Housing market headwinds keep US homeowners on the longest recorded stretches in their homes, a stark distortion of mobility that Americans have cherished for decades.
Everywhere in the country, houses sold in the third quarter According to an analysis by Attom Data Solutions, the average time was 8.23 years per year. That's almost twice as long as a house was sold in 2000, when Attom's data began.
Attom spokesman Daren Blomquist told MarketWatch, in part, the long tail of the housing crisis, which led to stagnant conditions and a less dynamic real estate market.
2.2 million homeowners were still under water as of the second quarter According to CoreLogic, they are more guilty to their lending institution than their home is worth. Another 550,000 have equity of 5% or less, which means that if the property is sold, transaction costs, such as brokerage commissions, would likely leave the homeowner with nothing. (For an earlier look at the topic, here is a story from 201
The hypercompetitive market created by the wreck of the crisis also keeps people in the right place. Many homeowners have enough equity in their homes, but do not hesitate to list these homes because they are worried that they will find a property they can buy when they sell them.
A few others might be trapped by the "tariff barrier" – they enjoy the benefits of their extremely low mortgage rates and unwilling to spend more on the financing costs.
See: Homeowners are at a record $ 6 trillion – why not use them?
Attoms Blomquist is concerned how static the expensive coastal markets have become, while other parts of the country still enjoy a healthy exodus.
The nine best-owned metro areas for homeowners are all located in Connecticut or Massachusetts, and the next seven are in California. In contrast, the top-selling metro areas are Oklahoma City, Denver, Colorado Springs and Austin.
These subway areas are not exactly what Blomquist likes to call "traditional markets for continuous vertebrae". They are also booming because of the influx of newer inhabitants. Areas like Memphis and Chattanooga, Tenn. And Minneapolis, not far behind, may not seem sexy, but with Blomquist's words, "There are more ways to get to the top. Valuations are slowly increasing in these areas and you are less likely to lose ground in the real estate market. If you need a bigger home or a better school district, it's easier to trade and ascend.
|Metro Area||Homeowners' Ownership for Condos Sold in Q3 in Years|
|Colorado Springs, Colorado Austin, Texas||7.24|
|Norwich, Conn. Springfield, Massachusetts||12.97|
|Torrington, Conn. 12.82|
|Bridgeport, Conn.|| 12.5748 Read: "I'll never move again": why Americans stay longer in their homes