Detroit and Ann Arbor make “America’s 20 Hottest Real Estate Markets for July 2017” list. So much for Detroit being recently listed as the No. 1 worst city in America to live. Americans don’t care and Detroit is a prospering community.
Now is the most profitable time to sell a home in a decade, with homes sold during the second quarter of 2017 averaging a $51K profit aka a 26% gain. San Jose homeowners sold for the largest profit gains at 75%.
Seniors are the only group who were immune to the drop of homeownership we have seen in the last 15 years or so, posting an increase to 82%. Why? The benefit of owning their home outright and no longer having a monthly mortgage payment, either by paying off their mortgage or by downsizing and paying by cash.
As for homeownership in the second quarter of 2017, millennials were the only generation to see an increase, however slight it was.
Regulation vs. Deregulation is at the top of the agenda for discussion with the House of Financial Services Committee. Here’s the scoop of what our Paul has to say.