Review Mortgage Lenders

East Coast Mortgage Group

January 07 2011 East Coast Mortgages at Thomas Estates, Para

Jim Burton & Claude Sullivan chat about East Coast Mortgages at Thomas Estates Subdivision in Paradise, Newfoundland.

America’s homeownership rate didn’t budge in the first quarter — should you be concerned?

Americans are rattled by a tumultuous stock market : Joel Kan, vice president of economic and industry forecasts at the Mortgage Bankers Association, a trade group that represents lenders, blamed “market volatility and decline in consumer confidence.”

People are choosing to keep renting : The number of new renter households increased by nearly 500,000 year-over-year in the first quarter, according to the Census Bureau.

With home price appreciation outpacing wage growth across most of the country, it’s become harder to save up enough for a down payment and budget for all the other costs associated with owning a home.

Also see: This is the country’s most popular rental market

Younger people are not buying homes : The homeownership rate among those under the age of 35 dropped 1.1% during the first quarter, reversing the gains they had made in the past year.

However, separate analysis from the New York Fed suggested that the share of buyers who are purchasing a home for the first time has actually remained “relatively stable.

Rising tides, intense storms and floods wake-up call for homeowners, homebuyers

For about 2,000 years sea level has been stable. There were periods of warming and cooling but nothing drastic. In the last 150 years, since the Industrial Revolution, sea levels have taken off like a rocket and now it’s one inch per year of sea level rise, says Josh Willis, climate scientist at NASA.

This is something you can’t ignore if you want to buy a house on a coast. There are places that used to get hit with storms only once a century, known as 100-year storms, now they’re getting hit every 10 years, Willis points out.

“You might buy a house with a 30-year mortgage and you might be okay for two-thirds of it, but then you’re going to get slammed,” Willis says. “You start asking yourself if it’s not cheaper to move.”

For homeowners on the Eastern Seaboard, the impact of tidal flooding, caused by sea level rise, is enormous. The property value loss between 2005 and 2017 in 15 East Coast states, Alabama, and Mississippi was $15.8 billion, according to analysis by non-profit group First Street Foundation and Columbia University.

What rights do I have as the owner of a condominium?

I am financially struggling; bought a condo with my boyfriend a few years ago, and the Home Owners Association is a nightmare.

They have decided to spray for termites. We are going through some major financial difficulties right now.

I would check your bylaws. An association cannot evict you because you own your property. The only thing they could do is fine you.

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