Homeownership Rates – Now & Then

Home Ownership Rates

For most Americans, home is more than a shelter. It is also their most valuable asset and an important savings vehicle. So how many Americans actually own the homes they live in? Have homeownership rates changed over the past 20 years?

Homeownership Rates Now

The homeownership rate, as defined by the U.S. Census Bureau, is the percentage of homes that are occupied by the owner. It is not the percentage of adults that own their home. In January, the U.S. Census Bureau released a report on residential vacancies and homeownership for the fourth quarter of 2012. The homeownership rate was 65.4 percent. If you break this down geographically, home ownership rates were highest in the Midwest (69.7 percent) and lowest in the West (59.5 percent.)

Homeownership Rates 20 Years Ago

How does that compare to 20 year ago when Inlanta Mortgage was founded?  The homeownership rate for 1993 (revised based the U.S. Census 1990) was 64.0 percent. Homeownership rates vary by geographic area – see how homeownership rates differ by state here. For example, in 1993 homeownership rates were highest in Delaware (74.4 percent) and West Virginia (73.6 percent) and some of the lowest rates were in California (56.8 percent) and New York (53.5 percent).

Homeownership Rates & The Young

While overall homeownership rates have remained relatively stable since the 1960s, rates vary depending on characteristics of households. Recent research has examined the decline in homeownership rates with “heads” aged 25-44 years since 1980. This research indicates that a trend toward marrying later and the increase in household earnings risk that occurred after 1980 account for a large share of the decline in young homeownership. Read Why Has Homeownership Fallen among the Young for more information. To review homeownership rates by year and age click here.

Benefits of Homeownership

There are a number of benefits to homeownership. Here are a few reasons to consider purchasing a home while rates are low and home affordability is high:

  • Mortgage interest tax decution
  • More cohesive communities
  • Better connected families
  • Long term wealth accumulation

Get pre-approved today! Contact a licensed Inlanta Mortgage loan officer for a free consultation.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Optimism About Housing Recovery Growing

Optimism is Growing

Optimism on the Rise

According to Fannie Mae’s September Housing Survey, consumer attitudes about the housing market recovery, and homeownership in general, are on the rise.  Consumer attitudes about the economy also improved substantially.

Chief economist at Fannie Mae, Doug Duncan said, “Home price change expectations have remained positive for 11 straight months, and the share expecting home price declines has stabilized at a survey low of only 11 percent. Furthermore, the Federal Reserve’s latest round of quantitative easing has caused a large drop in mortgage rate expectations. Friday’s September jobs report, including the strong upward revisions for prior months, a sizable increase in earnings, and a sharp decline in the unemployment rate, should provide further impetus for improving consumer confidence in the housing market.”

Monthly National Housing Survey

Click to review the September 2012 Data Release. Survey highlights include:

  • The number of survey respondents who say home prices will increase in the next 12 months has increased to 37% – the highest level since the survey’s inception in June 2010.
  • The percentage of respondents who said it’s a good time to sell has increased to 19% – the highest level since the survey’s inception.
  • The percentage of respondents who said the economy was on the right track jumped from 33% in August to 41% in September.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Home Safety Tips

Home Safety Tips

There is no place like home. Protecting your home and your family requires us all to take a few precautionary steps.  Here are some ideas on how to deal with some of the most common concerns facing homeowners today.

Check your Detectors

Make sure that your smoke detectors are working and have fresh batteries. It’s important to clean them regularly to avoid a buildup of dust and dirt, which may cause them to malfunction or stop working altogether.

Security System is Secure

If your home has a security system, make sure that nobody else has the code. If you purchased your home with the security system in place, have the code changed as a precaution. Just as you would change the locks to prevent friends, acquaintances or family members of the previous owner from entering the house without your permission or knowledge, it’s equally important to change the code on your security system.

Obstacles & Falls

Many people are injured each year as a result of a fall in their home. Make sure that the way you arrange your furniture and possessions makes it easy for you to move around your home – or exit quickly if necessary.

Trailing electric and phone wires can be hazardous. Try to connect appliances to a socket nearby. If trailing wires are unavoidable, arrange them as far out of the way as possible and tape them down with strong electrical tape or use floor cord covers.

Keep staircases and passageways clear, and never place a loose rug at the top of the stairs.

Try to organize your storage so that you can reach items you use regularly without having to climb. Don’t be tempted to balance on chairs or boxes if you do need to reach something high-use a proper step ladder with non-slip steps, or wait until someone else can help.

This list could go on and on – especially if you include the safety precautions necessary to protect our little ones!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Mortgage Applications on the Rise!

Mortgage Application Rise

According to a recently released survey by the Mortgage Bankers Association (MBA), mortgage applications increased 1.3 percent from one week earlier for the week ending June 1,2012.

The refinance share of mortgages increased to 78 percent of total applications – and increase from 77 percent the previous week. Not since February 24, 2012 has refinance activitiy been so high. ARM refinancing activity accounts for 5 percent of all applications.

Most borrowers opted for fixed rate 30-year mortgage loans. In fact, 85 percent of all borrowers elected to go with 30 year fixed rate mortgages while 7 percent selected 15-year fixed rate mortgage loans. According to the MBA survey, the average contracted 15 and 30-year fixed mortgage rates are holding at the lowest recorded rates in history.

