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It was an uneventful week in the financial markets. Mortgage rates moved very slightly higher off their 7-month low last week, but remain at historic levels around the low 4s for a 30yr fixed rate loan. There was some reporting on home prices this week by CoreLogic. It was reported that prices were up 2.1% from March to April and more telling was the year-over-year increase in prices at a strong 10.5%. The uptick in year-over-year appreciation solidifies that appreciate remains alive and well across the country’s real estate markets. These figures also point to a sustainable and healthy real estate market; who doesn’t want that after all these years of uncertainty!
I attended a great event with the Greater Philadelphia Association of Realtors this week and wanted to share a few interesting statistics shared by an economist who spoke to the group:
– Average age of the Realtor in the U.S. is 57
– Philadelphia has the 2nd highest tax delinquency rate in the U.S. (behind only Detroit)
– The uncollected amount of property taxes in Philly are around $550,000,000! The entire education budget shortfall is around $350 million if we collected a normal portion of our property taxes the school system would be fully funded!
– Of the top 400 wealthiest individuals in the U.S. 60% are in real estate businessesTrident Mortgage Rate Sheet 6-6-14 Jason F. Griesser, CMB
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611