If current trends continue, the percentage of Americans who own homes - which has been stagnant for well over a decade - may actually see improvement in 2020.
Purchase applications were up 33% over last year by the start of July and the sale of newly built homes is expected to show a 55% annual increase when the June numbers become official. With asking prices on the rise, total listings also went up by almost 15%.
So what is the driving force behind this exciting news? Believe it or not, it may be the Covid-19 pandemic.
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While 2020 has had its challenges, it has not been all bad. For the first-time buyer moving into their very first home it is a milestone. For the young family moving out of the city to the suburbs, it’s an exciting new chapter. Increased home ownership means more individuals and families have access to the American dream. We think that’s pretty good news.
Bay Equity Home Loans – Boles Group is a team of lending professionals located in Gilbert, Arizona and licensed to originate home loans for purchase or refinance in nine states (AZ, CA, CO, ID, MN, NM, NV, OR, WA). Boles Group lending professionals have the knowledge and experience to create solutions where other lenders create problems. The team prides itself on responsive, accurate communication and is highly regarded by clients and business associates alike.