Existing home sales in the U.S. dropped to a two-year low in May as prices climbed to a record high – topping $400,000 mark for the first time – and mortgage rates further increased. Entry-level home buyers are continuing to get pushed out from the market. Even with a monthly drop in sales four months… [Read More]
Homeownership by Age 30 Dwindling by Generation
While generational differences are evolving and having a big impact on homeownership and insurance usage in the U.S., millennials and the youngest of Gen X are experiencing noteworthy delays in owning a home due to the Great Recession, according to a new study by TransUnion’s annual insurance summit. In addition to the delays in homeownership,… [Read More]
Could Baby Boomer Mortality Rates Change The Housing Market?
Before the pandemic, Baby Boomers – those typically classified as people born between 1946 and 1964 – represented 41% of U.S. homeowners. This is according to a special report conducted by the Mortgage Bankers Association’s Research Institute for Housing America. As older Americans age out of their homes to move to assisted living facilities or… [Read More]
Record-Low Number of Americans Say Now’s The Time to Buy a Home
According to a new Gallup Inc. poll, just 30 percent of American adults say it’s a good time to buy a house. This is the worst share in the survey’s history which dates back to 1978. This number is down 23 percentage points from this time last year. The poll was conducted from April 1-19,… [Read More]
U.S. Housing Market Most Affordable Major Country
A new study from the Urban Reform Institute and the Frontier Centre for Public Policy finds the U.S. as the most affordable country in the world. The housing markets of Australia, Canada, Hong Kong, Ireland, Singapore, and the U.K. were also ranked. The Demographia International Housing Affordability report found that the least affordable market is… [Read More]
Record bidding wars show no signs of slowing
January 2022 was the most competitive month ever for house hunters due to new families, remote workers, and rising mortgage rates according to Bloomberg. “It’s been incredibly frustrating,” said Erin Damato, in an interview with Bloomberg. “House prices have gone up about $100,000 since we’ve been looking.” Damato and her husband have been seriously hunting… [Read More]