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By Susanne Dwyer

Americans’ credit profiles have recovered extensively since the recession, with the average credit score now closing in on a pre-crisis benchmark.

According to Experian’s recently released State of Credit report, the average credit score in the U.S. is 673, six points shy of 679, the average in 2007. The tapering gap represents healthier conditions for housing, which is experiencing pent-up demand as creditworthiness continues to come up short of lender standards.

“We are seeing the positive effects of economic recovery, with the rise in income and low unemployment reflected in how Americans are managing their credit,” said Michele Raneri, vice president of Analytics and New Business Development at Experian in a statement on the report. “All credit indicators suggest consumers are not as ‘credit stressed.’ Credit card balances and average debt are up, while utilization rates remained consistent at 30 percent.”

The Midwest showed the strongest credit improvement, according to the report—the metropolitan area with the highest average credit score in the nation was Mankato, Minn., at 708. Metro areas in Minnesota took the top three spots in the report’s ranking: Rochester in second, also at 708, and Minneapolis in third at 707. Completing the top 10 were Green Bay, Wis. (704), Wausau, Wis. (704), Duluth, Minn. (703), Sioux Falls, S.D. (703), La Crosse, Wis. (703), Fargo, N.D. (703), and Madison, Wis. (702).

The Midwest has become a hotbed of housing activity, as millennials continue to migrate from coastal centers inward in search of a more affordable lifestyle—in fact, the Midwest was recently highlighted in realtor.com®’s forecast as a market to watch in 2017.

Swaths of the South and metropolitan areas in California comprised the bottom of the report’s ranking, with Greenwood, Miss. the lowest at 622, though posting an improvement from 612 in 2015. The remaining bottom 10: Albany, Ga. (624), Harlingen, Texas (631), Riverside, Calif. (632), Laredo, Texas (635), Monroe, La. (639), Alexandria, La. (639), Bakersfield, Calif. (639), Corpus Christi, Texas (639), and Shreveport, La. (640).

“When comparing the cities with the highest credit scores and those with the lowest, we definitely see similar trends,” said Raneri. “Cities with higher credit scores have lower utilization rates, late payments and balances, while those with lower scores have just the opposite.”

Credit conditions overall, according to the report, are fitter than they were just one year ago—yet another sign of a strengthening economy.

Source: Experian

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The post Credit Closes In on Pre-Crisis Benchmark, with Midwest Most Improved appeared first on RISMedia.

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From:: Finance and Economy

By Susanne Dwyer

Americans’ credit profiles have recovered extensively since the recession, with the average credit score now closing in on a pre-crisis benchmark.

According to Experian’s recently released State of Credit report, the average credit score in the U.S. is 673, six points shy of 679, the average in 2007. The tapering gap represents healthier conditions for housing, which is experiencing pent-up demand as creditworthiness continues to come up short of lender standards.

“We are seeing the positive effects of economic recovery, with the rise in income and low unemployment reflected in how Americans are managing their credit,” said Michele Raneri, vice president of Analytics and New Business Development at Experian in a statement on the report. “All credit indicators suggest consumers are not as ‘credit stressed.’ Credit card balances and average debt are up, while utilization rates remained consistent at 30 percent.”

The Midwest showed the strongest credit improvement, according to the report—the metropolitan area with the highest average credit score in the nation was Mankato, Minn., at 708. Metro areas in Minnesota took the top three spots in the report’s ranking: Rochester in second, also at 708, and Minneapolis in third at 707. Completing the top 10 were Green Bay, Wis. (704), Wausau, Wis. (704), Duluth, Minn. (703), Sioux Falls, S.D. (703), La Crosse, Wis. (703), Fargo, N.D. (703), and Madison, Wis. (702).

The Midwest has become a hotbed of housing activity, as millennials continue to migrate from coastal centers inward in search of a more affordable lifestyle—in fact, the Midwest was recently highlighted in realtor.com®’s forecast as a market to watch in 2017.

Swaths of the South and metropolitan areas in California comprised the bottom of the report’s ranking, with Greenwood, Miss. the lowest at 622, though posting an improvement from 612 in 2015. The remaining bottom 10: Albany, Ga. (624), Harlingen, Texas (631), Riverside, Calif. (632), Laredo, Texas (635), Monroe, La. (639), Alexandria, La. (639), Bakersfield, Calif. (639), Corpus Christi, Texas (639), and Shreveport, La. (640).

