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Larry & Kathy Reichle

Issaquah Real Estate | Call: 206-999-1690

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Real Estate Market Strengthens as Mortgage Rates Continue to Drop

August 27, 2019 by Kathy Reichle Leave a Comment

August 22, 2019

The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month. The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.

  • Current Mortgage Rates Data Since 1971 xls

 

Primary Mortgage Market Survey®

U.S. weekly averages as of 08/22/2019
30-Yr FRM
3.55%
0.05 1-Wk
0.96 1-Yr
0.5 Fees/Points
15-Yr FRM
3.03%
0.04 1-Wk
0.95 1-Yr
0.5 Fees/Points
5/1-Yr ARM
3.32%
0.03 1-Wk
0.50 1-Yr
0.3 Fees/Points
Freddie Mac market survey

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Filed Under: Issaquah Community Blog Tagged With: Economy, Mortgage Rates

Household Income Distribution in the U.S. Visualized as 100 Homes

June 4, 2019 by Kathy Reichle Leave a Comment

Inequality in America has become a major talking point in recent years. For many people though, the concept of inequality – the idea that wealth is spread very thinly at the lower end of the socioeconomic ladder – is still an abstract concept.

There are over 125 million households in the United States, each with their own unique structure and financial situation, so understanding such a complex issue requires reducing it to proportions we can understand.

American Households as a Neighborhood

In the visualization above, American households are distilled down into 100 homes, then color-coded into $25,000 income increments.

One house is allocated for those making $300,000 and more per year. On the other end of the scale, we can see that 24 of the households earn $25,000 per year or less, and nearly half of the households have an annual income lower than $50,000.

Here is a more granular breakdown of numbers, this time from a slightly different data source (U.S. Census Bureau’s 2017 Household Income Survey):

Income Bracket Households (Millions) Share of Total
Less than $15,000 14.1 11.2%
$15,000 – $24,999 12.1 9.6%
$25,000 – $34,999 11.9 9.4%
$35,000 – $49,999 16.3 12.9%
$50,000 – $74,999 21.5 17.0%
$75,000 – $99,999 15.5 12.3%
$100,000 – $149,999 17.8 14.1%
$150,000 – $199,999 8.3 6.6%
$200,000 and up 8.8 7.0%

Households between $35,000 and $100,000 are generally considered middle class. That said, the geographical location of where a household is located also makes a big difference.

The Power of Place

Not surprisingly, cost of living strongly influences your household’s place on the income spectrum.

In El Paso, Texas, a $50,000 income places a household of four people in the middle class. However, in a more expensive metro area, like San Diego, that same income lands your household in a lower income tier. Here’s a closer look at the cost of typical expenses in the two metros:

Expense El Paso, TX San Diego, CA Cost difference
Home price $239,285.67 $755,273.67 ⬆︎ 216%
Apartment rent $945.92 $1,961.55 ⬆︎ 107%
Energy cost $133.53 $213.96 ⬆︎ 60%
Dentist visit $89.08 $104.25 ⬆︎ 17%
Coffee $4.47 $5.39 ⬆︎ 20%
Hamburger $3.56 $4.35 ⬆︎ 22%
Gasoline $2.31 $3.31 ⬆︎ 44%

Mixed Messages

The median household income in the U.S. continues setting new monthly records, and we’ve just seen this decade’s largest year-over-year increase in individual wages.

One side effect of this economic growth is that households in the top wage bracket – the well-appointed yellow square in our visualization – have a tendency to reap outsized rewards. So, for now, as America’s economy trends upward, so does its Gini Coefficient.

By: Nick Routley

Filed Under: Issaquah Community Blog Tagged With: Economy, Household Income, Inequality, United States

Eastside Real Estate Blog

The Cost Of Purchasing A Home In The U.S. Increased 55% Last Year. But It’s Still A Great Time To Buy A House For These Five Reasons

I’ve always been all-in on homeownership. Yet, for the first time in two decades since the beginning … [Read More...]

New Listings Signal Hope Is On The Horizon For Home Buyers

At the midpoint of April, housing markets are reflecting a changing landscape, according to a new … [Read More...]

Upscale Kitchen Features That Can Boost A Home’s Value

Between preparing to host family and friends for Thanksgiving and making gift lists and checking … [Read More...]

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Issaquah real estate

Larry & Kathy Reichle

371 NE Gilman Blvd. #160
Issaquah, WA 98027

Phone: 206-999-1690

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Eastside Real Estate Blog

The Cost Of Purchasing A Home In The U.S. Increased 55% Last Year. But It’s Still A Great Time To Buy A House For These Five Reasons

I’ve always been all-in on homeownership. Yet, for the first time in two decades … Read More

New Listings Signal Hope Is On The Horizon For Home Buyers

At the midpoint of April, housing markets are reflecting a changing landscape, … Read More

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