U.S. Market Watch: Property Trends for Relocation Managers
As housing markets across the U.S. continue to move in a positive direction, confidence is returning and homes are appreciating at a rate experts believe is conducive to a sustainable rebound. Cartus’ latest U.S. Market Watch highlights key market trends and best practices that you, and your relocating employees, need to know, including rising home prices and median income, healthy levels of housing inventory, and a lower rate of unemployment. We also provide a summary of the upcoming TILA-RESPA Integrated Disclosure (TRID) mortgage rule changes. You can visit Cartus Home Loans’ TRID website for more information.
Housing Markets and Their Impact on Relocation
I recently presented a Worldwide ERC® webinar, “How High Will the U.S. Real Estate Market Rise in 2015 and Beyond?”, with Anthony Cristaudo, director of Business Development with Cartus Home Loans, in which we focused on the current and future status of U.S. real estate markets and the impact on relocation programs. Highlights included:
- Median Household Income: The median household income in May was $55,192, up slightly year over year, but still lower than it was at the beginning of the recession in 2007.
- Unemployment Rate: The unemployment rate in June dropped to 5.3%, the lowest level since May, 2008.
- Seriously Underwater Properties: At the end of the first quarter of 2015, 13.2% of all properties with a mortgage were labeled “seriously underwater,” up slightly year over year, but still way down from the high of 27.3% in 2010.
- First-Time Home Buyers: The share of first-time buyers fell to 30% after rising to 32% in May, but has remained at, or above, 30% for the fourth consecutive month. Last June, first-time buyers represented 28% of buyers. According to Lawrence Yun, National Association of Realtors chief economist, “the return of first-time buyers in May is an encouraging sign.”
Please read more in Cartus’ latest U.S. Market Watch.