New wealth brings surge in two-home families
Article Abstract:
The sustained US economic boom has caused dwelling prices to increase dramatically. In particular, aging members of the Baby Boom generation have considerably bid up the values of homes in prime resort and retirement areas by investing in second, and, in some cases, third or fourth homes. Acxiom/DataQuick statistics found that nearly 800,000 homes sold in 1999 were acquired by individuals whose primary residence was elsewhere. Furthermore, real estate experts have observed that a majority of second-home buyers are seeking domiciles for weekend getaways, part- year living, vacations or retirement.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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Bigger home loans please buyers, scare experts
Article Abstract:
The move by mortgage lenders to diminish costs for home buyers have gained significant approval from consumers, although industry experts think that this could be a danger. Norwest and Countrywide, two of the biggest mortgage lenders in the US, are preparing to commit zero-down financing to a larger customer base and lend a maximum of 103% of a home's value. However, some critics still believe that zero-down financing could be dangerous for both lenders and borrowers.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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U.S. mortgage rates duck below 7%
Article Abstract:
The drop in the average interest rate on a 30-year mortgage to below 7% for the first time in nearly two years is expected to fortify the US's surprisingly resilient housing market and strengthen a wave of refinancing. The average 15-year fixed-rate mortgage dropped to 6.49% vs 6.74% in the first week of Jan 2001. The trend of falling rates is driven by a slowing economy and anticipation that the Federal Reserve Board will continue to cut short-term interest rates. Thus, the National Assn of Realtors has raised its 2001 projection for home sales which is tthe second-best sales volume in its history.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2001
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