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For our ancestors who didn’t have the benefit of a world map...

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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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For our ancestors who didn’t have the benefit of a world map...

Rizom - April,2018
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Jessie 2018-08-14 07:36
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Rising Home Values, More Staying in Homes

It’s almost sounding like a broken record at this point, but U.S. home prices continued their steady climb in June — and, combined with rising interest rates, the trend is prompting more and more people to stay in their homes instead of selling.

Nationwide home prices rose 6.8% during the year ended June, according to the most recent data update from real estate analysis firm CoreLogic, with a 0.7% bump from May of this year. The usual suspects led the way in price growth: The Las Vegas metropolitan area saw the greatest jump at 12.9%, followed closely by the red-hot San Francisco market at 11.2% and Denver at 8.1%. Boston led East Coast cities with an 8.0% gain.

Frank Nothaft, the company’s chief economist, said rising interest rates have compounded the affordability problem for many buyers, as the supply of homes for sale on the market continues to shrink.

“For June, we found in CoreLogic public records data that home sales in the San Francisco Bay Area and Southern California were down 9 and 12 percent, respectively, from one year earlier,” Nothaft observed in the report. “Further increases in home prices and mortgage rates over the next year will likely dampen sales and home-price growth.”

These trends have conspired to freeze out younger millennial homebuyers — those born between 1980 and 1995 — from the process, as the double whammy of price increases and seniors staying in place boost competition for an evaporating pool of available properties.

“One-third of millennial renters reported feeling they cannot afford a down payment to buy a home,” CoreLogic CEO Frank Martell said in the report. “With home prices rising quickly over the past few years and supplies low, first-time homebuyers face ever-growing challenges to find and buy affordable entry-level homes.”

Of course, one generation’s burden is another’s opportunity: Seniors continue to see their home equity levels rise, all while their incentives to move — and face sky-high prices for the properties they had previously desired in retirement — disappear.

But there’s also a potential for the trend to move in the opposite direction: Last month, researchers from George Mason University pointed out that many older homeowners in the Washington, D.C. metro area were living in properties with multiple empty bedrooms and warned that a sudden baby boomer change from keepers to sellers could wreak havoc on local-level housing markets.

“The significant number of older homeowners in larger homes means that even a modest shift in preferences could have an outsized impact on the housing market,” the team wrote in their report. “If even three percent of homeowners aged 50+ with two or more extra bedrooms decided to sell, an additional 8,210 homes would be put on the market — the equivalent of 12.4% of all the homes sold in the Near-In Washington region in 2017.”

The CoreLogic report also included one word of warning: In June, 54% of the top 50 housing markets were “overvalued,” defined as having home prices that run 10% higher than “the long-term, sustainable level.” By comparison, just 14% were undervalued.



Article author : Alex Spanko
Article source name : https://reversemortgagedaily.com
Source URL : https://reversemortgagedaily.com/2018/08/12/home-prices-continue-climbing-upwards-as-more-people-stay-put/

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Comments

One generation’s burden is another’s opportunity... setup network router by following this guide 192.168.1.1 help.

mulberry - 2018-08-15 01:32
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Lovely values i would say and to think you got all that from research paper writers is pretty amazing too, i hope you guys get much more here in relation to that and i would l

Jody12 - 2018-08-16 03:30
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Home estimations are not swelled at this point. Costs have dropped definitely in numerous business sectors. In any case, you are correct that home moderateness will turn out to be more troublesome when the loan costs rise (and they will begin doing as suc

alissatriston - 2018-09-07 05:59
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Home estimations are not swelled at this point. Costs have dropped definitely in numerous business sectors. business explainer videos - demo duck. In any case, you are correct that home mod

alissatriston - 2018-09-07 06:01
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There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest. Engineering college in Chandigarh

selfie - 2018-09-11 04:05
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Dont you have a blog memebership on http://www.4networking.biz/Members/Details/156949 or did you close that oen up there ? I really can tell much here anymore thats why i am asking what is go

Jody12 - 2018-09-21 13:31
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Thank you a lot for take the time for such a good information. Quran memorization Tool

kanewilliamson - 2018-10-29 08:49
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Thank you a lot for take the time for such a good information. Quran memorization Tool

kanewilliamson - 2018-10-29 08:49
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