More Families Chose to Own a Home Than Rent in Q1
More Families Chose to Own a Home Than Rent in Q1:
According to the latest report from the US Census Bureau, more families chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.
Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first.
That means that the homeownership rate amongst new households was 70%!
This is huge news as the national homeownership rate is currently 63.6% and has only ever come close to this figure in the second quarter of 2004 when the homeownership rate reached an all-time high of 69.2%.
A recent Wall Street Journal article pointed to the uptick in first-time homebuyers coming to market as a reason for the jump:
“The return of first-time buyers is accelerating. In all they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”
More Families Chose to Own a Home Than Rent in Q1
Ralph McLaughlin, Trulia’s Chief Economist, had this to say about what a bump in new homeowner households could mean for the housing market:
“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”Bottom Line
As more and more potential first-time buyers realize their ability to buy a home without having to rent first, not only will the homeownership rate benefit, but so will the overall economy.
[afview limit=10 title=”Affinitomic Relationships:”]
Short Sale or Twilight Zone Episode? Bank of America only knows…
I was really hoping that I had a nightmare last night, but after opening my emails this morning….It really happened! Yesterday was a perplexing day in our world of Short Sales. The call we received from a family in the midst of a Chapter 7 Bankruptcy was not uncommon....
Thank You! We're blessed to have ALL the clients!
Choosing A Real Estate Agent, Once You Decide To Short Sale Your Home…
If you have made the decision to do a short sale, there is another tough decision to make. Representation. Who are you going to use to represent you in the sale of the home, negotiate, and do whatever it takes to close the sale (within legal parameters, of course). In...
Great incentive for buyers-tax credit works like interest-free loan
If your a buyer and have been waiting for the right time this little gem might be the reason to sign on the dotted line! By Kenneth R. Harney, Washington Post Writers Group - L.A. Times WASHINGTON -- Anyone who's been sitting on the sidelines hesitant to jump into the...
Housing Act of 2008…A Very Brief Description
For those who don’t have enough time to muddle through the recent Housing Act
The new and improved…Countrywide Short Sale process…Please!
After being transferred more than 9 times to the same 3 departments, finally someone who seems to be able to answer my questions! I must say, I was jumping out of my seat with joy when the fellow at the other end of the line Countrywide guy told me that Countrywide...
Short Sale Myths….Fact or Fiction? #4
Here's a question that is asked at least one time a day, and with good cause: Q:How do you get paid? (the real estate agent) A: The bank (your lender) will pay commissions along with all the other usual closing costs. That's important for you to know. When your in...
Countywide…loan modification…are they serious???
With loan modifications all over the news and our government “pressuring” lenders to find a solution, I would have expected more from the biggest mortgage whore in the free world, Countrywide. A client of ours was facing foreclosure. Countrywide is their mortgage...
If your a home owner and can't make the Payments READ THIS…SB1137
If you have purchased a home in California during the time period of 2003-2007 California State Bill 1137 and are in danger of loosing your home you will want to understand this new law. Effective on or around September 8th mortgage lenders doing business in...
Short Sale Myths….Fact or Fiction? #1
We are offering this series as a guide to help you overcome the myths as they relate to the Short Sale process of selling your property. Question: How many months late do I have to be on my mortgage to qualify for a short sale? Answer: You don’t have to be late at...
Urgent Short Sale Myth Breaker…..!!!!!
No Qualifying Needed to Short Sale! If you can't make the Payments you can sell your home using a Short Sale. We received a call from one of our “bloggers” asking us what they need to qualify to Short Sale their property. Within a few seconds of speaking with this...
Short Sale Myths….Fact or Fiction? #2
There are so many myths about short sales. Here's a very common question with an answer that will probably surprise you: #2 Q: I just missed a payment and I know I will miss more...how long does the foreclosure process take and is there time to do a short sale? A: The...
Short Sale Myths….Fact or Fiction? #3
It's amazing when we talk to sellers about the dynamics of a Short Sale and learn that the information that was given by real estate professionals that proclaim to be knowledgeable in dealing with Short Sales. Let's start with one of our most asked questions: #1 Q: I...
Do you hate your mortgage broker?
An agent from Chicago is firing back at the mortgage industry. Sweet revenge? www.IHateMortgageBrokers.com
The Hope for Homeowners Act of 2008…Who qualifies? Will it help me?
Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure:
Buyers of Short Sale Homes Are Getting Great Value for their Patients and Holding Power!
Short Sales…those two words hold more mystery and intrigue than the best Bond movies! No matter if you’re the buyer or the seller there’s a lot going on behind the scenes while waiting on the banks to respond to the “offer.” Kris and I specialize in listing these...
IndyMac…Short Sale Approval!…No Not Really, Well, Ok But…It's Gonna Cost You!
Not that you want an education on Short Sales, I know to some people it's like speaking a foreign language. I'll try not to bore you, but just a little insight that will hopefully help you to understand just how amazingly Crazy this day has been. Often during the...
These Banks are IN DANGER of FAILING…They are facing the same demise as INDYMAC.
These banks are in danger of government takeover just like IndyMac.