JC Cris Realtor New Jersey

05/21/2023

Bruce Marks, NACA founder and CEO, expressed optimism for the fledgling program.

“This will be a national model where community residents can purchase a vacant residential home or lot for $1 and then renovate or build a beautiful affordable home,” Marks said. “Everyone gets NACA’s Best in America Mortgage: no down payment, no closing cost, no fee, and no mortgage insurance at a below-market fixed rate without consideration of one’s credit score.”

Certain Newark residents are being offered a chance to buy a house for a little as $1, in a move to boost home ownership in the city.

01/18/2023

😂

09/10/2022

“With that said, while this latest news will likely be met with open arms from home buyers, prices still remain steep, as do rates,” said Channel. “It’s also worth noting that though prices are cooling, there still isn’t much reason to expect the housing market as a whole to crash or otherwise majorly slump. As a result, while home buyers may have a somewhat easier time purchasing a home over the coming months, those who are expecting prices to plummet should probably readjust their expectations.”

Bidding wars are at their lowest level in more than two years.

08/09/2022

"Experts told Fortune that we’ve reached the end of the volatile pandemic era price swings for lumber, and DIYers should be on the lookout for good deals over the next few months."

"I think the biggest drops are behind us for lumber and decking and things like that," Dustin Jalbert, a senior economist at Fastmarkets RISI, told Fortune. " I'm not sure there's that much downside left here in terms of what you can save.”

07/26/2022

The inventory crunch will continue to chip away at affordability and sideline more buyers unless Congress enacts policies to boost housing production, NAR’s chief economist testifies on Capitol Hill.

"Thursday’s hearing came as the nation continues to confront a deficit of 6 million housing units, according to research commissioned by NAR last year. This decades-in-the-making phenomenon has helped sustain year-over-year price growth for a record 124 consecutive months, NAR’s latest housing report shows."

The inventory crunch will continue to chip away at affordability and sideline more buyers unless Congress enacts policies to boost housing production, NAR’s chief economist testifies on Capitol Hill.

06/30/2022

"...until the last quarter of the twentieth century, racially explicit policies of federal, state, and local governments defined where whites and African Americans should live. Today’s residential segregation in the North, South, Midwest, and West is not the unintended consequence of individual choices and of otherwise well-meaning law or regulation but of unhidden public policy that explicitly segregated every metropolitan area in the United States.

The policy was so systematic and forceful that its effects endure to the present time. Without our government’s purposeful imposition of racial segregation, the other causes—private prejudice, white flight, real estate steering, bank redlining, income differences, and self-segregation—still would have existed but with far less opportunity for expression."

05/03/2022

04/29/2022

Florida’s affordability has continued to decline as more people move to the state and the housing crisis continues. As more people come to the Sunshine State, a lack of inventory is pushing p…

04/26/2022

Home Prices Have Begun Falling: Here Are the Cities Where They’re Down the Most

1. Toledo OH
2. Rochester NY
3. Detroit MI
4. Pittsburgh PA
5. Springfield MA
6. Tulsa OK
7. Los Angeles CA
8. Memphis TN
9. Chicago IL
10. Richmond VA

What goes up must come down. The real estate price hikes have seemed unstoppable—until now. This is where home prices are falling the most.

04/23/2022

The 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before, according to Freddie Mac.

It is the seventh consecutive week of increases and is significantly higher than the 2.97% average this time last year.

"With the cost of financing a home about 40% higher than a year ago, demand for homes is visibly cooling, as many first-time buyers find themselves unable to qualify for a mortgage on a home that meets their needs," George Ratiu, Realtor.com's manager of economic research said.

And mortgage rates are expected to continue to rise, said Ratiu. The Fed is expected to act more aggressively to rein in high inflation in upcoming months and it is widely expected the central bank will raise interest rates by 50 basis points at its next meeting in May.

"The Fed's intent of cooling demand seems to be working, leading housing markets toward a much-needed balance," said Ratiu.

Seen in CNN Business April, 21 2022.