Rising Rents Are Still A Factor

According to the U.S. Commerce Department, fewer Americans own homes than ever. One reason appears to be that renters are staying put by necessity. Results from Freddie Mac reflect that the number of respondents who said they expect to move during the next two years fell to 33% from 38% since September.

■  Renters today feel better about their finances, and like where they are living.
■  A Zillow survey reported that more than two-thirds of renters said that saving for a down payment was keeping them from buying a home.
■  Zillow’s “Housing Aspirations Report” found that approximately half of renters surveyed said high levels of debt are a principal reason for them not being able to qualify for a mortgage.
■  For many, a 20% down payment was a big hurdle to overcome.
■  Bank of America surveys found that millennials were looking for cheaper starter homes.
■  The U.S. Commerce Department reported that housing starts surged to their highest level in 9.5 years.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.