The housing market hasn't been this slow in almost 30 years
U.S. home sales haven't been this low in decades, according to data released Friday by the National Association of Realtors. The NAR's measure of existing-home sales, which includes single-family homes as well as condos and townhouses, fell to 4.06 million in 2024. That is the fewest sold since 1995, the NAR said.
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The U.S. just experienced its slowest annual sales of homes since 1995
The final figures for home sales last year are in, and the story is quite grim: 2024 was the slowest year for existing home sales in nearly three decades. Existing-home sales last year totaled 4.06 million, the lowest on an annual basis since 1995, according to the National Association of Realtors on Friday. A big factor behind the slowdown was elevated mortgage rates, which spent most of the year above 6.5%.
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Title companies propose workaround amid prolonged Wexford County deeds office shutdown
There could be hope for those in with property in Wexford County stuck in real estate limbo. The Register of Deeds office is still shut down almost three months after a cyber attack impacted the county. No workaround has been provided by the county yet, but local title companies and mortgage lenders may have found a solution.
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ALTA Considers New Energy Project Endorsement
The American Land Title Association (ALTA) is considering approval of a new Energy Project Endorsement for owner's and loan policies at its spring session. The endorsement (proposed as the ALTA 36.9) Energy Project - Minerals and Other Subsurface Substances - Land Under Development, will provide mineral coverage specific to title insurance for energy projects to replace reliance on the current ALTA 35-06 endorsement and the ALTA 31-06 Severable Improvements endorsement.
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Led by California MBA, five banks provide mortgage relief for fire victims
Led by the California Mortgage Bankers Association, five lenders have made commitments to provide mortgage relief for the victims of the California wildfires. The five institutions are Bank of America, Citibank, JPMorgan Chase, U.S. Bank, and Wells Fargo. The banks will offer up to a 90-day grace period on mortgage payments, 90-day waiver of late fees, and 60- to 90-day moratorium on new foreclosures for property owners whose structures were damaged or destroyed. In addition, institutions will not report late payments of forborne amounts to credit agencies.
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Trump says he can cut the cost of buying a home. Here's the reality behind that
"Many Americans are unable to purchase homes due to historically high prices, in part due to regulatory requirements that alone account for 25 percent of the cost of constructing a new home according to recent analysis," an executive action signed by Trump on Monday read. However, the executive action offers few specifics about how the administration plans to lower home costs.
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