Rising mortgage rates, sky-rocketing home prices, and inventory shortages at the lower end of the market are converging to create a new housing crisis – this time for baby boomers. to historical.
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That marked nearly four consecutive years of price increases, even as the interest rate on a 30-year fixed-rate mortgage actually lowered from 4.51% on June 30, 2011, to 3.48% on June 30 of this year,
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· One way or another, the baby boomers’ housing decisions over the next few years will take our market to brand new places.” Baby Boomers Freddie Mac Housing Market.
The Freddie Mac 55+ Survey identified a number of other opportunities and challenges for the housing industry that will stem from the decisions Baby Boomers and other older homeowners make over the next few years. For example, 63 percent of the 55+ homeowners surveyed say they prefer to age in place if they had complete control over it.
Contents Investor freddie mac boost short sales. inman.commar 25 billion settlement Biggest mortgage servicers Mortgage monitory report Freddie Mac: Baby Boomers pushing Millennials out of housing market Boomers are part of a "clogging up of the whole chain of home sales," Sean Becketti, chief economist of giant mortgage investor freddie.
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Millennials – the generation born between 1981 and 1996 – are now 22 to 37 years old. They’re not so young anymore, but they’re young enough to go wide-eyed into the increasingly competitive market.
One of the most important keys to today’s single-family housing market is homeowners who were born before the first-ever episode of Star Trek aired in the 1960s. Today, more than 50 years later, Baby Boomers and other homeowners over the age of 55 control almost two-thirds of the nation’s home equity – about $8 trillion.
Baby Boomers, as defined by the 75 million Americans born between 1946 and 1964, are said to be "clogging up" the housing market. How? While, generally speaking, Americans are known to follow a rite of passage in life – get married, have kids, buy a house, move to a bigger house, and retire into a smaller home – Baby Boomers are bucking this trend.