We keep hearing about low housing inventory but millennials don’t care. They have entered the homebuying market in force, accounting for the majority of closed loans in several metro areas.
The share of those who believe it’s a good time to sell surpassed those who believe it’s a good time to buy for only the second time since Fannie Mae began tracking it back in 2010.
Mortgage risk continues to decline as we see improved mortgage performance, thanks to rising home prices and equity. Homeowner equity increased significantly in the beginning of this year, with the average homeowner gaining about $13,400 in equity over the last year and the number of residences with negative equity dropped 24% over the last year.
The House of Representatives voted to abolish Dodd-Frank and to pass the Financial CHOICE Act, moving the proposed bill now to the Senate. The Congressional Budget Office believes the CHOICE Act will actually reduce the deficit, against Democratic arguments.
Fun Fact Friday: It’s now entirely possible to leave the house for extended periods of time despite having pets. Thanks to smart pet technology, they’re entirely self-sufficient.