Greetings! Our newsletter covers real estate trends as well as regional news. If you or anyone you know is looking to buy or sell a property in Suburban Philadelphia, we would love to help!
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MARKET SNAPSHOT BY SCHOOL DISTRICT (Year-to-Date)
2015 2016 %Change
TE School District
Settled 341 394 15.5%
Pending 377 386 2.4%
Radnor School District
Settled 193 209 8.3%
Pending 197 234 18.8%
LM School District
Settled 503 528 5.0%
Pending 509 563 10.6%
Great Valley
Settled 253 291 15.0%
Pending 302 417 38.1%
The National Association of Realtors said that the housing market is in recovery and will continue at a moderate pace with increased sales. Millennials are struggling to afford homes as a result of college debt, a lack of higher paying jobs and rents continuing to rise. In addition, due to stricter financial regulations following the recession, fewer loans are available. However, baby boomers are accumulating wealth and 80 percent are homeowners. The one issue is that there is a lack of inventory. Those who want to sell are having a difficult time finding a new home that suits their needs and they are hesitant to put their homes on the market. Hence, home sales are recovering, but at a modest pace.
Mortgage performance improved during the second quarter of 2016 compared with a year earlier, according to the Office of the Comptroller of the Currency. 94.7% of mortgages were current and performing at the end of the quarter compared with 93.8% a year earlier. The report also showed that foreclosure activity has declined. As mortgage performance improves, the need for other loss mitigation action declines, resulting in a stronger market.
Mortgage rates are still the lowest consistently held rates of all time:
3.5-3.625% for 30 year fixed quote on top tier scenarios
3.25% for FHA/VA
2.75% for 15 year fixed
2.75 – 3.25% for 5 year arm
LOCAL NEWS
Conestoga High School ranked #36 in the nation and #1 in Pennsylvania in Newsweek’s list of America’s Top High Schools 2016. The study measures College Readiness, Graduation Rate and percentage of students that are College Bound.
Main Line Health Hospitals Ranked Among the Top 10 Hospitals in the Region by the U.S. News & World Report. Main Line Health’s four acute care hospitals—Lankenau Medical Center, Bryn Mawr Hospital, Paoli Hospital and Riddle Hospital—have once again been recognized by U.S. News and World Report’s “Best Hospital” rankings as among the top 10 in the Philadelphia region. In addition to the regional ranking, Lankenau Medical Center was listed as among the 10 best hospitals in the State of Pennsylvania.
Lower Merion School District to rescind its 4.4 percent tax increase for the 2016-17 school year budget. Calling it “unlawful”, Judge Joseph A. Smyth said the district misled taxpayers by projecting large budget deficits to justify raising taxes by 4.4 percent when it actually had socked away millions of surplus dollars. The ruling came in a class-action lawsuit filed in February that said that the district had misappropriated funds. The 8,300 student Lower Merion School District is one of the wealthiest public school systems in the Philadelphia area – the district’s spending plan for 2016-17 is $259 million. Between 2010 and 2015, the district predicted large annual budget deficits, yet had millions stashed away in its reserves. Since 2006, the district has raised taxes by 53.3 percent and has $50 million to $60 million in the bank. Judge Smyth ordered the Lower Merion school board to revoke the 2016-17 tax rate at its meeting on Sept. 19. The Board said in a statement that the district planned to appeal the decision. |
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