Mortgage Debt on the Rise: A Good Sign?
2015-06-25An improvement in household finances along with lower debt servicing costs are strong indicators that more Americans may be ready to start taking on more mortgage debt, economists note in Freddie Mac’s U.S. Economic and Housing Market Outlook for June.
“After many fits and starts, the data finally show that not only are more Americans taking out a mortgage to purchase a home, but that total outstanding debt on single-family properties has increased on a year-over-year basis,” says Len Kiefer, deputy chief economist at Freddie Mac. “This is yet another sign the economy, and housing markets, are pivoting toward normalcy.
Kiefer explained that this will present new opportunities for the housing and capital markets: “Going forward we'll see a slow shift from [baby] boomers as the dominate cohort in housing to the millennials, who are just now entering prime home ownership years and unleashing further pent-up demand."
Source： NATIONAL ASSOCIATION OF REALTORS®
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