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Vol. 8 No. 5
NAR FORECAST: Modest increase in home sales expected in 2016 Following the housing market's best year in nearly a decade, existing-home sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to National Association of Realtors® Chief Economist Lawrence Yun in a newly-released video on his 2016 housing market expectations. In the NAR-published video, Yun discusses his expectations for the U.S. economy and housing market in 2016 and points to pentup demand, sustained job growth
January 25, 2016
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and improving inventory conditions as his reasons for an expected gain (from 2015) in new and existing-home sales. Despite his forecasted increase in sales, Yun cites rising mortgage rates, home prices still outpacing wages and shaky global economic conditions as headwinds that will likely hold back a stronger pace of sales. "This year the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates," Yun says in the video. "Furthermore, the continued rise in home prices will occur due to the fact that we will again encounter housing shortages in many markets because of the cumulative effect of homebuilders under
The nation's 10 strongest
buyers' markets Buying trumps renting in more and more cities as rental costs continue to escalate. SmartAsset recently pinpointed where buying a home is better than renting in the shortest amount of time. SmartAsset factored its rankings by culling data on average rents and home prices and comparing buying to renting in counties throughout the U.S. It used the costs of rent-
ing and buying a typical home in each county for a household earning $100,000 a year. The data they used to figure out the costs associated with buying included a mortgage rate of 4.5 percent, closing fees of $2,000, and a 20 percent down payment. © Copyright National Association of Realtors. Reprinted with permission.
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The role of marketplace lenders in the mortgage industry housing meltdown) create considerable roadblocks to this goal. Due to the longer turnaround time now needed to comply with lending regulations, borrowers are more frustrated with the mortgage process. In addition to increased processing time, the new regulations have also increased processing costs, which are often passed along to the borrower. It’s no won-
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der many borrowers are unhappy with the process. Enter FinTech. FinTech is a popular term for companies that create technology-driven banking and other financial “solutions.” Think Uber for banking, backed by millions of dollars in venture capital funds. Dozens of startup companies are now offering See Marketplace Lenders | 3
Mobile Issue (Beta)
In an era when technology has made many aspects of our lives easier, progress has been muted when it comes to getting a mortgage loan. While the By Jon Paukovich Ent mortgage industry as a whole is com- — mitted to improving the borrower experience, underwriting and regulatory requirements (including those designed to prevent a future
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Sharon Ballinger
Shannon Livingston
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Marianne Elep Turner
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Loan Officer
Loan Officer
Loan Officer
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(719) 331-2750 chad.denny@academy.cc
(719) 380-1778 debbie.havens@academy.cc
(719) 491-2500 sharon.ballinger@academy.cc
(719) 439-1413 shannon.livingston@academy.cc
(719) 232-7553 will.michaloski@academy.cc
(719) 264-1952 marianne.elepturner@academy.cc
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