Mortgage debt increases as housing wealth rises almost 2 per cent
Americans are increasing their mortgage debt but also their housing wealth according to a new report from the Federal Reserve.
Housing wealth increased 1.9 per cent to $25.6 trillion in the second quarter of 2016 as the housing market continues its fight back from the crash.
Meanwhile, mortgage debt rose by a seasonally adjusted 2.5 per cent, making Q2 2016 the best quarter for the mortgage industry since 2008 and a reflection of strong home sales.
Americans’ overall net worth rose 1.2 per cent to $89.1 trillion.
Houston home sales bounce back as inventory rises
Single-family home sales in Houston rebounded in August following a slip in July with Houston Association of Realtors reporting an 8.2 per cent year-over-year rise in sales to 7,914, marking the largest single-month sales figure ever.
"August proved to be a strong month for the Houston real estate market, which was welcome news after the slowdown in July," said HAR Chairman Mario Arriaga with First Group. "It’s possible that summer vacations meant consumers put home buying on the back burner in July, but whatever the cause, home sales appear to once again be moving at a healthy pace."
The median price for single-family homes was up 4.2 per cent year-over-year to $225,000, the highest ever for August.
Sales of all property types increased 7.1 per cent to 9,319 with townhouse and condo sales up 5.1 per cent.
Former Canadian premier joins real estate firm’s board
Former Canadian prime minister Stephen Harper has joined the board of real estate firm Colliers International Group Inc.
“We are extremely pleased to have Mr. Harper join our Board,” said Jay S. Hennick, Chairman and Chief Executive Officer of Colliers. “Mr. Harper brings a wealth of experience along with the unparalleled knowledge of a former G7 leader, and insights that further differentiate our platform as we expand our business around the world.”
Mr Harper said: “I am looking forward to working with Colliers to further its growth in global markets, capitalize on its leadership position in the commercial real estate
services sector, and continue its proven track record of building value for shareholders.”