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New study names root causes for depressed homeownership rate in U.S.

Jun 09, 2017
Despite steadily improving local job markets and historically low mortgage rates, the U.S. homeownership rate is stuck near a 50-year low because of a perverse mix of affordability challenges, student loan debt, tight credit conditions and housing supply shortages. That’s according to findings in a new white paper released in recognition of National Homeownership Month at the National Association of REALTORS Sustainable Homeownership Conference. 

Five main barriers that have prevented a significant number of households from purchasing a home include: post-foreclosure stress disorder; mortgage availability; the growing burden of student loan debt; single-family housing affordability; and single-family household supply shortages. 

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New York statewide home sales remain strong in February

The New York State housing market continued to post solid numbers in February, reaching 7,328 closed sales despite a 6.2-percent decline from February 2017. The February statewide median sales price of $260,000 represented an increase of 8.8 percent from a year ago. Click here to read more.