Bill and Hillary Clinton are renting a home in the Hamptons for three weeks this summer for $100,000.
The home is located in Amagansett and is owned by private art collector Andre Nasser and his wife Lois.
This year’s rental is actually a downgrade from last year, when the former first couple paid $200,000 to stay in a home in Sagaponack.
Image via Twitter/HillaryClinton
Reuters reports that Wells Fargo, the largest U.S. mortgage lender, has eased up on its requirements on some high-end mortgages. The new lax rules affect only the fixed-rate “jumbo” mortgages that Wells Fargo acquires from other banks.
In late July, Wells Fargo lowered its minimum credit score requirement for these loans from 720 to 700.
The hope is that these new, more relaxed rules with help combat the nation-wide drop in mortgage volumes.
Image via Pixaby/193584
Although the number of houses for sale was expected to surge this summer, the prediction has not materialized. As a result, the current supply of homes is low and their selling prices are high.
According to a report released by CareLogic on Tuesday, many homeowners are ” staying put and waiting for better economic times and higher prices in the future.”
Image via flickr/flimin
Austin, Texas, was voted the top U.S. city for millennial homebuyers by CNN.
Austin is home to the South by Southwest (SXSW) festival and boasts a median home price of $226,000. The city’s 4.2 percent job growth ensures lots of jobs with high incomes.
No wonder 110 new people are moving to Austin every day.
Image via flickr/eschipul
Since the start of the housing crisis, more and more young adults continue to live at home with their parents, citing financial reasons.
Between 1990 and 2006, the number of young adults living at home averaged 27 percent. In 2013, that number spiked to 31 percent.
Economists at CoreLogic call this group the “Renter Generation.”
Image via Wikimedia Commons/SanibLemar
Filling out loan documents is a long and complicated process, and you’ll be asked to sign lots of documents that you may not fully understand.
If this happens to you, don’t be afraid to ask questions.
The complexity of the process is “not necessarily a bad thing,” says LearnVest’s Ellen Derick. “But you should know what it [all] means.”
Image via flickr/401(k) 2012
The two-building complex that is home to Twitter Inc.’s New York City headquarters was sold to publicly traded landlord New York REIT, Inc., on Thursday for $335 million.
The price works out to about $1,188 per square foot.
The property contains one 12-story building and an adjacent six-story, mixed-use building. In all, the complex has 282,000 square feet of rentable office space.
Image via flickr/rexboggs5
Freddie Mac officially declared this week that the refinancing boom is over.
They called the official end “when the share of mortgages originated for refinancing fell below 50 percent for the first time since the third quarter of 2008,” according to Mortgage News Daily.
The boom marked the longest stretch of refinancing in the 24 years since the company began keeping track.
Image via flickr/lendingmemo
As the second quarter of 2014 comes to an end, homeownership is at a 19-year low, falling to 64.8 percent. That is down .1 percent from the first quarter of this year, and .3 points lower than it was this time last year.
Homeownership was at its highest most recently in 2004, when it peaked at 69.4 percent.
Image via Wikimedia Commons/SanjibLemar
While many first-time home buyers are struggling to get approved for modest-sized mortgages, banks are seeing a major increase in the number of multi-million dollar loan requests coming through their doors.
“High-net-worth borrowers don’t have to borrow,” Bank of New York Mellon Corp. managing director Erin Gorman told bloomberg.com. “They choose to, so they’re very strategic about what, why, and when they borrow.”
They’re borrowing now while interest rates are low instead of liquidating their assets in a stock market that has seen a seven percent gain this year.
Image via flickr/Atwater Village Newbie