ru - Residential Update

January 2020

FHA Raises Loan Limits Following Fannie, Freddie Action

The Federal Housing Administration on Dec. 5 announced that its loan limit for much of the U.S. will increase about $17,000 to $331,760 for 2020, HousingWire reported. The FHA loan limit is calculated as a percentage of the conforming limit established by Fannie Mae and Freddie Mac, which will increase to $510,400 next year.

January 2020

FHFA Increases Conforming Loan Level for GSEs

The Federal Housing Finance Agency announced Nov. 26 that it will raise the conforming loan level for Fannie Mae and Freddie Mac to $510,000, up from $484,350, Housing Wire reported. This will be the fourth consecutive annual increase for the government-sponsored enterprises, during which time the limit has increased by more than $93,000.

January 2020

Aging in Place Could Cause 'Gridlock' in Housing Market Next Year: Realtor.com

Home sales are expected to fall next year as aging baby boomers hang on to their properties and cause "gridlock" that could make 2020 a challenging year for hopeful buyers, Realtor.com reported Dec. 4 in its 2020 housing forecast.

January 2020

More Bidding Wars, Climate Change Impact Among 2020 Housing Predictions: Redfin

Next year's housing market is expected to include the return of bidding wars and a greater financial impact resulting from climate change, according to 2020 housing market predictions released Nov. 25 by online real estate marketplace Redfin. Other predictions: increased homebuying from Hispanic Americans and more car-free city streets.

January 2020

Blackstone Group Exits Single-family Rental Business

Investment firm Blackstone Group sold the last of its shares in Invitation Homes, the firm's rental business, bringing to a close its interest in the single-family rental space, DS News reported Nov. 21. The exit is purely financial, with Blackstone having reaped about $7 billion in profit since creating the business in 2012.

January 2020

Rental Prices Decline in Most Major US Markets — Even San Francisco, Report Shows

Most of the nation's rental markets saw rent prices decline or remain relatively flat in December, real estate rental site Zumper reported Dec. 4 in its National Rental Report. San Francisco, the nation's most expensive rental market, saw prices decline 1.1% for one-bedroom units and 3.6% for two-bedrooms.

January 2020

Report Shows Raleigh, North Carolina, Housing Market Has the Most iBuyer Activity

Raleigh, North Carolina, had the nation's largest share of iBuyer activity during the third quarter, accounting for 6.8% of all homes purchases, according to a report from online real estate marketplace Redfin, HousingWire reported Dec. 11. Also topping the list are Phoenix (iBuyers accounted for 5.1% of purchases) and Atlanta (iBuyers accounted for 4.4% of purchases).

January 2020

Home Prices Rise, Marking 8 Years of Gains: FHFA

Home prices rose 1.1% between the second and third quarters, and were up 4.9% from the same point a year ago, according to the Federal Housing Finance Agency House Price Index released Nov. 26. Prices have risen every quarter for the past eight years.

January 2020

Home Building Higher in Millennial-heavy Areas, but Construction Not Enough: NAHB

The majority of single-family and multifamily home building is happening in counties with the highest concentration of millennials, but construction still falls short of what is needed to keep up with increased household formation and population growth, the National Association of Home Builders reported Dec. 3.

January 2020

Cities in the South and West Expected to be Top Performers for 3 to 5 Years: NAR

Charleston, South Carolina; Colorado Springs, Colorado; and Tampa-St. Petersburg, Florida, are among the 10 markets expected to outperform expectations during the next three to five years, the National Association of Realtors reported Dec. 11. The listings are based on such variables as housing affordability, consistent job growth and population age structure.