Real Estatin' The Facts Market News - 11/19/2021
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. Enjoy!
Baby boomers playing a larger role in housing market
Source: Zillow
Baby boomers are taking part in the housing market at a much higher rate than they had in 2009. Buyers over the age of 60 jumped 47% from 2009 to 2019. In the same time frame, those between the ages of 18 to 39 dropped 13%, according to Zillow. With an aging population helped by an improving economy, individuals of every age group over 30 were buyers at higher rates in 2019 than those same age groups in 2009. Zillow said the 2008 recession played a role in the lower number of Baby Boomers participating in the market during 2009 as well as a decrease in construction. Read more...
Mortgage delinquencies fall to lowest level since pandemic
Source: CoreLogic
With homeowners keeping up with their mortgage payments or arranging for loan modifications with their service providers, the overall delinquency rate fell to the lowest level since the onset of the pandemic, CoreLogic, a real estate data firm, reports. But housing analysts say that while the real estate market still faces pandemic-related fears about a wave of delinquencies, higher home prices are helping to alleviate some of those concerns. Read more...
Borrowers rush to refinance as rates drop for second week
Source: CNBC
Mortgage rates fell for the second straight week last week, which helped boost refinance demand for the first time in a while. As a result, total mortgage application volume rose 5.5% last week compared with the previous week, according to the Mortgage Bankers Association. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.16% from 3.24%, with points remaining unchanged at 0.34 (including the origination fee) for loans with a 20% down payment. The rate is now down 14 basis points in the past two weeks, but still 18 basis points higher than the same week one year ago. Read more...
Single-family rents soar in tight housing market
Souce: Housingwire
As eviction moratoriums expire, HouseCanary predicts single-family rents will continue to increase. Enforcement of the now-expired Centers for Disease Control eviction moratorium was inconsistent to begin with, and in some areas there have been few checks on tenant turnover and rent increases even during the pandemic. Curbing court-ordered evictions also only addresses a portion of evictions — a recent Princeton University study estimated that informal evictions outnumber formal proceedings by more than five to one. The HouseCanary study said a lack of supply is driving the surge in single-family rents. Read more...
#siliconvalleytrusteepartners #seniorrealestatespecialist #siliconvalleyrealtor #realestatecalifornia #siliconvalleyrealestate #realestateservices #homeiswhereyouare #realestatemarketupdate #currentaffairsnews #funfacts #fastfacts #almostfriday #ReclaimYourSpace #NavigatingLifesMilestones #OneHomeAtATime #Realtor_JoAnn
