Americans Over 70 Have Seen An Increase of 543% in the Last 20 Years

Today’s News Synopsis:

Debt among oldest Americans skyrockets.  The Mortgage Bankers Association reported mortgage application increased 1.5% from last week.  New home sales increased by 7.9% to their highest level in January, putting them now at 764,000.

In The News: “7 Architectural Elements You Should Never Touch During a Renovation” (2-26-2020)

“Older homes have plenty of charm, but they also have their inconveniences: drafts, slanting floors, closed-in kitchens, and tiny bathrooms.”

Redfin “Raleigh Led Nation in iBuyer Market Share in 2019, followed by Phoenix, Charlotte, and Atlanta” (2-26-2020)

“The nation’s top iBuyers purchased 1 of every 100 homes that sold in 2019 across the more than 200 U.S. metro areas Redfin tracks, nearly doubling their 2018 market share of 0.6%.”

Mortgage Bankers Association “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-26-2020)

“Mortgage applications increased 1.5 percent from one week earlieraccording to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21, 2020.”

MarketWatch “New home sales soar to highest level since 2007” (2-26-2020)

“A strong job market, low mortgage rates and mild weather are a winning combination for the housing market.”

CNBC “Debt among oldest Americans skyrockets 543% in two decades” (2-26-2020)

“Total debt for Americans over age 70 increased 543% from 1999 through 2019 — the largest percentage increase for any age group, according to the Federal Reserve Bank of New York.”

Apartment Therapy “5 Terrible Pieces of Mortgage Advice a Real Estate Agent Has Actually Heard” (2-26-2020)

“When it comes to buying a house—and securing a mortgage—everyone has an opinion on how to do it best.”

Forbes “New Home Sales Spike – But Homebuilders Still Need To Step It Up” (2-26-2020)

“The number of new home sales hit an almost 13-year high last month, according to data released by the U.S. Census Bureau this morning.”

Nerd Wallet “Tax Deductions for Homeowners” (2-26-2020)

“You can get some federal tax breaks for owning a home if itemizing deductions on your 2019 tax return makes financial sense.”


California Real Estate Investor Events

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with OC FIBI on Tuesday, March 3.

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.

Bruce and Aaron Norris will be presenting their latest Florida Buying Bootcamp 2020 Thursday-Friday, March 19-20.


Looking Back:

As more buyers were seizing control of the market, so were more home-sellers decreasing their prices.  The Commerce Department reported an 11.2% decrease in housing starts in December.  So what exactly was that one thing you needed to check before buying a home if you wanted to save A LOT of money?


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