Home equity levels, interest rates, a market swing and more…
In January, inventory increases at the fastest rate in nearly four years. READ MORE
RE/MAX real estate agents say they now have more homes for sale than at any point in the last 10 years, according to the latest housing report. Some takeaways from the report:
Portland and the entire West Coast has been hot property for years. But the housing market has cooled down.
For the first time in seven years Portland home prices have gone down, according to new numbers from Regional Multiple Listing Service. They’re barely 1 percent cheaper though, so if you’re a buyer, don’t get too excited.
Portland and the entire West Coast has been hot property for years. But the housing market has cooled down. The median home price in the metro area is now $384,000. If you thought the crazy buying frenzy around 2015 was expensive, prices are 42 percent higher now.
Salaries are up 22% from then. READ MORE
The economy is relatively healthy, yet the housing market is showing signs of stress for three reasons:
“When someone has too much student debt, they don’t have the cash to make a down payment on a mortgage, nor may they have the appetite to go further into debt,” Das stated. “That the largest group of home buyers is in this tenuous situation creates a significant drag on the mortgage market.”
“Moreover, because of the surge in prices, home purchase sentiment has fallen. There has been a 12% decrease in Fannie Mae’s sentiment index, meaning that homebuyers aren’t as keen on purchasing a home,” Das wrote.
“Now financing has become more expensive, and homebuyers are highly attuned to the increase in their payment amounts,” Das wrote.
A recent report from Capital Economics said the number of cash-outs will rise over the next couple of years to a 10-year high. READ MORE
Pensions have dwindled, Social Security is insufficient, health care costs are rising and people are living longer than ever before, carrying little resources with them into retirement.
But many older Americans do have one major source of wealth at their disposal: their house. And for some, utilizing their home equity could be the answer to their late-in-life money problems.
That’s why some experts are insisting that reverse mortgages – which allow older homeowners to access their home equity and remain in their homes – are an important public policy that must be preserved for future generations.
Alicia Munnell, director of the Center for Retirement Research at Boston College, said tapping home equity is essential to solving the country’s retirement crisis.
HomeStreet announced Friday that it is planning to sell off its entire retail mortgage operation, which includes 72 home loan centers in five states, as well as nearly all the mortgage servicing rights associated with loans originated in those retail outlets. READ MORE
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