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The International Dream of American Homeownership
The power of the American Dream reaches far beyond U.S. borders, into the hearts and minds of people in countries across the globe. According to the 2012 NAR Profile of International Home Buying Activity, foreign sales accounted for $82.5 billion for the past year ending March 2012, up from $66.4 billion in 2011.
Got Homes?
In areas across the country, bidding wars are back. A recent Los Angeles Times article reports many housing markets have become much more competitive among would-be buyers.
Growing Demand, Fewer Choices
According to an NAR analysis, the buyer’s market window is starting to shrink. Data from NAR surveys show houses are selling faster with less time on the market. These findings demonstrate a general balance between home buyers and sellers in much of the country.
Lenders Still Holding Back
According to the Federal Housing Administration’s first quarter report on Fannie Mae and Freddie Mac, the 12- month delinquency rate has returned to 2002 levels, meaning the percentage of people who’ve fallen behind on mortgages owned by those government-sponsored enterprises has declined considerably. This is great news for the housing market, but it seems current lending patterns aren’t adjusting to these trends.
What Matters Most
Homeownership is one of the biggest investments people make in their lifetime. The desire to own is the primary reason for purchasing a slice of the American Dream among 60 percent of first-time buyers, according to the 2011 NAR Profile of Home Buyers and Sellers.
Urban Living… for More
Home prices are on the upswing in an overwhelming majority of metropolitan cities. City life has virtually always guaranteed a more expensive cost of living than the outer suburbs, but it seems the gap is widening. And as eager buyers rush in to snap up property and cash in on the best bargains, inventory is tightening and properties in the lower price ranges are becoming scarce.