While some people still struggle to find a home, others are flipping properties left and right. What’s going on?

The “house hunters couples divorce” is an issue that many people face. This article will help to explain why this happens and what you can do about it.

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The home market is still hot despite higher mortgage rates. In 2022, it’s expected that rising prices, low inventory, and quick turnarounds will persist.

 

This is why the current Fannie Mae Home Purchase Sentiment Index (HPSI) shows a 2.4-point decline from the previous month and a 5.9-point decline from the previous year. Fannie Mae considers six factors, ranging from purchasing and selling circumstances to house price and mortgage rate outlooks, to come up with a composite score.

 

In terms of the overall score, 25 percent of consumers in January 2022—down from 26 percent in December 2021—feel that it is a good time to purchase a property. Consumers now believe that it is a terrible time to purchase, up from 66% one month earlier. Here are some more insights from the January index.

The conditions for purchasing a house are making younger buyers more depressed.

Particularly younger customers are feeling pessimistic about the state of the housing market right now. The difference between the two is becoming wider among consumers between the ages of 18 and 34, with just 15% believing that it is a good time to purchase and 83% believing that it is not.

 

This growing pessimism may be attributed to the fact that most customers anticipate a rise in mortgage rates over the course of the next 12 months, with a month-over-month increase from 56 to 58 percent. The number of respondents who anticipate mortgage rates will fall over that time period is constant at 4%, while the percentage who predict rates will remain the same fell from 30% to 28%.

 

Mortgage rate expectations in the next 12 months

Consumer perception of house price stability in the next year has increased from 30% in December 2021 to 35% in January 2022. Consumers who believe house prices would rise in the next year have slightly decreased, from 44% to 43%. The proportion of respondents who believe price tags will drop dropped from 19 percent to 14 percent over this time.

 

Fannie Mae measures a number of important metrics each month that are separate from the overall index, such as the proportion of customers who indicate they would purchase if they were relocating. In January 2022, this percentage stayed at 66 percent. In contrast, 28 percent, down from 29 percent a month ago, said they would rent.

Home price expectations in the next 12 months

Americans continue to believe that the U.S. economy is heading in the wrong direction.

The percentage of consumers who believe the economy is going in the wrong direction has increased, from 65 percent in December 2021 to 66 percent in January 2022. Consumer confidence in the U.S. economy is now at 24 percent, down from 26 percent a month ago.

 

38 percent, down from 43 percent in December, said they believe their financial status will improve in the next year. And 20 percent, down from 22 percent the previous month, believe their financial situation will become worse.

 

 

How financial situations will change over the next 12 months

Additionally, to make the process simpler, conduct your research on mortgage rates in advance utilizing a home loan calculator.

 

Methodology

The Fannie Mae National Housing Survey data is used by the Home Purchase Sentiment Index (HPSI) to produce a single sentiment number. Every month, this poll involves roughly 1,000 American consumers and is done over the phone. More than 100 questions covering a range of housing-related subjects are posed to respondents, including questions on renting vs. owning a home, changes in home and rental prices, family finances, homeownership difficulties, the economy, and consumer confidence.

 

This article was syndicated by MediaFeed.org from its original publication on LendingTree.com.

 

MediaFeed has more.

the US city where Baby Boomers are buying homes in droves

 

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According to the most recent Federal Reserve figures, baby boomers are the richest generation of Americans living today, and many of them are still wanting to purchase houses.

Where, though, are baby boomers looking to purchase? LendingTree examined mortgage purchase requests made in 2020 on the LendingTree platform across the 50 major metropolitan regions in the US to provide an answer to this issue (metros).

LendingTree discovered that in several of the biggest metro areas throughout the US, a significant number of prospective homebuyers are baby boomers (defined as anybody born between 1946 and 1964).

 

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LendingTree defined the baby boomer generation as those who were born between 1946 and 1964 based on generational classifications from the Pew Research Center.

Baby-boomer borrowers made up a portion of the total buy mortgage requests submitted by LendingTree, which is how metropolitan statistical areas (MSAs) were ranked. A metro region earned a higher score the more baby boomers there were in the requests it received.

The mortgage requests and offers made to users of the LendingTree mortgage shopping platform between January 1 and December 31 2020 in the 50 major metropolitan regions of the country were the source of the borrower data.

 

Istockphoto / Bernard Bodo

 

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Baby boomers often have better financial profiles than younger generations, but this does not negate the necessity for them to make thorough preparations before purchasing a property.

