Homeownership Makes Most Americans Poorer
From 2009 to 2011, the mean net worth of the top 7 percent of American households rose by 28 percent, while the mean net worth of households in the lower 93 percent dropped by 4 percent, largely because wealthy Americans have the bulk of their holdings in stocks and bonds while most Americans rely heavily on home equity for their personal wealth.
Is Wall Street Building Steam for the Next Real Estate Bubble?
Warren Buffet really opened up a can of worms when he made the statement in the Spring of 2012 that he would buy "a couple hundred thousand" single family homes and hold them for a long time, at low mortgage rates. The moment that statement came from his lips, every hedge fund in the Country decided they were going to get into the business of single-family homes, and they certainly have!
Record-Low Long-term Mortgages Are Helping to Brighten Economic Outlook
The average US rates on fixed mortgages recently fell steeply and moved closer to historic lows, a shift favored by many in the mortgage marketplace. Freddie Mac, one of the country’s largest mortgage buyers, announced Thursday, April 11th, 2013, that the average rate for the 30-year fixed loan fell to 3.43 percent from 3.54 percent the previous week. These figures are very close to the 3.31 percent that was reached in November 2012, which also represented the lowest percentage recorded since 1971. The average rate on the 15-year fixed mortgage also dipped to 2.65 percent from 2.74 percent the previous week with figures only slightly above the record low of 2.63 percent in 1971.