Are you a first time home buyer that understands that now is the right time to buy but still have questions? Consult our Mortgage Basics blog post for a general overview of the mortgage process and key mortgage terms. Visit our blog post of home ownership for further evidence that now may be the time to make the leap to home ownership.

Perhaps, you are one of the many homeowners considering your refinancing options. FHA refinancing options for existing FHA mortgage holders are better than ever. Inlanta Mortgage also offers HARP 2.0 refinancing options for home owners who own less than their homes are worth. Inlanta Mortgage has a number of other refinancing options as well. Consult a licensed mortgage loan professional near you for more information.

Required Disclosures: Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

http://www.freddiemac.com/mymortgage/
http://www.fanniemae.com/loanlookup/

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage has recently earned the distinction of being named a 2012 Top Workplace in Southeastern Wisconsin.

Time to Buy a Home

Now is the time to buy a house.

71% of Americans Think So

According to Fannie Mae’s National Housing Survey for April 2012, 71% of Americans believe now is a good time to buy – which most of us would probably agree is not really surprising. Historically low mortgage rates and rising rents support these survey results. In fact, Fannie Mae’s survey addresses rental price expectations and it turns out that 49% of survey respondents think that rental prices will go up. This is the highest recorded percentage in the last 12 months.

More consumers also think the U.S. economy is on the right path. The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey’s two-year history. To put this in perspective, in the August, September, October, and November of last year only 16% of respondents believed the economy to be on the right track.

While home prices are currently low, especially in distressed markets, 32% of respondents expect home prices to increase over the next 12 months. Americans also expect mortgage rates to rise in the next 12 months – which isn’t very surprising when you consider that the 30-year fixed rate mortgages hit a new all-time record low last week.

“Overall, consumer views of housing market conditions have become more supportive of home purchases,” said Doug Duncan, Fannie Mae chief economist.

Heard enough? Are you read to make the leap to home ownership? Contact a licensed mortgage loan professional today to take advantage of low mortgage rates and low home prices – before they both go up. Click here to find an Inlanta Mortgage professional near you.

Click here to read the Fannie Mae Monthly National Housing Survey in its entirety.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Home Ownership Matters!

Home Ownership Matters
Why does home ownership matter? Here are a few reasons to consider taking the leap from renting to home ownership:

JOBS &  ECONOMY

  • For every two homes sold one job is created in the United States.
  • According to the National Association of Realtors, home sales in this country generate more than 2.5 million private section jobs in an average year.
  • According to the National Association of Realtors – housing accounts for 15% of GDP, making it a key driver in our national economy
  • Every home purchase pumps up to $60,000 into the economy over time for home improvements, furniture, etc.

TAX INCENTIVE

  • Your mortgage interest is currently tax deductible
  • In many cases, interest accrued on home equity lines of credit is also deductible

OTHER BENEFITS – According to HouseLogic and the National Association of Realtors, home ownership tends to provide these additional benefits:

  • Higher academic achievement
  • More cohesive communities
  • Better connected families
  • Improved health and safety

Click here for a more comprehensive list of Social Benefits of Home Ownership and Stable Housing.

To get pre-approved for your mortgage and experience the dream of home-ownership, please contact an Inlanta Mortgage Loan Consultant near you!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

This article provides general information about tax decutions, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

 

 

 

5 Benefits to Home Ownership

There are many benefits to home ownership.

There are many benefits to home ownership.

Thinking about buying a house? Not sure if it’s the right time for you? Buying a house is a huge decision and one that should not be taken lightly.

Many things should factor into your decision to buy a home, but if you are close to buying and just need a push in the right direction, we have compiled a few of most beneficial reasons to buy instead of rent:

1. Tax Deduction Benefit – Tax time is getting closer every day! Did you know there are deductions you can claim when it comes to your home mortgage? Any interest paid on your mortgage can reduce your taxable income.  At the end of every year, the company that owns your mortgage will send you a statement with how much interest you have paid on your loan for the year (Form 1098 – here is a sample of what it looks like). Bring your 1098 forms to your tax preparation professional and take advantage of the mortgage interest deduction afforded to home owners.

2. Aesthetics – Owning a home gives you the opportunity to make any changes without worrying about what your landlord would say. You can paint rooms a bright new color, change old carpeting to hardwood floors or even makeover your bathroom into spa heaven! Not only do you get to enjoy new surroundings and new things but the value of your home should increase. Building equity in your house is one the largest sources of household wealth for Americans.

3. Security – When you rent, you could be forced to leave in a year if the rent goes up or if you get noisy neighbors above or below you. With you own your own home, your rent won’t go up (it actually could go down if you refinance) and you won’t be sharing any apartment walls or ceilings with anyone noisy!

4. Better Neighborhoods – When the people you live by own their own properties, they are willing to invest more in the community, which makes it nicer and safer for families.

5. Better Economy – If more people buy homes, more money will be inserted in market. This helps create more jobs and more economic stability. Strengthening the housing industry will create many positive effects on the overall economy.

Obviously, the benefits of home ownership will vary from person to person – but this list discusses some of the major advantages of owning a home versus renting.

Unfamiliar with the mortgage loan process? Click here to read more about the mortgage loan process.

There are variety of loan programs designed to help you realize your dream of homeownership. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Learn more about our loan programs here.

Inlanta Mortgage is licensed in 14 states and has over 28 branch locations. Click here to find a licensed mortgage loan professional near you.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.