How Greek vote could keep US mortgage rates low
The referendum in Greece in which the nation rejected austerity in return for a new bailout could mean that US homeowners continue to pay less for their mortgages. While the exact impact of the vote is not known analysts are expecting it to cause some ripples throughout the financial markets and the Washington Post highlights that this could mean the Fed delaying an increase in interest rates. The interwoven nature of global economics means that any move by the European Central Bank to protect its members from a Greek exit from the euro would likely strengthen the greenback and put pressure on US exports which will further intensify calls for the Fed to leave interest rates at their historic low.
Property investor says millennials see sense in mobile homes
A property investor and author says that millennials who are struggling to become first time buyers are looking at mobile home ownership as a more affordable alternative. Mike Conlon aka the Main Street Millionaire, says that many younger Americans do not see traditional home ownership as their goal and are shunning mortgages on houses and apartments in favor of the smaller loan required for a mobile home. Conlon who invests in mobile home parks and aims to make living in the communities a better experience says that millennials make up around a quarter of the 20 million Americans living in mobile homes and says that there is “room for growth” in the market for commercial real estate
One Republic singer buys $11 million apartment
Ryan Tedder has bought a luxurious apartment in Manhattan’s Tribeca neighbourhood for $11 million. The New York Post says that the One Republic singer-songwriter’s new home has 6 bedrooms and 7 bathrooms and was a 36th birthday present to himself. The sale of the Murray Street home was handled by Douglas Elliman’s Melissa Kantrowitz.
US housing market in “reset mode”
A report in the Albuquerque Journal says that the US housing market is in “reset mode”. Citing data from the US Census Bureau the article highlights the drop in homeownership rates in the Albuquerque metro, down from 70.5 per cent in 2007 to 64.4 per cent in 2014. The figures are very similar nationally. The Albuquerque metro is slightly above average for the housing cost-burden for families and there has been a lack of Generation X home buyers. The apartment sector has also seen slow growth in rental occupancy rates and rents. Jay Parsons of Carrollton, Texas-based MPF Research commented: “All in all, Albuquerque is more steady and slow than what we’re seeing across the country in terms of occupancy, rents, supply and demand,” Parsons said. “It’s not necessarily weak numbers, but not as strong as we’re seeing nationally.”