Canada’s Superintendent of Financial Institutions has responded to calls for lower requirements on mortgage applicants, saying that lenders need to keep the “stress test” to ensure applicants will be able to pay their mortgages come what may, and to protect the nation’s financial system from risky loans. “Some have understandably argued that [we] should lower or…
‘Stress Test’ for Homebuyers Should Stay, Says Canada’s Bank Regulator
Must-Have Home Features for Buyers in a Recession
During 2021 and the start of 2022, swimming pools were just one must-have for homebuyers. The pandemic lockdown spurred many people to make their homes private resorts in case vacations were out of the question—also, the more square footage, the better when buying a home. But things have changed. Home prices and interest rates make…
How Much Will a House Cost by 2030? Predictions and Tips to Start Saving
By David McMillin From Bankrate.com Just 17 percent of Americans believe it’s a good time to buy a home, according to a recent survey from Fannie Mae. Between higher mortgage rates, still-high home prices and broader inflationary pressure, putting off buying a home might be the only option for some. What happens if you wait, though?…
Foreclosure Wave and the Slowdown on New Home Constructions
Loan servicers and banks are expecting a wave of foreclosures to inbound. The foreclosures over the past two years have built up due to the foreclosure and eviction moratorium. Data from the Mortgage Bankers Association conclude that when there is a spike in defaults, typically there also is an increase in foreclosures; but in 2020…
Climbing Rates, Halt in Refinancing Blamed for Mortgage Industry Nosedive
Headlines across the nation continue to trumpet the recent slump in the mortgage industry, as thousands of loan professionals now find themselves furloughed for the time being. Industry giants like JP Morgan Chase and Loan Depot are planning to slash thousands of jobs, while published reports indicate layoffs have been in the hundreds at Wells…
BC Announces Consumer Protection Policy for Homebuyers in Competitive Market
British Columbia’s incoming three-day cooling-off period aimed at protecting potential homebuyers will not make a big difference in a market that is shifting from frenzied to balanced, the head of the B.C. Real Estate Association says. “It’s not enough,” Trevor Koot said Thursday after the finance minister announced a mandatory three-day period that would give…
China’s Economic Headwinds Chill Its Wary New Homebuyers
HONG KONG/BEIJING—After two years of hunting, Volar Yip has put his dream of buying a new home in China’s southeastern city of Foshan on ice, anxious about making a major financial commitment amid a significant economic slowdown in the country. The 32-year-old owns a media studio and many of his clients are now cutting advertising…
Five Low-Cost Ways to Add Value When Selling a Home
Dear Monty: We are considering a lifestyle change that involves selling our home. There is advice everywhere on the best steps one can take to fix it up, increase the value, sell it quickly with no hassle and much more. The advice is often conflicting and makes no sense to us in some cases. For…
Utah, Nebraska, South Carolina Communities Top List of Best Markets for First-Time Homebuyers
January 23, 2022
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What do Magna, Utah, Mauldin, South Carolina, and Cottage Grove, Wisconsin have in common? All three of these unassuming communities are listed on Realtor.com’s first annual “Top 10 Best Markets for First-Time Homebuyers Report.” Magna, a Salt Lake City suburb with a population of 26,500 (2010 Census) actually snagged the number one spot on the…
MAS Warns Singapore Homebuyers of Expected Interest Rate Hike
Homebuyers should “exercise prudence” in taking out new mortgages as interest rates are expected to increase, the Monetary Authority of Singapore (MAS) said in its Financial Stability Review released on Dec. 6, 2021. It also advised against undertaking new loan commitments for highly leveraged households. Household debt in Singapore has surpassed pre-pandemic levels, according to…
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