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OLDER AMERICANS READY FOR HOUSING MARKET

Three out of four homeowners born before 1961 are confident they will have a financially comfortable retirement according to the Freddie Mac 55+ Survey, a comprehensive survey of the housing perceptions and preferences of Americans over age 55. “The overwhelming message of the survey is that home ownership works. 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,” says Dave Lowman, executive VP of single-family business at Freddie Mac. In addition, while many over the age of 55 would prefer to age in their current home, nearly 40% said they would prefer to move at least one more time, and 70% of those said they are likely to purchase their next home. According to Lowman, this will create significant opportunities and challenges for the industry for years to come. “The decisions of the nation’s Baby Boomers and other older Americans make will have an enormous impact on the demand for new housing and new mortgage credit for the foreseeable future,” he says. “Whether they buy new construction or decide to refinance and renovate their current homes, 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.”

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