MReport February 2019

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TH E M R EP O RT | 55 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 The Gender Gap Are single men or single women more likely to become homeowners? A LendingTree report entitled "A Different Kind of Gender Gap: Homeownership Is More Common Among Single Women Than Single Men" revealed that single women are outpacing single men as homeowners. Despite the wage gap prevalent across the nation, wherein a woman earns only 80 percent of what the average man does, this is a surprising trend, it noted. According to the report, single women own over 820,000 homes in the New York metropolitan area. Los Angeles recorded 460,000 homes owned by single women. Compare this to single men, the number is considerably low at 435,000 homes in the New York area and about 260,000 homes in the Los Angeles area—both cases revealing that single women own nearly twice as many homes than single men do. It also pointed out that the trend remains the same in all of the 50 largest metropolitan areas surveyed. On average, single women own over 70,000 more homes in metro areas than single men do, which is 22 percent of homes, while single men own less than 13 percent of homes. To determine the number of single homeowners in each metro area, LendingTree analyzed data from the 2017 American Community Survey. It defined single homeowners as single men or women who live in owner- occupied homes. The largest share of homes owned by single men is in Oklahoma City at 16 percent. However, the report indicated that they still own fewer homes than single women, who own 24 per- cent of residential properties in the area. Single women own the larg- est share of owner-occupied homes in New Orleans metropolitan area. In this area, single women own nearly twice as many homes than single men do: 27 percent com- pared with 15 percent. New Orleans and Las Vegas were among metros with the larg- est share of single-men homeown- ers. Miami; Birmingham, Alabama; and Richmond, Virginia; featured in the list of metros with the widest gender gap between single homeowners. Going, Going ... Not Really Gone What factors are affecting home listings, especially in some of the hottest housing markets? T he housing market con- tinued to cool down in December, with proper- ties staying on the market for a longer time, especially in the large markets and 15 percent of listings seeing price reductions, ac- cording to a report by The report indicated that while inventory increased by 5 percent across the nation, it rose by 10 percent in the larger markets in December. While homes sold at a pace of 80 days in December, three days faster than December 2017, the pace at which they're selling is decelerating. "December 2017 saw homes sell six days faster com- pared to the previous year," the report said. Nineteen of the top 45 met- ros saw properties spend more time on the market compared to December 2017 and included real estate in the hot housing markets of San Jose, California; Seattle, Washington; and Nashville, Tennessee. Homes in these markets spent 14, 10 and six more days on the markets respec- tively. In comparison, properties in Birmingham, Alabama; Milwaukee, Wisconsin; and Richmond, Virginia sold at the fastest pace at 12, 11, and 10 days respectively. Even as the median listing price grew 7 percent year-over-year to $289,000 in December, it was lower than the 8 percent listing price seen in December 2017. Despite the low- er pricing, listings that saw price reductions increased to 15 percent in December compared with 13 percent in 2017 as home sellers adjusted their strategies in "slowing, pricey markets with growing avail- ability of homes for sale." The report found that some of the largest housing markets in the nation were driving these price reductions with 38 of the 45 top metros seeing an increase in such discounts. Charlotte, North Carolina, topped the list with the share of price reductions growing by 10 percent, from 14 percent in 2017 to 24 percent in December. It was followed by San Jose that saw an increase of 10 percent, Tampa (+9 percent), Phoenix (+9 percent), and Seattle (+8 percent). The steepest declines in median listing prices were seen in San Jose and San Francisco where listing prices declined by $130,000 and $33,000. On average, single women own over 70,000 more homes in metro areas than single men do, which is 22 percent of homes, while single men own less than 13 percent of homes. Congratulations Andrea Tromberg on being named an MReport "Top 25 Industry Leader and Influencer." As owner of Tromberg Law Group, P.A., Andrea Tromberg runs the firm with sharp attention to detail—making client communication a priority by being personally available when needed. It is this degree of leadership that has allowed the firm to take an aggressive stance in the industry by litigating complex issues and pushing for laws that support creditors' ability to move cases through Florida's court system. The firm is experienced in the areas of foreclosure, creditor litigation, the Fair Debt Collection Practices Act, title curative issues, and general housing-related issues such as foreclosure liens, redemption, homeowner association matters, mobile home curative, and compliance issues. A Reliable Partner In Your Corner Legal Solutions, Support, and Results. » 561.338.4101

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