Millenials and Trekkies

An interesting article in the Wall Street Journal recently indicated that “Exurb” communities, those that are an hour or more commute outside a main employment hub, such as Phoenix, are making a comeback. The writer further indicated that Millennials are a part of this resurrection, pointing to towns like Maricopa and Florence which are in major new construction growth mode.

The article (linked below) does not provide any solid data that “millennials” are changing their locational preferences from living close-in or near a Phoenix type city. It does make sense, however, that many Millennials (renters in general) are being “forced out” of urban living due to the escalating cost of rents. With rents rising an average of 8% per year, it doesn’t take a Goldman Sachs monetary genius to figure out your affordability time is running out.

So the choice before the urban renter is to rent further out, own further out, or commute from mom and dad’s place (again). Not many pretty choices. At least home ownership stabilizes the housing

expense. (See the article linked below)

Interest Rates Heading Back Down? Really?

Media real estate stories will soon be reporting that more home buyers will be house shopping and more recent home purchasers will be refinancing – if rates continue downward.

Just 6 months ago, mortgage rates were heading north to 5%, the economy was booming, and Federal Reserve bankers were indicating at least two more price increases this year. All this was pointing to the next higher level of mortgage financing.

And then, rates began backing down. With the slowing economy and inflation in check, mortgage rates are now at about 4%. It’s possible we can see the return of the 3.5% 30-year fixed rate mortgage sooner than we would have imagined.

“Beam Me Up Scotty!”

Silicon Valley Star Trek Home Tour – What $10,000,000 (+ land) can Buy You!

Seen a lot of homes, but never one as much Sci-Fi fun as this one. Check it out!