Home Prices Have Surged 551% Since 1980, Far Outpacing Income Growth
U.S. home prices have increased significantly faster than household incomes over the past four decades. According to a new analysis from Clever Real Estate and Best Interest Financial, home prices have risen 551% since 1980, compared to income growth of 373% over the same period. That divergence has pushed the national price-to-income ratio to approximately 5.08, nearly double the level of about 2.6 that is widely considered affordable.
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Tennessee law grants purchasers exclusive right to choose settlement agents
At its core, the new law grants purchasers and borrowers in real property transactions the exclusive right to select the settlement agent handling the closing. That right is subject to approval by any mortgage lender, broker, or servicer involved in the transaction, but the selection itself now belongs squarely to the buyer's side of the table.
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Pennsylvania settles with real estate company over allegedly misleading homeowner benefit program
On April 16, Pennsylvania's Office of the Attorney General (OAG) announced a proposed settlement, which was filed in the Philadelphia Court of Common Pleas and is pending court approval, resolving litigation against a real estate company and one of its officers over allegations that the company misled consumers about the terms of its "Homeowner Benefit Agreement" and placed mortgage liens on homes without homeowners' knowledge in violation of Pennsylvania's Unfair Trade Practices and Consumer Protection Law.
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Mortgage rates sink again, and homebuyers jump back in
Mortgage rates dropped for the third straight week, boosting demand from both homeowners and homebuyers. The spring housing market had been looking like a letdown, but there appears to now be new life. Total mortgage application volume rose 7.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
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FNF appeals ruling upholding FinCEN AML rule
Fidelity National Financial (FNF) is appealing a federal judge's decision to uphold the Financial Crimes Enforcement Network (FinCEN) Anti-Money Laundering Regulations for Residential Real Estate Transfers Rule (AML rule). The title firm filed its appeal of the summary judgement ruling on Friday in the Eleventh Circuit Court of Appeals.
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