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The Markets That Are Millennial-Ready: Report

By Susanne Dwyer

The generation with the highest influence in the market is millennials—and, according to a new report, the cities most popular for them are in the Mid-Atlantic and Midwest.

Analysts assessed data from LendingTree about millennial mortgage inquiries and offers in the past year, determining that Buffalo, Des Moines and Pittsburgh contained the most borrowers from Generation Y. In Buffalo, millennials made 40.5 percent of LendingTree purchase requests; in Des Moines, they made 42.4 percent of requests; and in Pittsburgh, they made 41.9 percent of requests.

In addition to the top three, other cities with concentrations of millennials are (in order) Lansing, Mich., Fort Wayne, Ind., Grand Rapids, Mich., Scranton, Pa., Syracuse, N.Y., Youngstown, Ohio, and Minneapolis, Minn.

“From a housing market perspective, tight inventory is boosting prices in many markets, and millennial homebuyers must now contend with rising mortgage interest rates reducing their buying power,” says Tendayi Kapfidze, chief economist at LendingTree. “As affordability declines, borrowers should consider all the programs available to assist them in becoming homeowners, such as FHA loans.”

Get more results from the study.

For the latest real estate news and trends, bookmark RISMedia.com.

The post The Markets That Are Millennial-Ready: Report appeared first on RISMedia.

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The Markets That Are Millennial-Ready: Report

By Susanne Dwyer

The generation with the highest influence in the market is millennials—and, according to a new report, the cities most popular for them are in the Mid-Atlantic and Midwest.

Analysts assessed data from LendingTree about millennial mortgage inquiries and offers in the past year, determining that Buffalo, Des Moines and Pittsburgh contained the most borrowers from Generation Y. In Buffalo, millennials made 40.5 percent of LendingTree purchase requests; in Des Moines, they made 42.4 percent of requests; and in Pittsburgh, they made 41.9 percent of requests.

In addition to the top three, other cities with concentrations of millennials are (in order) Lansing, Mich., Fort Wayne, Ind., Grand Rapids, Mich., Scranton, Pa., Syracuse, N.Y., Youngstown, Ohio, and Minneapolis, Minn.

“From a housing market perspective, tight inventory is boosting prices in many markets, and millennial homebuyers must now contend with rising mortgage interest rates reducing their buying power,” says Tendayi Kapfidze, chief economist at LendingTree. “As affordability declines, borrowers should consider all the programs available to assist them in becoming homeowners, such as FHA loans.”

Get more results from the study.

For the latest real estate news and trends, bookmark RISMedia.com.

The post The Markets That Are Millennial-Ready: Report appeared first on RISMedia.

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From:: Finance and Economy

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Tesla’s Musk requests first-quarter ‘slow down’ in deliveries in Norway: reports

Tesla CEO Elon Musk has asked for a slowdown in deliveries of his electric cars in Norway, citing problems tied to the local manufacturing supply chain. According to CNBC, referencing a local industry publication, Electrek, the Palo Alto, Calif.-based car maker’s problems in Oslo are linked to a dearth of “competent transporters” that comply with local road regulations. Shipments have been prone to accidents, the reports said. Electrek characterized Norway as Tesla’s largest “market per capita.” Via Twitter, Musk said “I have just asked our team to slow down deliveries. It is clear that we are exceeding the local logistics capacity due to batch build and delivery. Customer happiness & safety matter more than a few extra cars this quarter.” Tesla’s shares closed down 2.5% on Friday, registered a 6.2% weekly decline, and are down 3.2% so far in 2018. By comparison, the Dow Jones Industrial Average [:DJIA] is down 4.8% thus far in 2018, while the S&P 500 index is on track for a year-to-date drop of 3.5%, nearly all of that year-to-date decline for the benchmarks have been generated over the past week of trading, as investors worried about geopolitics and the threat of a trade war. Tesla is set to report its quarterly results on May 3, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Tesla’s Musk requests first-quarter production ‘slow down’ in Norway: reports

