The price of lumber hit a record high last week and is up more than 170% over the past 10 months. That is prompting builders to have to raise new-home prices as soaring lumber costs add thousands of dollars to the price of building a new home, the National Association of Home Builders reports.Builders point to tariffs on Canadian lumber shipments into the U.S. as exacerbating “unprecedented price volatility in the lumber market” over recent m
Credit scores have never been higher, positioning more Americans to qualify for some of the best mortgage rates ever. Yet, nearly 10.1 million Americans remain unemployed and have skipped mortgage or debt payments. How can this be?“It’s been bizarre with this recession to see credit scores go up,” Matt Schulz, chief credit analyst at LendingTree, told MarketWatch.At the beginning of 2020, FICO credit scores averaged 703. By October, the ave
Subzero and Arctic temperatures across a dozen states this week are putting homes' pipes at risk of bursting. As water freezes, it expands. That can put pressure on metal or plastic pipes, prompting them to burst and leading to costly repairs and home destruction.Homes in the northern parts of the U.S. may be at less risk for frozen pipes since many homes are built with water pipes within a home’s building insulation to help protect them from f
Home foreclosures for federally backed mortgages will once again receive another three-month extension, moved back to June 30. The foreclosure moratorium originally was set to expire March 31.The moratorium is part of aid to help homeowners financially during the COVID-19 pandemic. This marks the second time that President Joe Biden’s administration has extended the moratorium since he took office on Jan. 21.The administration also announced it
Which home style tends to be your state’s favorite? Over the past year, many Americans have been searching for home inspiration on social media—like Instagram or TikTok—and have been reaching for more nostalgic influences. Hashtags like #cottagecore and #grandmillennial styles have gained in popularity over the past year.Joybird, a custom furniture and home decor company, analyzed Google Trends data over the past 12 months to find the most
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Forty-one percent of Americans have moved for love, with men more willing to relocate than women for their significant other, a new survey of 1,550 Americans from LendingTree finds.The top five states for a romance relocation, the survey finds, are: Florida (11%), California (10%), New York (7%), Texas (6%), and North Carolina (5%).But not all of these moves for love have happy endings, the survey notes. Women were more likely than men to express
When it comes to a new home, house hunters apparently want to hear more about the eco-friendly components and designs. Energy efficiency is a primary driver in homebuyer preferences for a new home, according to newly released research of 3,000 home buyers from the National Association of Home Builders, presented Thursday during its virtual 2021 International Builders’ Show.The top green features buyers said they desired in their new home:Energy
The average purchase loan amount has reached a new record high: $402,200, the Mortgage Bankers Association reported Wednesday. The higher-priced segment of the housing market continues to perform strongly, the MBA says.Mortgage amounts have been climbing to new record highs since April 2020, near the start of the COVID-19 pandemic.Mortgage applications for home purchases were up 17% last week over last year, the MBA reports.Home buyers are borrow
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