Our Monday Headlines in Real Estate
Average time to close loans. Data released by Ellie Mae showed that it took 45 days to close a land for a new purchase and 44 days to refinance.
Home Flipping. Realty Trac released it’s Home Flipping report and it showed 6.6% of all homes & condo for the 1st quarter were flipped. That’s up 20% from the previous quarter and 3& from a year ago.
Mortgage Rates. Ellie Mae also reported that 30- year rates for all loans decreased from 4.12% to 4.10% ( from March to April2016)
Zombie Forclosures Decrease. A report from Realty Trac showed that 19,187 properties in the foreclosure process were vacant (zombie Foreclosures) and that down 30% from a year ago.
Millennials Have Taken Over. There are now 75 million Millennials which just surpassed the baby boomers of 74.9 million. To see the 10 hottest real estate markets for Millennials click here.