Monthly archive for September 2017

Facts About Millennials and the U.S. Housing Market

Did you know that Millennials are the largest living generation by population size? With nearly 80 million Millennials in 2016, and Millennials being anyone age 19-35 during that time, the group should be dominating the housing market. Shouldn’t they? Fact: Millennials Dominate the Rental Market Unfortunately, Millennials are way behind when it comes to homeownership. According to data from Pew Research Center, as of 2016, Millennials headed only 28 million households. That’s significantly fewer than their Generation X predecessors (ages 36 to 51 in 2016) as well as their parents’ generation, the Baby Boomers (ages 52 to 70).

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Fewer jumbo borrowers are late on their mortgage payments

Thanks to stronger employment numbers and more cautious lending standards, fewer jumbo mortgage borrowers are late on their payments, according to recent data from CoreLogic, a California-based real estate firm. A jumbo mortgage is a type of home loan that finances a residential real estate transaction priced beyond conforming limits. These limits can vary from place to place, but throughout most of the United States, the limit is $424,100. So any home priced beyond that figure is likely to require jumbo financing, depending on where it is located. 

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More Homeowners Are Saying Now is a Good Time to Sell

Nice new green home.

As home prices continue to climb, consumer sentiment appears to shift further in favor of selling. According to Fannie Mae’s August National Housing Survey (NHS), net positive responses to whether it’s a good time to sell rose 8 points while the good time to buy sentiment fell 5 points. The month prior, that sentiment fell 7 points. Mortgage News Daily reported on the latest NHS results, noting that, at 18 percent, the good time to buy sentiment set its second new low record in as many months and is down 16 percentage points from August 2016.

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The various mortgage brands run by Mid America Mortgage, Inc.

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