This is the California Real Estate Update for February 16th. Hello this is Mary West and this segment is sponsored by Group 1 Real Estate.
Are millennials stuck or comfortable? According to the Pew Research Center, Millennials are less mobile than young people have been in decades. The lack of mobility is partly due to their inability to buy a home and their lack of desire to give-up their urban lifestyles.
Making things worse, in a study by the Fitch Ratings they believe that a perfect trifecta of obstacles will continue to make it difficult for Millennials to qualify for mortgages. The report blames “rising student debt loads, stagnant real wages. and tight underwriting standards.”
To help Millennials, the FHA has lowered the annual mortgage insurance premiums on most new loans in January.
Thank you for listening and for a transcript, please visit Group1RealEstate.com. This is Mary West with the California Real Estate Update by Group 1 Real Estate.