Existing Home Sales Soar; American Dream Alive and Well for Millennials
Existing-home sales rose 3.2% to 5.49 million in June — the fastest pace in 8 years.
The Collingwood Group Chairman Tim Rood on Fox Business Network’s Varney and Company as the numbers broke says, “It’s great news, adding “this is a strong number even on an historical basis.“
The former Fannie Mae executive says, “We’re seeing a lot of drivers for housing, rents have gone hockey stick up, they are too expensive.” Additionally he says, “You are seeing mortgage rates go up just enough, it’s like a hot poker in the backside to compel people to buy when instead they may be sitting it out.”
Asked about whether we are seeing a change in “the American Dream of owning a home” Rood cites The Collingwood Group Millennial Mixup Survey which, “Found that 75% of millennials sill think home ownership is a good investment.” And he says, “We were pleasantly surprised that our survey found that while millennials want to rent in the cities, they still want to buy in the suburbs.” Rood says the American Dream is indeed alive and well for Millennials and New Americans.