Landlord and Tenant - Landlord's Responsibility 1

한글버전 

The U.S. homeownership rate fell to 63.4 percent in the second quarter of 2015, according to the U.S. Census. That is down from 63.7 percent in the first quarter and from 64.7 percent in the same quarter of 2014. It marks the lowest homeownership rate since 1967. Household formation, however, is rising. The number of occupied housing units grew, but all on the renter side. The number of owner-occupied units fell from a year ago. No wonder both rents and occupancies continue to soar. And the rental income contribute to more on personal income. It accounts 4.4% of personal income which is highest since 1947.

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Outlook – 2017 Real Estate Market

 한글버전

According to national realtor association interest rate for mortgage can be as high as 4.5% for this year. The anticipation of further increase is based on Fed rate hike of 0.75% in December 2016.Mortgage rates tend to move with the government's 10-year Treasury note, which serves as a benchmark for mortgages. Interest rates on the notes have already risen since Donald Trump was elected president and on signals the Fed would continue to tighten monetary policy.

 The Fed increased its benchmark interest rate by one-quarter of a percentage point on this first quarter 2017. Higher interest rate means paying more to the lender’s interest. Comparing average mortgage rate 8.5% for past 35 year, this is not to be panicked yet.

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