There is a lot of upbeat news in the September 2016 existing home sales report released by the National Association of Realtors® (NAR) on Thursday.
Sales rebounded sharply and the improvement was seen in all four regions. More good news, NAR attributed part of that to increased participation from first-time home-buyers, a group that has worried the housing industry by its relative absence.
Total existing home sales during the month, including single-family homes, town homes, condos, and co-ops, rose 3.2 percent to a seasonally adjusted annual rate of 5.47 million. First-time buyers accounted for 34 percent of sales, the highest portion in more than four years.
By, Sandy Flores Broker
Student loan debt is playing its biggest role in the mortgage process yet, and it doesn’t look like it’s changing anytime soon.
New data from NeighborWorks America’s fourth annual housing survey found that nearly one-third (30%) of Americans know someone who has delayed the purchase of a home because of student loan debt, up from 28% in 2015 and just 24% in 2014.
The data also cited that more than half (53%) of potential home buyers with student loan debt said the debt was somewhat or very much an obstacle to buying a home, down slightly from 57% in 2015, but above the 49% rate in 2014.
As a whole, to help put this perspective, borrowers are carrying the highest level of non-mortgage debt in a decade.
The National Association of Realtors recently released a survey with similar findings as NeighborWorks America, nothing that about 50% of Millennials, and about two-thirds of Millennial non-homeowners who have student debt, are uncomfortable taking on a mortgage. What’s more, this group was less likely to believe they could even qualify for a mortgage.
Fannie Mae and Freddie Mac announced today a moratorium on evictions for single-family foreclosed homes for the holiday season.
The GSEs will not be enforcing evictions from December 17, 2014, until January 2, 2015, for single-family homes that have been foreclosed on, meaning that families living in those homes will be able to continue to live there during that two-week period.
Freddie Mac’s suspension of evictions will apply not just to foreclosed occupied single-family homes, but to 2-4 unit properties that have Freddie Mac owned or guaranteed mortgages, according to the today’s announcement.
This announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move.
However, there are more things than can be done to improve the life of families that have faced foreclosure. Let’s help these families to keep Alive the Dream of Homeownership. Yes! It is possible.