There is a new research paper out on US HOUSING DEMOGRAPHICS and how it will change in the coming years. The McMansions will go the way of the Low Carb Diet and house appreciation will run about 2% year. Now this is a national number, as CAR (California Association of Realtors) predicted a 3% increase in 2010 for California.
The Pre- Retirement generation (55-64) will keep working, both out of necessity and choice. The author, John McIlwain sees them NOT choosing the gated retirement communities, but a more metropolitan area; provided their suburban home values recover.
The Younger Baby Boomers 46-54) will have flat incomes, less home equity and a desire to be in more compact, urban environment.
Generation Y will be renting, as they supposedly have less interest in home ownership. The author believes they will be renters by choice. In my opinion, that is until they get tired on not being able to paint a room, not know if their monthly payment will go UP and not be able to have a pet.
All three of these above groups are predicted to want mostly walkable-communities and more urban lifestyles. They want more transit friendly communities and less suburb migration. The report made some interesting conclusions. It will be fascinating to see if the children who grew up being driven to and picked-up from school and soccer will actually wait in the cold and rain at a bus stop for a metropolitan bus. Maybe if there is a Starbucks nearby? Click here for the full report! Comments?
Do you want to purchase a home, but need to raise your credit score? Do you want to know the tricks to raise your credit? If so, you may want to research the website 7 STEPS TO A 720 CREDIT SCORE.
The creator of this site is Tyrone Philip , founder of the Mortgage Equity Group. His goal is to educate borrowers and help them increase their credit scores. Thus, they qualify for the best loan programs available!
A few years ago, you could shop for a loan, and the applicable costs/fees. Now, 99% of loans are backed by the Federal government, so there are no different rates; everyone is basically selling the same product. Thus, the same lending criteria! If you don’t qualify with one lender, chances are you won’t qualify with another. That is why a high credit score is so important.
In a recent radio interview, Tyrone stated that in 2005, 80% of people coming into his office could get a loan, now only 15% can get a loan. WOW – that is a reduction of 65%! Some of the reasons are lending requirements have changed, amount of money people have in savings have changed, and employment has changed. In addition, lending guidelines are stricter. Now, your purchase of an economy car can be enough to NOT make you eligible for a home loan. Before, debt-to-income levels were 60% and now they are 40%!
If you have been turned down for a home loan, want to increase your credit score to afford more purchasing power or just want to know the “tricks of the trade”, you may want to consider checking out 7 STEPS TO A 720 CREDIT SCORE. For a $29.95 investment, he guarantees to raise your score, or your money back!
