George L. Duarte - Mortgage Loans Fremont California Horizon Financial Associates

Case-Shiller: Home Price Growth Rate Increases in July Home price growth fueled by high demand for single-family homes was higher in July according to Case-Shiller’s National Home Price Index. Analysts said that millennials seeking to purchase homes and the continued exodus from large urban areas propelled rising home prices. Home prices grew fastest in the West and Southeastern regions.

While home prices grew moderately before the pandemic, high unemployment has not impeded rapid home price growth since the pandemic. Low mortgage rates and more demand for homes overcame consumers’ concerns about jobs and the economy. Analysts said that rapidly rising home prices could benefit homeowners struggling with mortgage payments as additional equity could provide more cash for relocation.

20-City Home Price Index: Three Top Cities in July

Home prices rose at the fastest pace in Phoenix Arizona at 9.20 percent year-over-year. Seattle, Washington reported a home-price growth rate of 7.00 percent; Charlotte, North Carolina reported year-over-year home price growth of 6.00 percent. In July.

The COVID-19 pandemic caused many workers to switch from commuting to their jobs to working from home. Home-buyers also looked for homes in less-populated areas. 16 of 19 cities reported in July’s 20-City Home Price Index reported a faster pace of home price growth than in June. Detroit, Michigan did not report home prices for the July 20-City Home Price Index.

Homeowner migration from congested cities to suburbs was confirmed by Robert Dietz, the Chief Economist at the National Association of Home Builders, who said: “…builders in other parts of the country have reported receiving calls from customers in high-density markets asking about relocating.” Building single-family homes in all price ranges would help ease the shortage of homes.

FHFA Reports Highest Home Price Growth Rate From May to July

The Federal Housing Finance Agency reported a record price growth rate of more than two percent for the two months between May 1 and June 30. FHFA reports data on homes owned or financed by Fannie Mae and Freddie Mac.

Three Do-It-Yourself Seasonal Home Improvement Projects Owning a home comes with a lot of joy and responsibility. Many homeowners are looking for improvement projects that they can do themselves. There are a few options that rise to the surface. Take a look at some of the fun projects that most homeowners can do at home!

Perform Routine Maintenance on the HVAC System

One of the top projects that homeowners can perform involves routine HVAC maintenance. In order to make sure the HVAC system is running appropriately, it is important to service it regularly. Even though there are a few tasks that have to be left to those with the right training, there are other tasks that the homeowners can do themselves. This includes wiping off the breaker, cleaning the exterior, and even cleaning the blower with a vacuum.

Seal Home Areas Contributing To A Draft

Another key project to consider involving sealing areas that might be leading to drafts. Some of the most common drafts come from the doors and windows. If there is a draft coming into the home, then this could lead to higher utility bills. Applying foam to fill in areas around the frames of windows and doors to prevent heat and air from escaping to the outdoors. This could help homeowners save a large amount of money on their electric bills.

Eliminate Entry Areas For Certain Pests

Some of the most common pests that homeowners have to deal with include ants, cockroaches, and termites. By taking the time to look for entry points under the cabinets, floorboards, and doors, homeowners can make sure these nuisances are problems of the past. Foam and steel wool works well for deterring the invasive natures of these insects. Make sure to remove dust and debris from the area to ensure that all gaps are filled.

Improve The Home During The Offseason

These are just a few of the top home improvement projects that homeowners might want to consider during the offseason. It is a smart idea to try to tackle these projects before the weather gets too cold. That way, homeowners will be prepared for the temperature to drop and can run their heaters without having to worry about their utility bills rising too much.

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