Sold a home in the last four years? Congratulations. You’re entitled to a piece of the $418 million Realtor settlement fund. But don’t expect a big windfall. Since you will be among 21 million other Americans who are part of the “settlement class,” the amount per seller — after deducting attorneys’ fees — could be as low as $13. That’s a pittance compared with the $18,000-$22,000 commission Southern California sellers typically pay buyers’ agents — on top of what they paid their own agents. “It’s not going to be a lot of money,” said Jack Miller, president and chief executive of Orange County ..read more

By Dorcas Marfo | CTV Network TORONTO – The dream for aspiring homeowners may look like scoring $1 worth of land amid rising housing prices and inflation. The good news is that this dream has come true in some Canadian provinces and territories, which have offered eye-catching relocation incentives to address population decline, housing crises and affordability. Here’s a look at Canadian properties and lands over the years that have been offered for low prices or with other incentives too good to pass on. Note that some of these deals may have expired or sold out. Cochrane, Ontario As northern ..read more

By Zach Wichter, Bankrate.com Buying your first home can be an overwhelming experience: a high-stakes adventure that can leave you feeling elated and exhausted all at the same time. And, as a newbie, it’s easy to make (sometimes costly) mistakes if you don’t know how the homebuying process works. Whether you are a brand-new house hunter or one returning to the market after many years, you can sidestep potential pitfalls by understanding the basics of homebuying and home financing, and knowing what questions to ask. Here’s a list of some easy first-time homebuyer mistakes to make — and how to a ..read more

Jarrell Dillard, Jonnelle Marte | Bloomberg News (TNS) After years of mostly steady decline, the Black homeownership rate in the US saw its largest jump on record in the early days of the pandemic. Now, soaring borrowing costs and home prices threaten to erode those gains. Black Americans — who for decades in the mid-20th century were shut out of swaths of the housing market by redlining and other racist practices — are disproportionately likely to be first-time buyers. And newcomers face a particular disadvantage in this market: They haven’t benefited from rising home equity, so they may need ..read more

Mortgages rates dipped below 7% this week for the first time since August — and they could keep sliding further. After reaching their highest point in the last two decades in late October, mortgage rates have been dropping for the last seven weeks, falling to an average of 6.95% this week for a 30-year-fixed rate mortgage, according to data from Freddie Mac released on Thursday. “It’s great news for buyers and sellers,” said Oscar Wei, chief economist for the California Association of Realtors. There are signs, too, that the rate could keep dropping. At their meeting Wednesday, Federal Reserve ..read more

Federal loan guarantor Fannie Mae will make its secret “blacklist” of condos it will not finance available to condo associations and unit owners next year. Its counterpart Freddie Mac, meanwhile, will roll out new guidelines by early 2024 that will enable condos ineligible for financing to appeal their status. The guarantors provide financing for 70% of home loans in the country. Typically, lenders write home loans and sell them to one of the two guarantors while continuing to collect mortgage and escrow payments. In April, the Orange County (Calif.) Register revealed the existence of a spread ..read more

Jeff Ostrowski | (TNS) Bankrate.com Mortgage rates dropped again this week, according to Bankrate’s national survey. The average rate on 30-year fixed mortgages retreated to 7.23% this week, down from 7.41% the previous week, according to Bankrate’s weekly national survey of large lenders. The recent reprieve could signal a prolonged drop in mortgage rates, housing economists say. The average rate on 30-year home loans in October topped 8%, but that’s changing because of a number of factors, including a slowing job market and signs that the Federal Reserve’s ongoing war on inflation  ..read more

Jeff Ostrowski | Bankrate.com (TNS) The average rate on 30-year fixed mortgages retreated to 7.41% this week, down from 7.55% the previous week, according to Bankrate’s weekly national survey of large lenders. The recent reprieve could signal a prolonged drop in mortgage rates, housing economists say. The average rate on 30-year home loans in October topped 8%, but that’s changing because of a number of factors, including a slowing job market and signs that the Federal Reserve’s ongoing war on inflation is working. “Part of it is the Federal Reserve is pausing on interest rate hikes ..read more

Jeff Ostrowski | (TNS) Bankrate.com The average rate on 30-year fixed mortgages retreated to 7.66% this week, down from 7.69% the previous week, according to Bankrate’s weekly national survey of large lenders. The slight reprieve could signal a prolonged drop in mortgage rates, says Lawrence Yun, chief economist at the National Association of Realtors (NAR). The average rate on 30-year home loans recently topped 8%, but that’s changing because of a number of factors, including a slowing job market and signs that the Federal Reserve’s ongoing war on inflation is working. Meanwhile, 10 ..read more

Jeff Ostrowski | Bankrate.com (TNS) The average rate on 30-year fixed mortgages retreated to 7.69% this week, down from near-8% the previous week, according to Bankrate’s weekly national survey of large lenders. The slight reprieve doesn’t change the big picture, however. The average rate on 30-year home loans is at its highest level since the year 2000. The current run-up in mortgage rates reflects a variety of factors: a resilient U.S. economy, the Fed’s ongoing war on inflation and, more recently, a sharp rise in 10-year Treasury yields, which serve as an informal benchmark for 30 ..read more