MReport September 2018

TheMReport — News and strategies for the evolving mortgage marketplace.

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70 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA Single-Family Homes and the American Dream Survey respondents spell out differing preferences concerning their housing situations. L iving in a detached single-family home in the suburbs remains a top homeownership dream for American homebuyers across all age groups, according to Zillow's latest Housing Aspirations Report. The report, which surveyed aspir - ing homeowners across 20 metros, found that around 64 percent of the respondents agreed that owning a home was a "key to a higher social status and necessary to live the American Dream." The report revealed that 70 percent of respondents felt homeownership increased one's standing in the community. If no money or budget constraints existed, 94 percent of the respon - dents said they would own a home. The current rate of home- ownership is at 64 percent in the U.S. today, Zillow said, making money "clearly an objective for many would-be homeowners who are currently renting." Looking at the type of homes they wished to live in, the report found that 82 percent of the respondents preferred living in a single-family home. However, 9 percent of young adults indicated they would choose an attached single-family home. Ten percent of those surveyed said they would prefer living in a condo or a co-op and only 7 percent of Americans preferred living in a townhome. Despite single-family homes topping the list of ideal abodes across the country, cities like New York, Miami, Chicago, and Tampa had a higher share of respondents who were willing to "embrace denser living arrangements," the report said. In these cities, 12 per - cent or more respondents identi- fied condos, co-ops, or apartments as their ideal housing type. Suburbs topped the list of locations where these aspiring homeowners would like to settle down, the report revealed, with 56 percent of the respondents across race and ethnicity saying they de - sired living in a suburban area, fol- lowed by 26 percent who preferred the urban areas. The report also indicated that the desire to live in an urban area was higher among Hispanics and Asians. While respondents in Philadelphia, Detroit, and Boston were most likely to favor suburbs, those hailing from Miami, San Jose, and San Francisco were more likely to choose an urban living area to call home. The American Dream though is evolving, the report said, with young adults having slightly dif - ferent preferences such as renting, living in a townhome, urban communities, and good access to public transit. Where Home Listings Sizzled This Summer Midland led the pack, with traditionally dominant California markets descending in rank. M idland, Texas, held on to its top spot as the hottest housing market in the United States, according to the June Market Hotness Index published by The monthly index ranks regions based on the median number of days a home remains on the market. At 29 days, homes in Midland remained an average of one day more on the market in June compared with May, selling the fastest among the 20 markets that analyzed. Columbus, Ohio, jumped two places to the second spot on the rankings, with an average median age of inventory recorded at 32 days in June. The Boston-Cambridge-Newton area in Massachusetts-New Hampshire came in third, slipping one place from its May rankings, with homes that remained on the market for an average of 34 days. Homes in Fort Wayne, Indiana, and Boise City, Idaho, stayed on the market for an average of 34 and 33 days, respectively earning them the fourth and fifth spots on the index. While Fort Wayne moved six spots from its May rankings, Boise City moved up one rank. The hotness index, which California markets historically dominated, has seen the domi - nance of the Golden State drop- ping. In June, the state claimed only five of the top 20 markets, with 10 other states—Texas, Ohio, Massachusetts, Indiana, Idaho, New York, Colorado, Michigan, Wisconsin, and Washington representing a bulk of the markets on the index. San Francisco-Oakland-Hayward, Vallejo-Fairfield, Sacramento- Roseville-Arden Arcade, Stockton- Lodi, and Santa Cruz-Watsonville were the only California markets on the list. They were ranked 6th, 7th, 13th, 16th, and 20th, respectively. The biggest mover in the rank - ing was the Kennewick-Richland area in Washington, which moved 46 spots from its 61st rank in May to 15th in June. Homes in this mar - ket had a median age of inventory of 38 days in June compared with 44 days in May. Racine, Wisconsin, which was ranked 11th in June, also moved up nine spots from its May ranking. The American Dream is evolving, with young adults having slightly different preferences such as renting, living in a townhome, urban communities, and good access to public transit.

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