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Breaking. The Congressional Budget Office, which provides nonpartisan analysis for the U.S. Congress, released its 2017 Budget and Economic Outlook, which showed a forecasted nine federal funds rate hikes by the year 2020. In early May, theFederal Open Markets Committeemet, decidingnot to raise ratesagain after having just raised them in theMarch meeting. However, housingexperts explainedthat recent economic data supports the consensus that the Fed will raise rates in December and once more in 2017. The CBO forecast shows interest rates will rise steadily, probably about three rate hikes of 25 basis points per year, and finally level out at 3% in 2020. The current target range for the federal funds rate stands at .75% to 1%. The chart shows once the federal funds rate hits 3% in 2020, it will hold that pace for several years, remaining at 3% at least until 2027. While 3% is a significant increase from today’s rate, the chart shows it is still substantially lower than the pre-crisis years between 2002 and 2007. Source: HousingWire
Homeowners who sold their property in the first quarter realized an average price gain of $44,000 since purchase, representing an average 24 percent return on the purchase price—the highest average price gain for home sellers in terms of both dollars and percent returns since the third quarter of 2007. According to new statistics from ATTOM Data Solutions, homeowners who sold in the first quarter had their property for an average of 7.97 years, down slightly from a record-high average homeownership tenure of eight years in the fourth quarter of 2016, but still up from 7.68 years in the first quarter of 2016. “The first quarter of 2017 was the most profitable time to be a home seller in nearly a decade, and yet homeowners are continuing to stay put in their homes longer before selling,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “This counterintuitive combination is in part the result of the low inventory of move-up homes available for current homeowners, while also perpetuating the scarcity of starter homes available for first-time homebuyers. There are some early signs this inventory logjam may be loosening up in some markets, with the average homeownership tenure down from a year ago in nine of the 66 markets we analyze." Source: National Mortgage Professional
Homeownership Rate Ready to Rise
The U.S. homeownership rate is finally poised to rise significantly as household formations by owners grew faster inthe first quarter than those by renters -- the first time that’s happened in more than a decade. While the share of Americans who owned their homes was up only slightly from a year earlier, at 63.6 percent, the number of new owners jumped by more than 850,000, compared with an increase in renter households of 365,000. The 1.1 percent year-over-year gain in owners was also the biggest since 2006, according to an analysis by Trulia of Census Bureaudata released.
The homeownership rate, which sunk last year to the lowest level in data going back to 1965, had been losing ground because young people leaving home tended to rent rather than buy. That diluted the number of owner-occupant households. Now, with consumer confidence on the upswing and wages increasing, first-time buyers are being drawn into the market after years of saving for down payments. “It’s a significant reversal of what we’ve seen,” Ralph McLaughlin, chief economist for Trulia, said in a phone interview. “These are signs that we may have hit bottom.” The homeownership rate reached a peak of 69.2 percent in June 2004. A few years later, the housing crash caused credit to tighten and resulted in millions of Americans losing their properties to foreclosure. Source: Bloomberg
Source: REALTOR® Magazine
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