peopleAugust 2015 — Young adults are the key to boosting future household formation, but those households may look different than in previous generations. With declining marriage rates, households headed by married couples may no longer dominate the landscape.

Gen Y/millennials, born between 1980 and 2000, now makes up the largest percentage of today’s buyers at 31 percent, according to NAR’s Home Buyer and Seller Generational Trends study, followed by Gen X buyers at 30 percent and younger boomers at 16 percent.

At the same time, the number of 30-somethings who are married has fallen about 10 percent in the last decade, while the percentage of unmarried couples living together has nearly doubled from seven percent to 13 percent, according to Gallup Analytics.

Single and Satisfied

Most notably, the “rise of singledom,” as Gallup calls it, is most evident among 18- to 29-year-olds. The number of people in that age range who are single and living alone has risen from 52 percent in 2004 to 64 percent in 2014. Among 30- to 39-year-olds, the number has increased from 15 percent to 19 percent in the same period.

Money July 2, 2015, RealtyTrac

Although nationwide all-cash closings were down in May 2015, averaging 30%, New Jersey remained at the top of the list.

The most common states for all cash deals in May [2015] were New Jersey and Florida, with these transactions accounting for nearly 48 percent of all sales in both locales.

New York (38.8 percent) and Massachusetts (37.1 percent) followed.

Latest sign the housing market is gaining traction after a shaky start to the year

UpJune 29, 2015, SOURCE: National Association of Realtors

“The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring,” NAR chief economist Lawrence Yun said.

First-time home buyers also started making their way back to the real-estate market last month.

Prices have also been rising lately. The median price of an existing home last month was $228,700, or 7.9% higher than in May 2014.

CFPB Logo2

JUNE 18, 2015

After months of denying requests from real estate, mortgage and settlement service professionals to either delay implementation of the TILA- RESPA Integrated Disclosures (TRID) regulation or agree to enact a “hold harmless” enforcement period, the Consumer Financial Protection Bureau (CFPB) announced that it will push the 8/1 implementation deadline to October 1, 2015.

Many in the real estate industry were concerned about implementing the new rules in the middle of the busiest time of the year for real estate closings. The CFPB cited "administrative errors" as one of the reasons for the implementation of the delay.

June 19, 2015, Source: The Record/NAR

questionmarkWho is buying?

Forty-four percent were first-time buyers in New Jersey compared to the national figure of 33 percent.

Age of the first-time buyer is 33 and the typical repeat buyer is 48. 64% of buyers were married couples.

Who sold their home?

The typical seller lived in their home for 10 years and sold for 97% of their listing price.

51% of sellers reduced their asking price at least once.

14% of sellers had to delay the selling process as the value of their home was less than their mortgage.

Student debt keeps growing but homebuyers still buying

May 13, 2015, Source: TransUnion

loanAccording to the latest report from the Federal Reserve Bank of New York, student loan debt rose $32 billion in the first quarter to $1.19 trillion total, but recent reports from Capital Economics have suggested that growing amount of student debt isn’t actually preventing millennials from buying a home.

A new report from TransUnion shows that not only are younger consumers with student debt able to get a mortgage, they are also quite adept at making their payments as well.