Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Home prices to spike in 2020: CoreLogic

11/05/2019

Download PDF

Home prices in September grew by 0.4 percent by month and 3.5 percent year-over-year, according to the latest CoreLogic Home Price Index and Forecast report released Tuesday.

Across the country, home prices have been growing steadily but at a slower rate than in previous years  — February  2016 saw peak year-over-year growth at 4.2 percent. But according to CoreLogic, that trend may be about to reverse itself. The property analytics provider predicts that home prices will peak to 5.6 percent growth by September 2020.

CoreLogic

The predicted growth is caused in part due to increases in homebuying ability. According to CoreLogic, low mortgage rates and a strong economy are allowing more people to make the leap to homeownership while available inventory struggles to keep up with demand. Presently, 36 percent of the country’s largest cities have an overvalued housing market which means that incomes are not rising as fast as home prices.

“Mortgage rates were a full percentage point lower this September compared to a year ago, boosting affordability for first-time buyers and supporting a rise in homeownership,” said Dr. Frank Nothaft, chief economist at CoreLogic, in a prepared statement. “In addition to lower interest rates, personal income grew faster than home prices during the past year.”

CoreLogic

But despite the predicted upticks, millennials in particular are not feeling confident in their ability to one day be able to buy a home. Only one in five millennials view buying a home as affordable while 42 percent of older millennials (aged from 30 to 38) said they spent more on their home purchase than expected — $383,000 with a 16 percent downpayment, on average.

The emerging luxury consumer is different. Here’s what you need to know What does the emerging luxury consumer value? How real estate agents can adapt to the unique needs of the new buyer READ MORE

“As a group, more millennials are entering the home-buying market and they report spending more money than they anticipated,” said Frank Martell, president and CEO of CoreLogic, in a prepared statement. “This may impact their future financial planning. Millennials age 30-38 put down less than 20% for a down payment over the past three years and used funds from their retirement accounts to cover an average of 7% of that down payment.”

Email Veronika Bondarenko

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

October 2024
Mon Tue Wed Thu Fri Sat Sun
 123456
78910111213
14151617181920
21222324252627
28293031  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...