Friday Facts May 25, 2012

FRIDAY FACTS

May 25, 2012

 

Sound bites from NAR’s 2012 Midyear Legislative Meetings in Washington, D.C.

 

  • Housing represents 12% of GDP.  75 million homeowners pay 90% of the personal income tax.  Every two houses sold provide 1 job.  Each house sold provides $50-60,000 in ancillary services.

 

  • Some demographic changes of buyers include:  a median age increase, a higher share of married, a higher share with a second home.  Demographic changes of sellers include:  an average age of 53, $101,200 in income, 77% married, term of residency increased from 7 to 9 years.

 

  • We should have a steady rise in owner occupied homes because we add 3 million people per year, but instead, since 2005, we’ve flat-lined with a slight decrease.  We at the lowest home ownership rate in 15 years at 65.4%.

 

  • Second home sales have started the recovery.  Last year was mostly cash sales with a high number of investors.  Owner occupancy sales have been falling, and right now we’re at the bottom.  All cash deals are hiding the current dysfunctional mortgage market.

 

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