Confidence, outlooks and a minivanJanuary 30, 2017
Redefy housing news 1.30.2017
This is housing news you can use. Trending news this week for the US economy, consumer confidence in attaining mortgages and home sales. And a pretty sweet minivan that’s home to a world traveler.
Economic outlook bright for 2017
The US Department of Commerce reported personal income rose 3 percent and consumer spending increased 0.5 percent in December 2016. The increase fell in line with economists’ outlook for a growing year. Consumer spending — accounting for two-thirds of America’s economy — increased 3.8 percent in 2016, a 3.5 percent year over year rise from 2015. Reuters reports the personal consumption expenditures (PCE) price index rose 0.2 percent after edging up 0.1 percent in November.
More consumers confident about mortgage credit
The latest Federal Reserve Bank of New York’s Survey of Consumer Expectations showed that consumers are more confident about being able to obtain mortgage financing. In June 2016, 39.3 percent of buyers felt their application would be rejected, but by October that number dropped to 34.2 percent. Homeowners looking to refinance also felt more confident, with 5.3 percent less expecting rejection from June to October. The numbers are the best since February 2014.
The best year for homes sales in 10 years
The most recent National Association of Realtors 2016 report on existing home sales showed 54.5 million sales, the highest number since 2006 with 6.48 million sold (numbers seasonally adjusted). Realtor.com senior economist Joe Kirchner credits increased income for the surge in purchases despite continued increases in home prices.
Van meets world
Marina Piro decided to leave her job and travel the world with her dog, Odie. Inspired by Americans turning school buses into traveling homes, she embarked on a mission to turn a minivan into a mobile home. In her blog Pamthevan, she shares every step of the transformation, life on the road (i.e. how to take a shower van-side) and adventures that will make you look twice at your Odyssey.