… https://magazine.realtor/daily-news/2019/10/28/study-down-payment-assistance-grows-homeownership

The 30-year fixed-rate mortgage was on the rise last week, leaping to a 12-week high. But rates are still well below year-ago levels.
“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are following suit but are near historic lows, while mortgage applications to purchase a home remain higher year over year.”
Continue… https://magazine.realtor/daily-news/2019/10/25/mortgage-rates-jump-to-highest-averages-since-august

3 Ways to Organize Your Closet So You Use Every Square Inch

Facebook has become the latest company to pledge money to help ease a housing crisis that critics blame big tech for. The social media giant on Tuesday said it would allocate $1 billion in grants, land, and loans to generate more affordable housing in California’s Bay Area. The funds will be used to build an estimated 20,000 housing units for middle- to low-income households.
In June, Google pledged $1 billion in land and money to build homes to help to ease the housing crisis in the East Bay area. It also vowed to build at least 20,000 homes in the Bay Area with that money. In January, Microsoft pledged $500 million toward affordable housing in Seattle.
Continue… https://magazine.realtor/daily-news/2019/10/23/facebook-pledges-1-billion-toward-affordable-housing

The split-level home—with its rooms on multiple floors—was all the rage in the 1970s, but you don’t see the style as much in contemporary homes. However, that may soon change. Google searches are revealing the split-level home is more in demand.
Search interest in split-level homes has been climbing since 2004 and reached an all-time high in January 2017, according to Google data. The largest increases over the past year came during May and July.
“I’ve always seen split-levels as the minivans of the architectural world,” Orly Halpern of John L. Scott Realty in Portland, Ore., told Apartment Therapy. “If you can get past the often awkward curb appeal, they offer practical living options for most every type of household.”

Continue…
https://magazine.realtor/daily-news/2019/10/21/split-level-homes-are-making-a-comeback

That empty garage being used for storage may be the answer to a housing shortage that is ailing markets across the country, housing analysts say. Several communities nationwide are considering lifting zoning requirements to allow more accessory dwelling units or ADUs, which would permit adding extra housing onto an existing home.
California—facing an epic housing shortage—is one state actively pursuing the idea. A recent report from the California Housing Partnership says that the state needs 1.4 million more affordable rental homes to meet current population needs. California lawmakers have been relaxing their laws to allow more ADUs—whether that’s a garage conversion, backyard cottage, or an in-law apartment or granny flat that could be added onto an existing home. Calif. Gov. Gavin Newsom signed a law earlier this month to urge greater construction of ADUs.
Continue… https://magazine.realtor/daily-news/2019/10/17/could-an-empty-garage-solve-the-inventory-crisis

The economy shows signs of sluggishness, but not the housing market, according to a new report released this week from the Federal Reserve Bank of New York. Consumer spending is softening and wage growth is “moderate,” but the housing market has rebounded, the Fed says.
“Housing activity indicators displayed further gradual improvement in August,” according to the report. Over the last three months, single-family housing starts and permits have rebounded. New home sales gained 7.1% in August month over month and are 18% higher than a year earlier. Existing-home sales saw a 1.2% increase in August. Homebuilding has also seen some increases, surging 12.3% in August to reach the highest level since June 2007, according to the U.S. Commerce Department. A good portion of that has been in the multifamily sector, which includes apartments.
Continue… https://magazine.realtor/daily-news/2019/10/16/fed-calls-housing-the-bright-spot-in-economy

Mortgage Rates Are Dropping Again

October 11, 2019

The 30-year fixed-mortgage fell 8 basis points this week, averaging 3.57%, Freddie Mac reports. The lower rates are drawing out more home buyers in the fall market.

“Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground,” says Sam Khater, Freddie Mac’s chief economist. “The 50-year low in the unemployment rate combined with low mortgage rates has led to increased home buyer demand this year. Much of this strength is coming from entry-level buyers—the first-time home buyer share of the loans Freddie Mac purchased in 2019 is 46%, a two-decade high.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 10:

• 30-year fixed-rate mortgages: averaged 3.57%, with an average 0.6 point, falling from last week’s 3.65% average. Last year at this time, 30-year rates averaged 4.90%.
• 15-year fixed-rate mortgages: averaged 3.05%, with an average 0.5 point, falling from last week’s 3.14% average. A year ago, 15-year rates averaged 4.29%.
• 5-year hybrid adjustable-rate mortgages: averaged 3.35%, with an average 0.3 point, dropping from last week’s 3.38% average. A year ago, 5-year ARMs averaged 4.07%.

Source: Freddie Mac