For baby boomers planning to purchase a property, here are some advice:

  • Take into account how it will affect your retirement. If you’re close to or have reached retirement age and considering purchasing a home, you should carefully evaluate how the price of that home will affect you once you stop working. If you want to pay in cash, consider whether you will be able to cover yearly costs such as property taxes. Think about your ability to make your monthly payments before deciding to take out a loan.
  • Examine various lending schemes. Depending on your financial profile, a variety of loan packages may be advantageous to you. For instance, if you’re an older baby boomer, you may be able to qualify for a retirement mortgage, which may help you avoid the income restrictions you’re likely to encounter with other loans.
  • Reduce your monthly loan payments. Lenders closely examine your debt-to-income (DTI) ratio, or the portion of your gross monthly income that is allocated to recurrent loans, if you choose to finance the purchase of a property. It’s a good idea to maintain your overall DTI ratio (which includes your monthly mortgage payment and all other debt payments) at 43 percent or less since maximum DTI ratios vary per lending program. Even if you intend to pay in cash, you should try to pay off as much debt as you can to free up funds for housing-related expenses.

 

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1. It need not be difficult to find a knowledgeable financial counselor. The free service from SmartAsset quickly connects you with up to three local fiduciary financial experts.

2. SmartAsset has thoroughly investigated each adviser and holds them to a fiduciary standard that requires them to operate in your best interests. Get going right now if you’re prepared to be matched with local experts who can assist you in reaching your financial objectives.

 

iStock / Ivan Nadaski

 

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  • Baby boomers make up 10.28% of all mortgage inquiries.
  • Age of the average baby boomer: 62.5
  • Among baby boomers, the average credit score is 677.
  • Baby boomers’ average down payment is $45,644
  • Baby boomers typically seek loans for $224,083

 

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  • Baby boomers make up 10.38% of all mortgage inquiries.
  • Age of the average baby boomer: 62.2
  • Among baby boomers, the average credit score is 689.
  • Baby-boomer down payments typically cost $57,105.
  • Baby boomers typically seek loans for $260,750.

 

Vito Palmisano via istockphoto

 

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  • Baby boomers make up 10.49% of all mortgage inquiries.
  • Age of the average baby boomer: 62.3
  • Among baby boomers, the average credit score is 693.
  • Baby-boomer down payments typically cost $97,495
  • Baby boomers typically seek loans for $423,968.

 

istockphoto/shalunts

 

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  • Baby boomers make up 10.60% of all mortgage inquiries.
  • Age of the average baby boomer: 61.8
  • Among baby boomers, the average credit score is 685.
  • Baby boomers’ average down payment is $44,823
  • Baby boomers’ average loan request was $225,762

 

Mark Howard/IstockPhoto

 

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  • Baby boomers make up 10.65% of all mortgage inquiries.
  • Age of the average baby boomer: 62.1
  • Among baby boomers, the average credit score is 682.
  • Baby boomers’ average down payment is $34,531.
  • Baby boomers typically obtain loans for $173,498.

 

 

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  • Baby boomers make up 10.67% of all mortgage inquiries.
  • Age of the average baby boomer: 62.1
  • Among baby boomers, the average credit score is 667.
  • Among baby boomers, the average down payment was $39,789
  • Baby boomers typically obtain loans for $214,220.

 

Istockphoto / Gabrieleckert

 

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  • Baby boomers made 10.84 percent of all mortgage inquiries.
  • Age of the average baby boomer: 62.2
  • Among baby boomers, the average credit score is 674.
  • Baby-boomer down payments typically cost $42,830.
  • Baby boomers typically obtain loans for $217.053.

 

DepositPhotos.com

 

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  • Baby boomers make up 10.89% of all mortgage inquiries.
  • Age of the average baby boomer: 62.3
  • Among baby boomers, the average credit score is 692.
  • Baby boomers’ average down payment is $58,762
  • Baby boomers typically obtain loans for $282,576.

 

DepositPhotos.com

 

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  • Baby boomers make up 10.92% of all mortgage inquiries.
  • Age of the average baby boomer: 61.6
  • Among baby boomers, the average credit score is 662.
  • Baby boomers’ average down payment is $30,158.
  • Baby boomers’ average loan request was for $192,342

 

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  • Baby boomers make up 10.96% of all mortgage inquiries.
  • Age of the average baby boomer: 62.6
  • Among baby boomers, the average credit score is 681.
  • Baby-boomer down payments typically cost $41,749
  • Baby boomers typically seek loans for $209,718.

 

Sean Pavone’s istockphoto

 

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  • 11.62 percent of mortgage inquiries come from baby boomers.
  • Age of the average baby boomer: 62.2
  • Among baby boomers, the average credit score is 666.
  • Baby boomers’ average down payment is $34,208.
  • Baby boomers’ average loan request was for $180,679

 

DepositPhotos.com

 

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  • 11.63 percent of mortgage inquiries come from baby boomers.
  • Age of the average baby boomer: 61.9
  • Among baby boomers, the average credit score is 671.
  • Baby boomers’ average down payment is $44,295
  • Baby boomers typically obtain loans for $247,038.

