Headlines: The real estate roller coaster; 7 mortgage myths debunked
Here’s a look at what’s happening in real estate in the District of Columbia and beyond.
A Washington resident making the region’s median household income is spending an average of 18.1 percent of monthly income on a mortgage payment, according to report from Zillow. Renters are spending an average 27.1 percent. -Washington Business Journal
According to data released Wednesday by RealEstate Business Intelligence, a subsidiary of MRIS, sales of homes in the D.C. metro region fell to 3,036, a decrease of 1 percent compared to November 2013. -Washington Post
On average, homebuyers making the nation’s median income and purchasing the typical U.S. home spend 15.3% of their income on their monthly house payment, down from the historical norm of 22.1% during the pre-bubble period from 1985 to 1999. -Housing Wire
Mortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent. That will expand credit for qualified home shoppers who may have been sidelined the last few years because of higher down-payment requirements, housing analysts say. -Realtor Magazine
Millennials are forecasted to be a driving force in housing in 2015, with the majority of them being first-time homeowners. -Housing Wire
Dutch real estate broker Verder met Wonen found the perfect way to give tours to potential homebuyers: send them for a ride on a custom-built roller coaster through the house. -Distractify