While the housing market has not yet fully recovered, there has undoubtedly been marked progress warranting the optimism of many.
For seniors, that optimism only increases as several market improvements could pave the way for other homeowners, according to an article from Money U.S. News.
Senior home equity boosts, home value increases and relocation trends, the article notes, have led to a growing optimism believing that senior homeowner advancements could trickle into the rest of the market.
Money U.S. News writes:
During the third quarter of last year, senior home equity rose by $74 billion nationwide, marking the largest percentage increase since the end of 2005.
Nationally, RiskSpan reported, home values among older owners hit $4.23 trillion during the third quarter, up from $4.16 trillion the previous quarter.
This figure reflected home equity among older owners of $3.15 trillion (up from $3.07 trillion at the end of the second quarter) and mortgage debt of $1.08 trillion (down slightly from $1.09 trillion).
Another measure of a housing rebound involves the pace at which people move to other parts of the country.
According to recent U.S. Census Bureau reports, however, the pace of migration picked up in 2011 to the highest level since the recession.
Written by Jason Oliva