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Monthly Archives: November 2014

Millennials more likely to rent than own

On this blog, we talk quite a bit about the ways that millennials are impacting the future and present state of the housing industry. Recently we discussed how their living in apartments with roommates is effecting the buying and selling of homes across the country. We also have discussed the ways that the specifics of their employment choices will, and has played into the distribution of, housing across demographics.

But it would appear that millennials’ buying behavior is influencing the market more than many industry professionals forecasted. According to a recent report from PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), it is becoming more evident that millennials would rather borrow than purchase new.

Many homes turn equity-rich in recent poll

As the housing market makes its slow comeback, many homeowners are looking to get the most equity into their property as possible.

According to RealtyTrac’s third-quarter U.S. Home Equity & Underwater Report, properties with at least 50 percent equity - referred to as equity-rich units - grew to 20 percent of all properties with a mortgage, or 10.8 million homes. That rate is up 1 percent from this year’s second quarter. Realtor® Magazine adds that over 8.5 million homes are on the brink of being equity-rich.

Housing starts up in September

Industry experts recently determined that for the third straight quarter this year, the national rate of housing starts has increased past the one million mark. New data released from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau states that housing production rose 6.3 percent in September for a seasonally adjusted rate of 1.017 million units.

The numbers from the previous month had industry professionals worried that the market was reversing rather than progressing, but the September rates indicate a return to the levels of growth seen early in the summer.