Hey Friends,
Wow! How is it November already? Today, I have 4 fun facts to share with you. Have a great weekend!
Blessings,
Andrew
Fun Fact 1:
The median sale price of a home in the US has risen $162,000 in 11 years while the median household income has only risen $12,390 in 10 years (2024 income data isn’t tabulated yet but I’m certain it is not much.)
Source: FRED, Census, HUD
Fun Fact 2:
As of August 2024, 6.7% of homebuyers who financed their home purchase with a conventional mortgage or government-insured federal FHA loan had also simultaneously taken out a piggyback mortgage. The share of piggybacked first mortgages has more doubled in the last two years. (Piggyback loans are smaller, second mortgages that are borrowed at the same time with the primary mortgage as much needed additional financing. They allow homebuyers with limited savings to pay for some or all of the upfront costs of buying a home: down payment, closing costs and interest rate buy downs, as well as things like property renovations.)
Commentary: It is concerning how little cash the average American has right now.
Source: CoreLogic
Fun Fact 3:
Home sales in the Pikes Peak region are trending downward over the past 4 years.
Source: PPMLS
Fun Fact 4:
Tourism spending in El Paso County (home of Colorado Springs) continues to climb.
Source: Colorado Tourism Office, Data Driven Economic Strategies
Quote I’m pondering:
“Your life does not get better by chance, it gets better by change.” -Jim Rohn
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Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or to buy or sell real estate property. Read our full disclosures HERE.
