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By Ralph Dibugnara & Keyla Rosario on November 9, 2023
Home Buying stats you need to know now.
House Rich, Cash Poor: This is being called America’s New Retirement Trap
High property prices have increased the net worth of millions of Americans. But inflation, job changes, and increased expenses are leaving many with no cash in the bank.A sellers market caused by a lack of homes for sale has made home values go up and until last year, a strong stock market sent the average net worth of. families surging by 37% to $192,900 over three years through 2022. It was the biggest leap in family equity since 1989
Everyone is talking about real estate
The FBI’s Internet Crime Complaint Center warns that losses from Real Estate and Rental Scams are continuously increasing, hitting more than $396 million last year. Scammers are combing through public records and are flagging vacant parcels that do not have any liens or mortgages. They then proceed to impersonate the landowner, asking a real estate agent to list the land for a cash offer below market value. Often, these scams will go undetected until after the money has been wired to the scammer in the fraudulent sale. “These scams have defrauded buyers out of great sums of money and left property owners and brokers and agents having to sort out the mess,” says Charlie Lee Senior Consuel and director of legal affairs at NAR.
Today mortgage tips sponsored by Cardinal Financial
Cardinal Community Advantage is a program designed to support underserved communities by providing better pricing to borrowers purchasing or refinancing in eligible areas, as determined by census tract information.