Uptick in Second Mortgages May be a Sign of Economic Stability

first_img in Daily Dose, Data, Featured, News Uptick in Second Mortgages May be a Sign of Economic Stability Given that most of the news about the homebuying market these past few years has focused on violate financial markets, up and down home sales, and fluctuating interest rates, it may seem easy to overlook a basic question—is anyone diving into the housing market for a second time?The National Association of Home Builders (NAHB) estimated Thursday that the total count of the second home stock was 7.5 million in 2014, up 600,000 from 2009, based on data from the Census Bureau’s 2014 American Community Survey. In addition, the share of second homes among the total housing stock also increased from 5.4 percent to 5.6 percent over the same time period.NAHB reported that their estimates are based on the definition used for home mortgage interest deduction: a second home is a non-rental property that is not classified as taxpayer’s principal residence. This could include:A home that used to be a primary residence due to a move or a period of simultaneous ownership of two homes due to a moveA home under construction for which the eventual homeowner acts as the builder and obtains a construction loan (Treasury regulations permit up to 24 months of interest deductibility for such construction loans)A non-rental seasonal or vacation residence.”It is worthwhile to understand the patterns of second homes because they could have a significant economic impact on local housing markets and thus have important policy implications,” said Na Zhao, Ph.D. and Housing Policy Economist at NAHB.The NAHB analysis found that the counties with the largest share of second homes are mostly tourist destinations.Hamilton County, New York had the largest share of second homes at 79.3 percent. Forest County, Pennsylvania (74 percent) and Rich County, Utah (72.7 percent) had the second and third largest share of second homes.In 913 counties spread over 49 states, second homes made up at least 10 percent of the local housing stock, with Connecticut and Washington D.C. as the only exceptions. NAHB reported that 357 counties, or 11 percent of all counties in the U.S., had at least 20 percent of housing units that were second homes.Click here to view the complete analysis. March 10, 2016 555 Views center_img Share Homebuying National Association of Home Builders Second Mortgage 2016-03-10 Staff Writerlast_img read more

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first_img Top Stories (AP Photo/Ryan Kang) 4 Comments   Share   Todd Graham may not be the head coach of the Arizona State Sun Devils anymore, but he’s still up at 9 p.m. watching film.That is what the former coach told Doug and Wolf on 98.7 Arizona’s Sports Station on Thursday morning.“I want to be a head football coach. I want to run a program,” Graham said.Graham, who was fired by ASU in December following a 7-6 season, said he has had opportunities as a coordinator and as an analyst on TV. LISTEN: Todd Graham, Former ASU Football Head Coach Your browser does not support the audio element. Ballage is ranked as a top-100 prospect by ESPN’s Mel Kiper Jr.center_img Former Cardinals kicker Phil Dawson retires Grace expects Greinke trade to have emotional impact The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo “I’ve been very selective. I’ll only get involved with people who have the same philosophical belief that I have. I’m chomping at the bit to be back on the sideline and impacting young people,” Graham said.Graham said that part of his time off was spent at the NFL Combine with New England Patriots coach Bill Belichick. Through his time at the combine and coaching against several of NFL Draft prospects in the Pac-12, the coach has developed some opinions on the projected picks, especially at the quarterback position.“Hands down the most talented player is Josh Rosen,” Graham said.But that doesn’t mean he would pick Rosen if he had the choice.“If I was a team and I was drafting, out of all the quarterbacks, I would choose between (Sam) Darnold and (Baker) Mayfield. I think Mayfield has a lot of Drew Brees in him,” the coach said.Related LinksESPN’s Kiper ranks ASU’s Ballage inside top-100 of NFL DraftThe former head coach also had some high praise for running back Kalen Ballage, who Graham coached from 2013-2017 at ASU.“He is a very, very uniquely talent young man. His ability as a receiver, he is probably as natural of a route runner as any back,” Graham said. Derrick Hall satisfied with D-backs’ buying and sellinglast_img read more