Looking at where people moved in 2017, Fannie and Freddie have new goals, rents and home prices increase again plus more!
Where Did People Move in 2017
Atlas Van Lines recently released their annual Migration Patterns Survey that tracked people moving from state-to-state in 2017. Check out this map showing which states people are moving to, which ones people are moving out of and the states that are stable.
I am surprised that they did not find more people moving into South Carolina. Low taxes, good climate, friendly people, low cost of living and very affordable real estate prices compared to other areas of the US…
FHFA Finalizes 2018-2020 Housing Goals For Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) just published their final rule that establishes new housing goals for Fannie Mae and Freddie Mac for 2018 through 2020 in accordance with the provisions of the Housing and Economic Recovery Act of 2008. The new goals replace the previous goals, which were in effect through the end of December 2017.
Single-Family Housing Goals:
It appears that not much is changing as far as their goals. This does not take into account any changes that would occur IF we see GSE reform this year.
If we do actually see GSE reform, it could be a real game changer as far as mortgages are concerned.
Rents Increase Again
From Rent Cafe:
The national average rent was $1,361 in January 2018, 2.8 percent higher than this time last year, and flat month over month, according to data from Yardi Matrix. 89 percent of the nation’s biggest cities have seen rents grow in January, in 9 percent of cities rents remained unchanged, while only 2 percent experienced rent drops compared to 2017.
Not good news for renters…
Those That Forget History Are Doomed to Repeat It
Remember recessions? Those times where the stock market goes down, unemployment goes up and businesses stop investing? There was a really big one about a decade ago, but that was a long time ago — there are plenty of young workers now who were kids back when names like Lehman Brothers and Ben Bernanke were in the news. According to the indicators compiled by the National Bureau of Economic Research, the U.S. economy hasn’t been in recession since June 2009 — almost nine years ago. If the economy sustains its expansion for just 14 more months, this will be the longest the country has gone without an economic downturn in recorded history, surpassing both the 1960s and 1990s booms in duration:
Why has the economy been growing uninterrupted for so long? Part of the reason is surely due to the severity of the Great Recession itself, coupled with the slowness of the subsequent recovery. The tremendous drought of business investment left the country with a backlog of office buildings and idle factories. And the deep dip in employment meant that it took a long time to put Americans back to work. The expansion that began in mid-2009 has really just been a long, plodding climb out of a very deep hole.
But there’s another reason too. The U.S. simply hasn’t been hit with any of the random events — what economists call shocks — that tend to tip countries into recession.
I am sure you heard about the craziness in the stock market lately. And the cryptocurrencies also have been crazy…
Which makes me wonder how many people will be looking for something else to invest in?
Something real and tangible like real estate!
US Home Prices Increase 6.6% YoY
From the latest CoreLogic Home Price Insights:
Home prices nationwide, including distressed sales, increased year over year by 6.6 percent in December 2017 compared with December 2016 and increased month over month by 0.5 percent in December 2017 compared with November 2017 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).
The CoreLogic HPI Forecast indicates that home prices will increase by 4.3 percent on a year-over-year basis from December 2017 to December 2018, and on a month-over-month basis home prices are expected to decrease by 0.4 percent from December 2017 to January 2018.
While this is talking about the entire US, you can expect that home prices in the Anderson SC area will continue to increase in 2018. Of course, this depends on nothing negative happening that will cause the economy and housing market to hit the skids…
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