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Home ownership Rates UP in the Third Quarter

November 8, 2011

INFO THAT HITS US WHERE WE LIVE…Last week, more signs appeared that things are coming our way in housing. Wednesday the Census Bureau reported that the nation’s home ownership rate moved up in the third quarter to 66.1%, slightly ahead of the prior quarter. Some commentators feel the three-year decline in home ownership might be starting to bottom out. Home ownership may have been encouraged by rising rents, with the vacancy rate now up to 9.8%.

The National Association of Realtors (NAR) chimed in with a forecast that existing home sales should be up 1% this year, then up another 4.3% next year. Although the median price will fall slightly this year, it’s predicted to rise 2.6% in 2012. New home sales, after dropping 4.7% this year, are projected to rise 21.3% in 2012. And this year’s 1.8% price hike will be followed by a 3.8% gain next year. Let’s hope they’re right.

BUSINESS TIP OF THE WEEK…Passion counts for a lot. The relentless intensity and commitment you need to succeed come from enjoying what you do and believing it’s worthwhile.

COURTESY OF PRIME LENDING
George Hager
Mortgage Loan Officer
4 Venture #100
Irvine, CA 92618
714.309.5665 | P
877.895.1813 | F

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