Home builder confidence increased in April to an index reading of 63, which was one point higher than for March and the highest reading in six months. Analysts said that April’s reading revealed more about housing market conditions in the past six months than it was an indicator of future market conditions.
Members of the Federal Reserve’s Federal Open Market Committee voted to hold the target range of the federal funds rate to its current range of 2.25 to 2.50 percent. The minutes of the most recent Committee meeting cited softening domestic and global economic conditions as reason for not raising the target federal funds range.
Home price indices issued by S&P Case-Shiller showed further slowing in home price growth in January. The national home price index showed 4.30 percent home price growth for the three months ended in January. Analysts expected home prices to grow 4.20 percent for the same period in cities surveyed by Case-Shiller. More cities reported declines in home prices than those that posted gains in home prices.
Real estate isn’t a one-size-fits-all pursuit. Buying and renting multi-unit properties is one of the ways investors build residual income while increasing their property portfolios. However, multi-unit rentals come with some unique challenges. Are you ready to manage a multi-unit rental property?
The mortgage interest rate represents the cost of borrowing money to purchase a property. Mortgage interest rates are not fixed; that is, they fluctuate from one period of time to the next.