Young first-time home buyers are eager to purchase a home because, frequently, the total costs of a mortgage + HOA fees + property taxes are less than rent!
Chicago, IL (PRWEB) March 27, 2015
Lenders like Peoples Home Equity were pleased to read a positive article released by Corelogic.com on March 24th.
In an article titled “Strong Economic Growth To Propel US Housing Market in 2015,” Corelogic, an North American corporation providing financial, property and consumer information, analytics and business intelligence, stated, “The U.S. economy is poised to grow by close to 3 percent in 2015, generating a 3- to 3.5-million-person gain in employment. This job growth, coupled with very low mortgage interest rates and some easing in credit access, is expected to propel both owner-occupant and rental housing activity this year.”
Peoples Home Equity agrees entirely, that the strengthening labor market is slowly propelling the housing market forward. The lender feels like Americans have had ample time since the recession to build or re-build their credit history to apply for a home loan. In addition, young first-time home buyers are eager to purchase a home because, frequently, the total costs of a mortgage + HOA fees + property taxes are less than rent!
Corelogic projects a 5% increase in home sales for 2015 and a 3% increase in 2016. Low mortgage rates are a cause of this projected growth. “Weakness in global economic growth and uncertainty wrought by political tension in parts of the world have encouraged capital inflow to U.S. markets, helping to push long-term interest rates lower.” Another positive Corelogic statement is that “the projected rise in home values will lift another one million underwater homeowners back into positive equity.”
As yesterday showed that mortgage applications rose 9.5% for the week ending on 3/20, Peoples Home Equity expects an even higher number of mortgage applications to be submitted soon as more Americans finish their 2014 taxes.
If you are in need of a mortgage, consider speaking to a Peoples Home Equity loan office today at: 262-563-4026.