“When comparing the cities with the highest credit scores and those with the lowest, we definitely see similar trends,” said Raneri. “Cities with higher credit scores have lower utilization rates, late payments and balances, while those with lower scores have just the opposite.”

Credit conditions overall, according to the report, are fitter than they were just one year ago—yet another sign of a strengthening economy.

Source: Experian

For the latest real estate news and trends, bookmark RISMedia.com.

The post Credit Closes In on Pre-Crisis Benchmark, with Midwest Most Improved appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

NAR PULSE—Residential and commercial practitioners across the nation will be pleased to learn that RPR Mobile™ now includes commercial data and reporting. Learn more about this valuable asset by checking out this simple infographic.

You Are Just a Quote Away from Your Next MVP Reward
Act now and request an instant quote on health, dental, vision and supplemental insurance options from REALTORS® Insurance Marketplace. This comparative shopping site with a roster of health and wellness insurance plans and product is just for members of the National Association of REALTORS®. Get your quote by Dec. 15 to earn a FREE download of Video in Real Estate: Tapping into 4 Billion Views from the MVP Program. Act now.

NAR Moves to NAR.REALTOR
This December, NAR moves to its new web address, www.nar.realtor. You can get exclusive with your digital brand too with .REALTOR web and email addresses for your firm and agents. Learn more.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Introducing the RPR® App – Commercial Mode appeared first on RISMedia.

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From:: Real Estate News

Is virtual reality the future of home selling? A necessary tool to sell to international buyers? Or an unnecessary expense? An ex-partner at Goldman Sachs invested in it, saying it was necessary in order to sell this multi-million dollar home to the growing space of international buyers. …read more

From:: Real Estate Wire

Last week, as we all waited for Ben Carson to accept Donald Trump’s initiation to run the Department of Housing and Urban Development, reactions poured in from all sides about whether HUD Secretary Ben Carson is a good idea or not. Well, now that’s officially official, reactions are no longer based on hypotheticals about Carson as a potential choice. Here’s a recap. …read more

From:: Real Estate Wire

The market claims to be 100% certain that a rate hike is coming in December, but one expert says there could still be a chance the Fed doesn’t raise rates. It could all come down to the performance of one factor over the next week. …read more

From:: Real Estate Wire

By Marc Courtenay

“All the king’s horses and all the king’s men couldn’t put Humpty Dumpty together again.” Most of us can remember this childhood poem which has important lessons and reminders. The winds of change are blowing powerfully since the results of the November 8, 2016 U.S. elections. As the financial markets adjust to the changes and uncertainties so will the housing and rental markets.

The rental markets have seen many consecutive years of growth and prosperity. I’m not suggesting that our industry is like “Humpty Dumpty,” but I want property managers to be prepared. First question: who will be tomorrow’s renters? According to The Zillow Group’s recent “Report on Consumer Housing Trends,” the answers may surprise you.

A trend in motion is likely to stay in motion longer than expected. The Zillow study attempted “…to gain a comprehensive understanding of the United States residential real estate market. They “… employed independent market research to conduct a nationally representative, online quantitative survey.”

Some of the trends likely to endure and shape the future of the rental housing market are:

• Most rental prospects (84%) use online resources to find an apartment, yet connecting with property owners or managers (62%) and referrals from family and friends (59%) are also common search activities.
• The average rental housing prospect contacts 4.7 apartment owners or managers during his or her search, and 53% consider property staff to be a useful resource while searching.
• The majority (61%) of apartment residents sign a one-year lease, while 14% rent month-to-month, 9% sign a lease longer than one year and 5% have no lease at all.
• Did you know that 57% of apartment residents are female, and that number may exceed 60% soon?
• Residents’ median age is 32 and median yearly income is $37,500.
• Millennials make up 56% of all residents, followed by Generation X (28%) and Baby Boomers (12%).
• Slightly more than half of apartment residents are Caucasian (52%), 19% are Latino/Hispanic, 17% are black/African American and 9% are Asian/Pacific Islander.
• 45% of residents are single, 35% are married and 20% are unmarried partners.
• Over half (51%) have a college degree—either a two-year, a four-year or a graduate degree.
• More than a third (35%) has a pet, that’s why you’ll want to read my recent article on this topic.

One of the certainties of life is change. Bubbles burst, Humpty Dumptys eventually fall off the wall, and demographics shift. Visionary property managers keep up with the trends and adjust accordingly.

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From:: Property Management