According to many recent news articles, tiny houses are trending across the country, but the latest Census report proves different. The median house size in the United States has increased 25 square feet yearly over the last ten years and is approximately 2,384 square feet, up from 1,525 square feet in 1970. While some may be attracted to smaller living spaces, the average American enjoys large rooms and plenty of living space. Many experts say that homes are indeed getting bigger and are expected to continue to grow over the coming years. More here

If you are nearing retirement and plan to sell your home, buy a new home, or downsize, it’s a smart idea to pay attention to the housing market and educate yourself in order to make the best financial decisions. Paying attention to pending home sales, building permits, new home sales, existing homes sales, home price indexes, and housing starts may help you understand when the best times to buy and sell are. Right now the housing market is making a comeback from the recession and current long-term trends are positive, job growth has increased, there are fewer distressed sales, and homebuilder confidence is up, making it a good time for retirees or soon-to-be retirees to sell and buy. More here

Thinking about adding on? There are a few important few things you should consider before getting started: Hiring professionals; be sure you hire an architect before hiring a builder. The addition should look as if it was a part of the original design.  Also, thoroughly research prospective professionals before you hire them. Cost; have a clear idea of your budget, but, be realistic. A good resource is CostHelper.com; this site will help you roughly estimate the cost of the project. And finally, prepare yourself for a mess, people will be in and out of your home; it will be noisy and inconvenient at times but, in the end it will be worth it. Morehere

Housing starts and permits jumped last month as groundbreaking increased 6.3%, averaging 1.02 million-unit pace annually according to the Commerce Department. With interest rates falling this year, the housing market has made great strides toward recovery since 2007. An economist at Bank of America Merrill Lynch, Michelle Meyers  said, “if you look at the trend, you are still seeing an upward trajectory.” New single-family housing starts increased 1.1% last month, and volatile multi-family homes segment rose 16.7%. More here

In many locations in the United States, owning a home is less expensive than renting. A recent report by Trulia examining the costs for buying versus renting found that buying a home is approximately 38% cheaper than renting in the 100 largest metropolitan areas. Trulia’s chief economist, Jed Kolko said, “mortgage rates have come back down in the past year, and rents have risen a little more than prices have. Those things together have increased the gap between the cost of buying and the cost of renting. Over the past year, buying has become even more favorable compared with renting.” More here

According to the Mortgage Bankers Association, U.S. home mortgage applications increased last week, and interest rates dropped. The MBA’s seasonally adjusted index of mortgage application activity grew 3.8%, and their seasonally adjusted index of refinancing applications also increased 5.0%. Additionally, the  loan requests for home purchases, a direct indicator of home sales, also jumped 2.4% for the week ending on October 3rd. More here

Preparing to buy a new home can be both exhilarating and stressful at the same time. Between credit cleanup saving for a down payment and shopping for a property that meets their budget as well as their desires, prospective home buyers have a lot on their minds. Many house hunters understandably focus on the price tag and the monthly mortgage payments, which can vary as interest rates fluctuate. But, first-timers must also remember the many hidden costs associated with the investment. As the National Association of Realtors notes, budgeting for a new home purchase should account for all the additional items, which can amount to more than one month's mortgage payment, depending on what and where you buy. Being prepared means familiarizing yourself with all the parties involved in the process and having extra cash stashed away both for costs that may be hidden upfront or on a more sporadic basis. Some of these expenses include: Move-in costs. Depending on the distance you're moving, the size of your family, the amount of furniture you have and a litany of other factors, moving can quickly become expensive. If you choose to hire a professional moving company, be sure to conduct thorough research, using resources such as the Better Business Bureau to choose the most cost-efficient and reliable options. Remember that you'll also have to set up, connect and pay for utilities such as water, electricity, cable and gas, all of which must be factored into your monthly budget. Transaction-related fees. In addition to that sizeable down payment you've worked so hard to save for, don't forget about what's owed to your real estate professional, your mortgage appraiser and your home inspector. There are also significant taxes that add to the upfront purchase cost, perhaps even some associated with the previous owner's time in the house, depending on when it's purchased. In the event that you're moving into a house or condo that's part of a homeowners association, you'll owe dues on either a monthly or upfront basis - perhaps both - but these will help cut down on some of the other maintenance expenses over time. Upkeep and cosmetic concerns. Your short-term plans for a home may dictate the need to account for the costs of maintenance and renovations sooner rather than later. You can save on your mortgage payments by purchasing a home that needs work, but doing so requires an accurate understanding of how much each project will cost and at what pace the process can unfold. Over the long term, building value in your home is contingent upon enhancing and maintaining it. The age of the structure and the level of appreciation you seek may mean that considerable monthly expenses are allocated toward routine upkeep and minor improvements. These efforts can pay off doubly down the road if you are looking sell or refinance the home, but the expenses associated with them must be accounted for carefully and accurately. Insurance items. Homeowners insurance and title insurance are not optional expenses - they're absolutely essential to securing the value of your home and everything in it. Title insurance protects you from liens that may be attached to the property by way of a previous owner, or from any complications with the deed. Private mortgage insurance may be required if you buy the home with a down payment of less than 20 percent of the purchase price. And depending where you live, it's worth exploring the need for - or requirements surrounding - flood insurance and other types of coverage against natural disasters. These likely aren't covered in your standard property insurance policy, but they'll be well worth the expense in the unfortunate event of a worst-case weather scenario.

Freddie Mac's latest Primary Mortgage Market Summary offered further promise for prospective homebuyers.