Tesla CEO Elon Musk has asked for a slowdown in production of his electric cars in Norway, citing problems tied to the local manufacturing supply chain. According to CNBC, referencing a local industry publication, Electrek, the Palo Alto, Calif.-based car maker’s problems in Oslo are linked to a dearth of “competent transporters” that comply with local road regulations. Shipments have been prone to accidents, the reports said. Electrek characterized Norway as Tesla’s largest “market per capita.” Via Twitter, Musk said “I have just asked our team to slow down deliveries. It is clear that we are exceeding the local logistics capacity due to batch build and delivery. Customer happiness & safety matter more than a few extra cars this quarter.” Tesla’s shares closed down 2.5% on Friday, registered a 6.2% weekly decline, and are down 3.2% so far in 2018. By comparison, the Dow Jones Industrial Average [:DJIA] is down 4.8% thus far in 2018, while the S&P 500 index is on track for a year-to-date drop of 3.5%, nearly all of that year-to-date decline for the benchmarks have been generated over the past week of trading, as investors worried about geopolitics and the threat of a trade war. Tesla is set to report its quarterly results on May 3, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Surrounded by the Best to Be the Best

By Susanne Dwyer

Patterson_Maria_60x60

Jeff Benson learned a lot over the years that factored into the success of the Milwaukee, Wis.-based real estate firm he opened in 1979. From his early days as a teacher to the sales savvy he developed in the automotive world, many things helped prepare him for his ultimate role as broker/owner of RE/MAX Realty 100—but perhaps none more than the life lesson instilled by his parents: “Put other people’s interests first and everything will turn out the right way.” Here, Benson shares how creating an environment where a like-minded, results-focused team could thrive has led to four decades of growth, no matter what the market dished out.

Maria Patterson: Jeff, tell us how you first got into the real estate business.
Jeff Benson: After I graduated from college in 1971, I taught for three years. Then some people I had been involved with enticed me into selling high-end automotive equipment. I found that odd since I didn’t have any sales skills, but I had taught some of their children in class and, as a teacher, you are involved in sales—you’re selling an intangible. So, I sold directly to automotive dealerships, and this gave me a very good understanding of how to negotiate with people.

At that point, my old college roommate had gotten into commercial real estate and development and kept telling me to get my real estate license. So, I studied and got my license in 1976. I went on several interviews with some of the larger regional real estate companies, as I was looking for a training program that would give me a good level of understanding of what this industry was all about.

MP: What led to you opening your own firm?
JB: I started working at one firm, then in 1978, I bumped into the RE/MAX concept and was intrigued. My original partner and I opened RE/MAX Realty 100 in ’79. Our goal was to build a place where we could surround ourselves with other like-minded people. We wanted to bring the right type of people in and continue to grow our individual businesses. That really developed into a leadership role for me. Some of my past sales experience, not only in real estate, but when I was selling automotive equipment—and even in teaching—came into play. I was also influenced by my parents, who taught me to put other people’s interests first and everything will turn out the right way. And that’s what happened at RE/MAX Realty 100.

MP: Sounds like you wound up exactly where you were supposed to be! So how large is the firm today?
JB: We have four locations and approximately 160-170 agents; we also offer full-service title and closing, and have a mortgage affiliation, as well.

MP: What has been your strategy toward growth over the years?
JB: It all goes back to making sure you’re able to identify the type of agents you want from the very beginning. We’ve been blessed to have like-minded people who think the same way…who truly want to take care of clients. Our …read more

From:: Real Estate News

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Housing Provisions Approved in Government Spending Bill

By Susanne Dwyer

Dominguez_Liz_60x60_4c

A massive $1.3 trillion, 2,232-page spending bill—which is set to keep government agencies operating through September—has been approved by the House and Senate. The House approved the bill Thursday with a 256-167 vote; members of the Senate approved the bill in a 256-167 vote on Friday. President Donald Trump tweeted concerns and possible plans to veto the bill over insufficient funding for the border wall and the absence of Deferred Action for Childhood Arrivals (DACA) legislation.

I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.

— Donald J. Trump (@realDonaldTrump) March 23, 2018

However, he signed the bill on Friday afternoon, stating that funding is needed to rebuild the military.

Along with measures to increase funding for the military and school safety, the bill includes provisions related to housing, such as extending the National Flood Insurance Program (NFIP) and strengthening the Low-Income Housing Tax Credit (LIHTC), which was weakened by the new tax law.

These provisions include:

  • Extending the NFIP to July 31, 2018 to avoid another lapse and allow the Senate more time to act on the five-year reauthorization and reform legislation enacted by the House in November
  • Doubling flood map funding from $177 million last year to $263 million.
  • Preserving funding for flood mitigation, proofing and the elevation of properties ($175 million) and for the Office of the Flood Insurance Consumer Advocate ($5 million) to help homeowners with flood mapping and insurance ratings
  • Improving the LIHTC by increasing funding and changing the average income test to allow the possibility of thousands of new affordable housing units

The National Association of REALTORS® (NAR) asked Congress to take swift action to enact the proposed bill before Friday, when the current stop-gap spending measure expired:

“In addition to extending the NFIP through July, with the goal of passing a long-term reauthorization and reform of the program soon, this spending bill contains significant improvements for providing affordable housing options for low-income households,” said Elizabeth Mendenhall, president of NAR, in a statement. “REALTORS® were a key part of a larger coalition that fought for these necessary changes, and we’re pleased to see the steps taken to strengthen the LIHTC to address our country’s housing needs.”

