According to a recent Trulia Report, “Where Have All the Homeowners Gone?”, in 90 of the largest 100 metro areas, homeownership rates fell from the levels from 2000 to the levels from 2016. Why? According to Felipe Chacon, Trulia’s Economist and the chief author of the report, neighborhoods that swung to renters from owners or vice versa were influenced by…
Don’t know about you but we were hit pretty hard by the recent Nor’easter that hit Philly and other areas of the Northeast. We were without power for more than 3 days. Not good! We had no contact with the outside world, no TV, no radio, and no landline phone. We had no way of knowing what was happening and…
With home prices rising, a limited inventory, and increased mortgage rates more home buyers are making offers on properties sight-unseen. Home inventories are shrinking and buyer demand increasing makes it more difficult for buyers to find a home. Nearly 20% of the homes recently sold were above their asking price. This trend is expected to continue with the number increasing.…
It may be hard to believe, but many consumers still believe they need at least 20% down and a 750-credit score to even think about buying a home. That’s not only among first-time buyers. Others, including repeat buyers, are intimidated by the home buying and financing process. So many new rules, so much paperwork, so much time and effort. It…
By all indicators, it’s pretty clear that the Fed will raise rates a few more times this year. Predictions are that the mortgage rate for a 30-year fixed rate loan may hit 5%. That seems like a pretty big jump from not too long ago. We know the effects that rising rates have on the refinance marker but what about…
Over the past three years, the first-time homebuyer market has increased 40% or 588,000 loans. Now, that’s a lotta loans! In 2017, first-time buyers bought 2.07 million new or existing homes, an increase of 129,000, or 7%, from 2016. During that same period, the number of first-time buyers using PMI increased by 93,000 loans. In the fourth quarter of 2017…