Fixed mortgage rates continued to stay low by historical standards, with the average 30-year rate falling to a new low for the year at 4.12 percent through the week ending Aug. 14. One year earlier, the average 30-year fixed rate was 4.4 percent, and a week earlier it sat at 4.14 percent. Fifteen-year fixed-rate mortgages averaged 3.24 percent through the same period, down from 3.27 percent the previous week and 3.44 percent in mid-August 2013. The average five-year Treasury-indexed hybrid adjustable-rate mortgage was also down on both a week-over-week and year-over-year basis, settling at 2.97 percent, while one-year Treasury-indexed ARMs rose slightly to an average of 2.36 percent.

"Mortgage rates were down slightly amid a week of light economic reports," said Frank Nothaft, Freddie Mac's chief economist. "Of the few releases, retail sales were virtually unchanged in July after a 0.2 increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1 percent last month."

Potential sales surge on the horizon 

Even as the Federal Reserve continues to taper its stimulus program, reducing the rate of asset purchases by $10 billion each month, interest levels have not complicated the buying process by moving upward as many had anticipated. The hope among industry members is that the low mortgage rates will trigger a surge in homebuying activity, and if applications rates from July are any indication, a sales push may be coming.

The latest Builder Application Survey from the Mortgage Bankers Association revealed new home purchase applications were on the upswing in July, increasing 2 percent from June. The average loan size grew slightly to $297,253, with conventional loans accounting for nearly 69 percent of all applications. Loans from the Federal Housing Administration and the U.S. Department of Veterans Affairs continued to play key roles in driving marketplace activity, representing 16.1 percent and 13.6 percent of the mortgages applied for in July, respectively.

Based on the most recent mortgage application information, MBA estimated there were approximately 37.000 new home sales in July, representing a 2.8 percent improvement from the June rate.  A number of other factors - most notably labor strength and available inventory - will dictate sales for the rest of 2014, but recent figures for mortgage applications volume and interest rate movement are encouraging.

Freddie Mac's latest Primary Mortgage Market Summary offered further promise for prospective homebuyers. Fixed mortgage rates continued to stay low by historical standards, with the average 30-year rate falling to a new low for the year at 4.12 percent through the week ending Aug. 14. One year earlier, the average 30-year fixed rate was 4.4 percent, and a week earlier it sat at 4.14 percent. Fifteen-year fixed-rate mortgages averaged 3.24 percent through the same period, down from 3.27 percent the previous week and 3.44 percent in mid-August 2013. The average five-year Treasury-indexed hybrid adjustable-rate mortgage was also down on both a week-over-week and year-over-year basis, settling at 2.97 percent, while one-year Treasury-indexed ARMs rose slightly to an average of 2.36 percent. "Mortgage rates were down slightly amid a week of light economic reports," said Frank Nothaft, Freddie Mac's chief economist. "Of the few releases, retail sales were virtually unchanged in July after a 0.2 increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1 percent last month." Potential sales surge on the horizon Even as the Federal Reserve continues to taper its stimulus program, reducing the rate of asset purchases by $10 billion each month, interest levels have not complicated the buying process by moving upward as many had anticipated. The hope among industry members is that the low mortgage rates will trigger a surge in homebuying activity, and if applications rates from July are any indication, a sales push may be coming. The latest Builder Application Survey from the Mortgage Bankers Association revealed new home purchase applications were on the upswing in July, increasing 2 percent from June. The average loan size grew slightly to $297,253, with conventional loans accounting for nearly 69 percent of all applications. Loans from the Federal Housing Administration and the U.S. Department of Veterans Affairs continued to play key roles in driving marketplace activity, representing 16.1 percent and 13.6 percent of the mortgages applied for in July, respectively. Based on the most recent mortgage application information, MBA estimated there were approximately 37.000 new home sales in July, representing a 2.8 percent improvement from the June rate. A number of other factors - most notably labor strength and available inventory - will dictate sales for the rest of 2014, but recent figures for mortgage applications volume and interest rate movement are encouraging.

Freddie Mac's latest Primary Mortgage Market Summary offered further promise for prospective homebuyers. Fixed mortgage rates continued to stay low by historical standards, with the average 30-year rate falling to a new low for the year at 4.12 percent through the week ending Aug. 14. One year earlier, the average 30-year fixed rate was 4.4 percent, and a week earlier it sat at 4.14 percent. Fifteen-year fixed-rate mortgages averaged 3.24 percent through the same period, down from 3.27 percent the previous week and 3.44 percent in mid-August 2013. The average five-year Treasury-indexed hybrid adjustable-rate mortgage was also down on both a week-over-week and year-over-year basis, settling at 2.97 percent, while one-year Treasury-indexed ARMs rose slightly to an average of 2.36 percent. "Mortgage rates were down slightly amid a week of light economic reports," said Frank Nothaft, Freddie Mac's chief economist. "Of the few releases, retail sales were virtually unchanged in July after a 0.2 increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1 percent last month." Potential sales surge on the horizon Even as the Federal Reserve continues to taper its stimulus program, reducing the rate of asset purchases by $10 billion each month, interest levels have not complicated the buying process by moving upward as many had anticipated. The hope among industry members is that the low mortgage rates will trigger a surge in homebuying activity, and if applications rates from July are any indication, a sales push may be coming. The latest Builder Application Survey from the Mortgage Bankers Association revealed new home purchase applications were on the upswing in July, increasing 2 percent from June. The average loan size grew slightly to $297,253, with conventional loans accounting for nearly 69 percent of all applications. Loans from the Federal Housing Administration and the U.S. Department of Veterans Affairs continued to play key roles in driving marketplace activity, representing 16.1 percent and 13.6 percent of the mortgages applied for in July, respectively. Based on the most recent mortgage application information, MBA estimated there were approximately 37.000 new home sales in July, representing a 2.8 percent improvement from the June rate. A number of other factors - most notably labor strength and available inventory - will dictate sales for the rest of 2014, but recent figures for mortgage applications volume and interest rate movement are encouraging.