Good News for the Housing Market ~ Bloomberg.com reports that Americans are digging themselves out of mortgage debt. Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008. The 7.3% gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data. The flip side to this is “Paying down mortgage debt is bad for economic growth….putting your money into your house usually means you’re spending less,” said FBR Capital Markets director, Paul Miller. “It’s good for our economic health in the long run, though, because it improves household balance sheets.” http://www.bloomberg.com/news/print/2012-06-14/americans-see-biggest-home-equity-jump-in-60-years-mortgages.html
The media is filled with more optimistic news, sales are on the rise per DataQuick., shadow inventory is shrinking quickly now that banks agreed to a $25 billion robo-signing settlement, and Harvard’s annual State of the Nation’s Housing report sees signs of recovery in the market, “unless something comes along to dent the broad economy, the housing picture should become even brighter.” http://www.jchs.harvard.edu/research/publications/state-nation%E2%80%99s-housing-2012
Life on St. John continues to be idyllic, the trade winds are cooling, the swimming and snorkeling unsurpassed, the residents all mavericks in their own right, living in the midst of a national park, and no stop lights!
Be a part of the great recovery and reduce the inventory on St. John, contact jane@islandiarealestate.com 340.776.6666  941.544.5855