Stay tuned to RISMedia more developments.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Housing Provisions Approved in Government Spending Bill appeared first on RISMedia.

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From:: Real Estate News

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Housing Provisions Approved in Government Spending Bill

By Susanne Dwyer

Dominguez_Liz_60x60_4c

A massive $1.3 trillion, 2,232-page spending bill—which is set to keep government agencies operating through September—has been approved by the House and Senate. The House approved the bill Thursday with a 256-167 vote; members of the Senate approved the bill in a 256-167 vote on Friday. President Donald Trump tweeted concerns and possible plans to veto the bill over insufficient funding for the border wall and the absence of Deferred Action for Childhood Arrivals (DACA) legislation.

I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.

— Donald J. Trump (@realDonaldTrump) March 23, 2018

However, he signed the bill on Friday afternoon, stating that funding is needed to rebuild the military.

Along with measures to increase funding for the military and school safety, the bill includes provisions related to housing, such as extending the National Flood Insurance Program (NFIP) and strengthening the Low-Income Housing Tax Credit (LIHTC), which was weakened by the new tax law.

These provisions include:

  • Extending the NFIP to July 31, 2018 to avoid another lapse and allow the Senate more time to act on the five-year reauthorization and reform legislation enacted by the House in November
  • Doubling flood map funding from $177 million last year to $263 million.
  • Preserving funding for flood mitigation, proofing and the elevation of properties ($175 million) and for the Office of the Flood Insurance Consumer Advocate ($5 million) to help homeowners with flood mapping and insurance ratings
  • Improving the LIHTC by increasing funding and changing the average income test to allow the possibility of thousands of new affordable housing units

The National Association of REALTORS® (NAR) asked Congress to take swift action to enact the proposed bill before Friday, when the current stop-gap spending measure expired:

“In addition to extending the NFIP through July, with the goal of passing a long-term reauthorization and reform of the program soon, this spending bill contains significant improvements for providing affordable housing options for low-income households,” said Elizabeth Mendenhall, president of NAR, in a statement. “REALTORS® were a key part of a larger coalition that fought for these necessary changes, and we’re pleased to see the steps taken to strengthen the LIHTC to address our country’s housing needs.”

Stay tuned to RISMedia more developments.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Housing Provisions Approved in Government Spending Bill appeared first on RISMedia.

…read more

From:: Real Estate News

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Housing Provisions Approved in Government Spending Bill

By Susanne Dwyer

Dominguez_Liz_60x60_4c

A massive $1.3 trillion, 2,232-page spending bill—which is set to keep government agencies operating through September—has been approved by the House and Senate. The House approved the bill Thursday with a 256-167 vote; members of the Senate approved the bill in a 256-167 vote on Friday. President Donald Trump tweeted concerns and possible plans to veto the bill over insufficient funding for the border wall and the absence of Deferred Action for Childhood Arrivals (DACA) legislation.

I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.

— Donald J. Trump (@realDonaldTrump) March 23, 2018

However, he signed the bill on Friday afternoon, stating that funding is needed to rebuild the military.

Along with measures to increase funding for the military and school safety, the bill includes provisions related to housing, such as extending the National Flood Insurance Program (NFIP) and strengthening the Low-Income Housing Tax Credit (LIHTC), which was weakened by the new tax law.

These provisions include:

  • Extending the NFIP to July 31, 2018 to avoid another lapse and allow the Senate more time to act on the five-year reauthorization and reform legislation enacted by the House in November
  • Doubling flood map funding from $177 million last year to $263 million.
  • Preserving funding for flood mitigation, proofing and the elevation of properties ($175 million) and for the Office of the Flood Insurance Consumer Advocate ($5 million) to help homeowners with flood mapping and insurance ratings
  • Improving the LIHTC by increasing funding and changing the average income test to allow the possibility of thousands of new affordable housing units

The National Association of REALTORS® (NAR) asked Congress to take swift action to enact the proposed bill before Friday, when the current stop-gap spending measure expired:

“In addition to extending the NFIP through July, with the goal of passing a long-term reauthorization and reform of the program soon, this spending bill contains significant improvements for providing affordable housing options for low-income households,” said Elizabeth Mendenhall, president of NAR, in a statement. “REALTORS® were a key part of a larger coalition that fought for these necessary changes, and we’re pleased to see the steps taken to strengthen the LIHTC to address our country’s housing needs.”

