Millennials Poised to Put Their Mark on Housing

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 01, 2013

Sixty-five percent of the millennial generation, ranging in age roughly from 18 to 34, say that their intention to purchase a house has significantly increased in the past year, according to a survey from PulteGroup.

“As the economy continues to stabilize, more young adults will wean off of mom and dad and start to live on their own, spurring added economic growth,” HousingWire reports. 

Nearly 20 percent of men ages 25 to 34 reportedly live with their parents, while 9.7 percent of women that age still live at home. 

As this generation gains greater financial security, more millennials will begin to embark on their own. 

A recent article from Barron’s notes that Generation Y could surprise the nation in upcoming years with their spending power and economic growth. The generation is 7 percent larger than the baby boom generation. 

"Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment," says Fred Ehle, vice president for PulteGroup.

Source: “Millennials Rightly Positioned to Boost Economy,” HousingWire (April 29, 2013)

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25% of Consumers Have Errors on Credit Report

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 12, 2013

Consumers need to be extra vigilant about checking for any errors on their credit reports, according to the Federal Trade Commission. 

One in four Americans report they’ve found an error on their credit report, according to a study conducted by the FTC, which analyzed 1,001 consumers’ credit reports from the three major agencies, Equifax, Experian, and TransUnion. Researchers helped the consumers spot potential errors on their reports. 

Five percent of the consumers found such large errors on their report that they could have gotten stuck paying more for mortgages or other financial products, if they hadn’t taken steps to correct it before applying, according to the study. 

Twenty percent of the credit reports studied that were found to have errors in it were ultimately corrected after the consumer took steps to dispute it, which resulted in about 10 percent of consumers receiving a higher credit score, according to the study. 

Consumers are entitled to receive a free copy of their credit report each year from the three reporting agencies. 

Source: “Study: 1 In 4 Consumers Had Error In Credit Report,” The Associated Press (Feb. 11, 2013)

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Agency Helps Consumers Resolve Credit Report Complaints

http://realtormag.realtor.org/daily-news/2013/02/12/25-consumers-have-errors-credit-report?om_rid=AACssQ&om_mid=_BRGpXlB8w0qair&om_ntype=RMODaily

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