 

DepositPhotos.com

 

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  • Baby boomers make up 11.70% of all mortgage requests.
  • Age of the average baby boomer: 62.6
  • Among baby boomers, the average credit score is 674.
  • Baby-boomer down payments typically cost $40,399
  • Baby boomers typically obtain loans for $213,417.

 

DepositPhotos

 

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  • Baby boomers make up 11.97% of all mortgage inquiries.
  • Age of the average baby boomer: 62.1
  • Among baby boomers, the average credit score is 694.
  • Baby boomers’ average down payment is $48,934
  • Baby boomers typically obtain loans for $239,478.

 

SeanPavonePhoto/istockphoto

 

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  • Baby boomers make up 12.12% of all mortgage inquiries.
  • Age of the average baby boomer: 62.3
  • Among baby boomers, the average credit score is 676.
  • Baby boomers’ average down payment is $41,479
  • Baby boomers typically seek loans for $204,111.

 

Author: Sean Pavone

 

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  • Baby boomers make up 12.46% of all mortgage inquiries.
  • Age of the average baby boomer: 62.4
  • Among baby boomers, the average credit score is 685.
  • Among baby boomers, the average down payment was $59,287.
  • Baby boomers’ average loan request was for $285,923

 

Chris LaBasco/IstockPhoto

 

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  • Baby boomers make up 13.19% of all mortgage inquiries.
  • Age of the average baby boomer: 61.9
  • Among baby boomers, the average credit score is 665.
  • Baby boomers’ average down payment is $38,683
  • The average loan amount sought by baby boomers is $226,908

 

European Banks/IstockPhoto

 

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  • Baby boomers make up 13.20% of all mortgage inquiries.
  • Age of the average baby boomer: 62.6
  • Baby boomers’ average credit score is 702
  • Baby-boomer down payments typically cost $91,017.
  • Baby boomers typically seek loans for 4409,620.

 

Jerry Uomala, via istockphoto

 

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  • Baby boomers make up 13.27% of all mortgage inquiries.
  • Age of the average baby boomer: 62.5
  • Among baby boomers, the average credit score is 684.
  • Baby boomers’ average down payment is $43,025
  • Baby boomers often seek loans for $218,010

 

DepositPhotos.com

 

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  • Baby boomers make up 13.73% of all mortgage inquiries.
  • Age of the average baby boomer: 62.7
  • Among baby boomers, the average credit score is 683.
  • Baby-boomer down payments typically cost $53,586.
  • Baby boomers typically obtain loans for $276,202.

 

DepositPhotos.com

 

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  • 13.95 percent of mortgage inquiries come from baby boomers.
  • Age of the average baby boomer: 62.8
  • Among baby boomers, the average credit score is 687.
  • Baby-boomer down payments typically cost $46,364
  • Baby boomers typically obtain loans for $219,520.

 

Photo by Philip Rozenski via istock

 

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  • Baby boomers make up 15.26% of all mortgage inquiries.
  • Age of the average baby boomer: 62.5
  • Among baby boomers, the average credit score is 697.
  • Baby-boomer down payments typically cost $63,759
  • Baby boomers’ average loan request was for $269,351

 

DepositPhotos.com

 

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  • Baby boomers make up 16.36% of all mortgage inquiries.
  • Age of the average baby boomer: 63.2
  • Among baby boomers, the average credit score is 693.
  • Baby boomers’ average down payment is $54,342
  • Baby boomers typically seek loans for $264,800.

 

Sean Pavone’s istockphoto

 

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  • Baby boomers make up 17.33% of all mortgage inquiries.
  • Age of the average baby boomer: 62.9
  • Among baby boomers, the average credit score is 690.
  • Baby-boomer down payments typically cost $41,341
  • Baby boomers typically obtain loans for $196,524

 

Photo by Gabriele Maltinti via Istock

 

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  • Baby boomers make up 19.97% of all mortgage inquiries.
  • Age of the average baby boomer: 63.2
  • Among baby boomers, the average credit score is 681.
  • Baby boomers’ typical down payment is $52,262
  • Baby boomers typically obtain loans for $263,256.

Jacob Channel, a senior research analyst at LendingTree, contributed to this article.

This post was syndicated by MediaFeed.org from its original publication on LendingTree.com.

 

DepositPhotos.com

 

costco-shoppers

17 items you should never purchase on a budget

 

courtesy of Felix Miznikov on Istock

 

AaronAmat/iStock is the source of the featured image.

The “house hunters: where are they now season 3” is a reality show that follows young house hunters as they try to find the perfect home. The show has been on for three seasons, and it seems like the viewers have stopped tuning in. This article will explore why this might be happening.

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  • house hunters highest budget episode
  • house hunters: where are they now
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