Reverse Mortgages for Baby Boomers

25 04 2005

Forty-one percent of home sellers last year were aged 55 and older, according
to a report by the Senior Advantage Real Estate Council. The report also says
that the population of baby boomers and seniors will soar 87 percent by 2020.

The number of homeowners aged 62 and older who take advantage of reverse
mortgages is on the rise. HUD reports that more 40,000 seniors obtained
reverse mortgages last year, and Florida ranked second in the nation as the source
for most of those loans.

March 2005 New Home Sales

25 04 2005

Out-of-state buyers, low mortgage rates and high demand combined forces to
create another strong month for sales of existing homes. Florida home sales
rose 6 percent in March compared to March 2004, with the median price surging
28 percent over the same period. Nationally, existing-home sales rose to the
third highest pace on record.

More Young Americans Buy Homes

25 04 2005

Homeowners are getting younger. That is, a report by the U.S. Census Bureau
shows that the homeownership rate among individuals under the age of 25 rose
to 25 percent in 2004, a 59 percent increase from the 15.9 percent rate in 1995.
Experts attribute the increase to low mortgage rates, loans that require only 3
percent to 5 percent down, and the promise of mortgage-interest tax deductions,
as well as the realization that mortgage payments are often cheaper than rent.

Source: New Haven Register

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