FAST FIVE: Priced Out Of The Newly-Built Housing Market, Millennials Are Turning To "Fixer-Uppers"
Fixer-upper homes often wind up costing just as much as newly built homes.
The B of A survey noted that while many buyers started their projects within 6 months of buying their homes, the larger portions of remodels – like bathroom and kitchen projects – get remanded to the back burner in favor of cheaper fixes like painting and landscaping.
As a result, some are now taking out loans to complete larger portions of their remodels.
B of A notes that loans are being used more frequently than cash to fund projects over $10,000.
All regions recorded double-digit year-over-year price growth, with the Northeast seeing a 22.1% increase, followed by the West (18.0%), South (15.0%), and Midwest (14.4%),” NAR said. And as home prices surge, Powell still doesn't have a satisfactory answer for why the Fed continues its massive MBS purchases every month. Here's Powell's quote in full from an April press conference: “Yeah.