Stay tuned to RISMedia more developments.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Housing Provisions Approved in Government Spending Bill appeared first on RISMedia.

…read more

From:: Finance and Economy

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Housing Provisions Approved in Government Spending Bill

By Susanne Dwyer

Dominguez_Liz_60x60_4c

A massive $1.3 trillion, 2,232-page spending bill—which is set to keep government agencies operating through September—has been approved by the House and Senate. The House approved the bill Thursday with a 256-167 vote; members of the Senate approved the bill in a 256-167 vote on Friday. President Donald Trump tweeted concerns and possible plans to veto the bill over insufficient funding for the border wall and the absence of Deferred Action for Childhood Arrivals (DACA) legislation.

I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.

— Donald J. Trump (@realDonaldTrump) March 23, 2018

However, he signed the bill on Friday afternoon, stating that funding is needed to rebuild the military.

Along with measures to increase funding for the military and school safety, the bill includes provisions related to housing, such as extending the National Flood Insurance Program (NFIP) and strengthening the Low-Income Housing Tax Credit (LIHTC), which was weakened by the new tax law.

These provisions include:

  • Extending the NFIP to July 31, 2018 to avoid another lapse and allow the Senate more time to act on the five-year reauthorization and reform legislation enacted by the House in November
  • Doubling flood map funding from $177 million last year to $263 million.
  • Preserving funding for flood mitigation, proofing and the elevation of properties ($175 million) and for the Office of the Flood Insurance Consumer Advocate ($5 million) to help homeowners with flood mapping and insurance ratings
  • Improving the LIHTC by increasing funding and changing the average income test to allow the possibility of thousands of new affordable housing units

The National Association of REALTORS® (NAR) asked Congress to take swift action to enact the proposed bill before Friday, when the current stop-gap spending measure expired:

“In addition to extending the NFIP through July, with the goal of passing a long-term reauthorization and reform of the program soon, this spending bill contains significant improvements for providing affordable housing options for low-income households,” said Elizabeth Mendenhall, president of NAR, in a statement. “REALTORS® were a key part of a larger coalition that fought for these necessary changes, and we’re pleased to see the steps taken to strengthen the LIHTC to address our country’s housing needs.”

Stay tuned to RISMedia more developments.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Housing Provisions Approved in Government Spending Bill appeared first on RISMedia.

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From:: Finance and Economy

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Mortgage Rates Stay Still

By Susanne Dwyer

The average 30-year, fixed mortgage rate stayed still this week, inching up to 4.45 percent from 4.44 percent the week prior, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate has been rapidly rising since the start of the year.

On Wednesday, the Federal Reserve increased its interest rate, denoting the first of an expected three raises this year. Although mortgage rates are moved by Treasury yields, a Fed increase can affect borrowing costs.

“The Federal Reserve raised interest rates [this week]—a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen,” says Len Kiefer, deputy chief economist at Freddie Mac. “The Fed’s decision to raise interest rates by a quarter of a percentage point puts the federal funds rate at its highest level since 2008. The decision, while widely expected, sent the yield on the benchmark 10-year Treasury soaring. Following Treasurys, mortgage rates shrugged off last week’s drop and continued their upward march. The U.S. weekly average 30-year fixed mortgage rate rose one basis point to 4.45 percent in this week’s survey.”

The average 15-year, fixed mortgage rate was 3.91 percent this week, up from 3.90 percent the week prior, according to the PMMS. The average five-year, Treasury-indexed hybrid adjustable rate was 3.68 percent, up from 3.67 percent.

Affordability is becoming challenged even more so now that rates are rising, but, generally, housing is responding well, according to Kiefer.

“So far, U.S. housing markets remain resilient in the face of higher mortgage rates,” Kiefer says. “The National Association of REALTORS® (NAR) reported this week that existing-home sales in February increased 3 percent month-over-month on a seasonally adjusted basis and are up 1.1 percent from a year ago. That momentum is carrying through into spring. In the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey, the home purchase mortgage applications index was up 6 percent from the same week a year ago.”

Stay tuned to RISMedia more developments.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Mortgage Rates Stay Still appeared first on RISMedia.

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From:: Real Estate News