RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Survey: Homeownership a Sound Investment

June 30, 2016 2:45 am

Homeownership works.

That’s the resounding sentiment from a sample of 55-plus homeowners in a recent survey by Freddie Mac, who said they’re not only confident about retirement, but also confident homeownership “makes financial sense at almost every stage of adult life.”

Close to 40 percent of the 55-plus homeowners surveyed plan to move at least one more time in their life, while the majority of those (70 percent) plan to purchase their next home. This migration will have significant implications for the housing market overall.

“The decisions the nation's baby boomers and other older homeowners make will have an enormous impact on the demand for housing and new mortgage credit for the foreseeable future,” said Dave Lowman, executive vice president of Single-Family Business for Freddie Mac, in a statement. “Whether they buy new homes or decide to refinance and renovate their current ones, the size of this generation and the fact that they hold close to two-thirds, approximately $8 trillion, of the nation's home equity makes it very important that we watch what they do.”

Would-be homebuyers weary of the recession should consider the outcome for the majority of 55-plus homeowners.

“The overwhelming message of the Freddie Mac 55+ Survey is that homeownership works,” said Lowman. “The American Dream delivered greater financial stability and satisfaction to the homeowners who lived through every recession since the 1970s, including the housing crisis of 2008.”

Source: Freddie Mac

Published with permission from RISMedia.


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What Is Pyrrhotite and How Can It Affect My Home?

June 29, 2016 2:45 am

One of the highest-impact issues in the residential construction industry has hit home. Pyrrhotite, an iron sulfide mineral prone to oxidation, has extensively damaged homes in New England—and others may be next.

The effects of pyrrhotite first came to light in Canada in the 1970s, when the mineral’s oxidation process caused foundations to crumble.

New issues have now surfaced, with 1,700 residential buildings potentially at risk. Connecticut alone has issued nearly 30 subpoenas to insurance companies as part of its investigation.

Many of the homes that show pyrrhotite damage were built in the 1980s and 1990s. If you suspect your foundation may be crumbling because of pyrrhotite, contact your insurance company to initiate an inspection.

Remember, cracks may take 10 or more years after the foundation is poured to develop. Reference cracks in the walls and floor individually to secure an adequate recommendation for repair.

Published with permission from RISMedia.


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