Are you getting ready to ring in the New Year? How are you feeling about the end of 2015 and the beginning of 2016? Here’s some good stuff from the U.S. Federal Reserve about how Americans are doing now compared to the peak of that thing called the “Great Recession” in 2009:
• Household net worth is currently $85,700, up from a recession low of $57,000
• Consumer debt has fallen to 9.8% from 13.2%
• Average credit score has risen from 687 to 695
People might not necessarily realize that from what they’re hearing in the news. On the real estate and mortgage side of things, we know that home appreciation is moving but not out of control, rates are still historically favorable and we had a lot of lending changes this year that can make it easier for some folks to qualify such as the return of 3% conventional financing and lower FHA MIP premiums. SO…however you feel like you did in 2015, know there is reason for optimism. Let’s spread the word together and help educate consumers so they can take advantage of this amazing time in history to buy in and really reap the benefits of homeownership. The takeaway?
Americans far from fizzled economically, so break out the bubbly and celebrate the gains of this year and possibilities for next!
Happy 2016! Be safe!