economy housing mortgage real estate

Strong Home Price Gains via CoreLogic. [#DHallTheINSIDER]

The CoreLogic Home Price Index report released this morning showed home prices increased 6.6% in May from a year before and were up 1.2% from the month prior. A strong report with solid home appreciation growth.

The Detroit and the Grand Rapids areas both made the list for 10 cities millennials are buying homes, ranking ninth and second, respectively. The millennial homeownership for the former is 40.2% while it’s 45.3% for the latter. However, it’s the metro area of Ogden-Clearfield, Utah that has a millennial homeownership above 50%…..at 51%. As for where millennials are not buying homes: California dominates that list.

Crossville, Tennessee ranked #1 as top market for vacation rental with the median year to date home price at $87,500.

Equifax, TransUnion, and Experian (three of the major credit rating agencies) are set to drop tax liens and civil judgments from consumers’ profiles. This should allow millions of borrowers to become credit eligible for a mortgage and thus able to enter the housing market. In addition but on a separate note, Fannie Mae and Freddie Mac are both increasing the debt-to-income ratio allowed for borrowers from 45% to 50%. While this could heighten the risk for default it’s also assumed such a risk is very low in today’s market.

Hall Financial (NMLS #1467435) was formed in early 2016, founded on a common mission: to be the most client focused mortgage company in the industry’s history. We were going to stop the trend of treating homeowners and homebuyers as transactions and instead, welcome them as family. We were going to treat them like the queen of England. Here, we bring you up to speed and keep you in the know with the latest housing news, home trends, and more!

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