We’ll add more market news briefs throughout the day. Check back to read the latest.Most recent market news:
Wednesday, April 5
Attom Data Solutions: 2016 property tax analysisStates with the highest effective property tax rates were New Jersey (2.31 percent), Illinois (2.13 percent); Texas (2.06 percent); New Hampshire (2.03 percent); and Vermont (2.02 percent). States with the lowest effective property tax rates were Hawaii (0.32 percent); Alabama (0.48 percent); Colorado (0.52 percent); Tennessee (0.54 percent); and Delaware (0.56 percent). Among 586 counties with a population of at least 100,000 and at least 10,000 single family homes, nine posted average annual property taxes of more than $10,000: Westchester, Rockland, and Nassau counties in New York; Essex, Bergen, Union and Morris counties in New Jersey; Marin County, California; and Fairfield County, Connecticut. Owner-occupied properties register higher effective tax rate than investment properties The average annual property tax for owner-occupied single family homes nationwide was $3,658, an effective tax rate of 1.21 percent. That was higher than the average annual property tax of $2,437 and effective tax rate of 1.03 percent on non-owner occupied (investment) homes. Home equity rates: Average Home Equity Loan Bank Rates by State | Credio Average Home Equity Loan Bank Rates by State | Credio Average Home Equity Loan Credit Union Rates by State | Credio Mortgage rates: 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio News from earlier this week
Tuesday, April 4
“Home prices and rents have risen the most in local markets with high demand and limited supply, such as Seattle, Portland and Denver,” said Dr. Frank Nothaft, chief economist for CoreLogic, in a statement. “The rise in housing costs has been largest for lower-tier-priced homes. For example, from December to February in Seattle, the CoreLogic Home Price Index rose 12 percent and our single-family rent index rose 6 percent for all price tiers compared with the same period a year earlier. However, when looking at only lower-cost homes in Seattle, the price increase was 13 percent and the rent increase was 7 percent.”
The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.84 percent, down 6 percentage points from this time last week. The 30-year fixed mortgage rate hovered between 3.94 percent and 3.88 percent for most of the week before falling to the current rate.
“Mortgage rates trended lower last week, ending almost 10 basis points lower and touching their lowest levels since mid-February,” said Erin Lantz, vice president of mortgages at Zillow, in a statement. “Friday’s jobs report and the publication on Wednesday of minutes from the March FOMC meeting, which will include new details about the Fed Governors’ economic forecasts, could move rates this week.”
Overall rent growth is still relatively sluggish, coming in at half of the growth rate recorded at this point last year, which was 5.4 percent. Rents have declined by 10 basis points since last February. Occupancy rates remain unchanged.
“We maintain the forecast of a 3 percent increase in rents for the year. The economic climate may influence market projections,” according to Jeff Adler, vice president, Yardi Matrix, in a statement.
Monday, April 3
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