According to the U.S. Department of Commerce, U.S. homeownership hit a 19 year low in the 2nd quarter at 64.8%, as tight lending standards and tepid wage growth drive Americans toward renting. It peaked in 2004 at 69.4%. But in California last quarter, the number of homes that sold for a million dollars or more rose to its highest level in 7 years. Meanwhile conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 1/4.
And now for something, completely different: Did you know that the largest hotel in the world is the Izmailovo Hotel in Moscow, Russia? It has 7,500 rooms and 4 towers, each 30 stories high!
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.