Home prices and risk are being driven up quicker than income by low mortgage rates, an improving labor market, and loose credit standards, but some believe this is not a sustainable approach to homeownership.The American Enterprise Institute’s (AEI) First-Time Buyer Mortgage Share Index (FBMSI) found that first-time buyers accounted for 56.4 percent of primary owner-occupied home purchase mortgages with a government guarantee in September 2015, up from last years’ total of 54.4 percent.“The strong 2015 home buying season continues to be paced by outsized sales gains for first-time buyers,” said Edward Pinto, codirector of the AEI’s International Center on Housing Risk.He added, “These gains have been fueled in part by liberalized credit standards, which is creating demand pressure and driving real home prices higher. This is not a firm foundation upon which to build sustainable homeownership.”The Federal Housing Administration (FHA) has a share of 80 percent or more first-time homebuyers in September. Freddie Mac has a share of about 40 percent and Fannie Mae has a share of about 43.5 percent.The Combined FBMSI, which measures the share of first-time buyers for both government-guaranteed and private-sector mortgages, reached approximately 52.8 percent, up from 51.0 percent last September, according to AEI.In addition, the report also showed that the number of primary owner-occupied purchase mortgages going to first-time buyers in September totaled an estimated 155,000, up 20 percent from 129,000 in the prior year.The First-Time Buyer Mortgage Risk Index (FBMRI) stood at 15.47 percent in September, up 1.1 percentage points from a year earlier. The index is also nearly 6 percentage points higher than the mortgage risk index for repeat homebuyers. “The higher risk for the mortgages taken out by first-time buyers is largely due to risk layering.”The report also found that 53 percent of first-time buyer loans were high risk (MRI above 12 percent) in September, up from 49 percent a year earlier.“The typical first-time buyer today puts little money down and chooses a mortgage that pays off very slowly,” said Oliner. “This combination means that many first-time buyers are only one recession away from being significantly underwater.”Click here to view the complete report. in Daily Dose, Data, Headlines, Market Studies, News October 19, 2015 525 Views Share American Enterprise Institute First-Time Buyer Mortgage Risk Index First-Time Buyer Mortgage Share Index 2015-10-19 Staff Writer Favorable Housing Market Conditions Drive Home Prices and Risk Up
Fancy taking a spin along one of the world’s most famous roads? Want to see the sights from behind the wheel of a shiny new holiday hire car?Whether you’re a full-on petrol-head, or you just prefer to save your energies for other pursuits – like shopping and dancing ‘til dawn – feel the freedom of the open road the next time you jet off. Here are 10 of the most iconic highways and byways from around the world for you to explore:1. Lombard Street, San Francisco, USAEnjoy every twist and turn on Lombard Street in San Francisco, the world’s most crooked lane. Stretching just one block between Hyde and Leavenworth streets, this small section of road contains eight hair pin bends down a pretty steep hill. Perhaps you better leave a drive out along here until after lunch? 3. Orchard Road, SingaporeLong gone are the fruit orchards that this famous neon street was named after; nowadays Orchard Road is Singapore’s premiere shopping destination. Beside designer boutiques and big brands, here’s where you’ll find high-end hotels and haute-cuisine. If shopping’s not your bag, pop in to the Istana, the official residence of the President of Singapore, on this glitzy thoroughfare. 7. Champs-Elysées, Paris, FranceThis wide avenue, with its neatly trimmed trees, luxury shops and cute curb-side cafés, is the place to go for a taste of Parisian chic. One immediately recognisable attraction along the Champs-Élysées is the Arc de Triomphe war memorial, dominating the skyline at the western end of the road. It’s a great ride by car, but if you prefer two wheels to four then visit during the last stage of the Tour de France when riders usually make six to eight lengths of this famous lane. Read more: 10 best things to do in Paris – a local’s guide 8. Route 66, Illinois, Missouri, New Mexico and Arizona, USAAmerica’s Main Street, also affectionately nicknamed Mother Road, Route 66 was actually removed from the United States Highway System in 1985 when it was replaced by the Interstate System. Nevertheless, the sections that remain in Illinois, Missouri, New Mexico and Arizona now form ‘Historic Route 66’ and still stand as a shrine to all things Americana. Make a stop at Lou Mitchell’s in Chicago for some cracking omelettes before you hit the road, or stop by Shea’s Gas Station Museum in Springfield, Illinois, to see a mass of road related memorabilia. 5. Abbey Road, London, UKCome together, and take a drive down Abbey Road in north London, home to the legendary Abbey Road Studios where the Beatles recorded their 11th album, titled ‘Abbey Road’. The famous photograph of the band on the zebra crossing was taken on the street outside of the studios. Join the fans who flock here all-year-round and recreate the famous pose. 10. Guoliang Tunnel Road, ChinaYou can’t go over it, you can’t go under it so you’ve got to go through it; this was clearly the logic of the 13 villagers from the remote village of Guoliang who pioneered the construction of this famous Tunnel Road in China’s Henan Province. Carved out of the Taihang Mountains, squeeze along this narrow 12ft wide pass, through rock, hugging the cliff edge for a pretty nail-biting ride. Ready for your next road trip? Check out Skyscanner’s car hire search to make sure you get the best bargain on your holiday rental.ReturnOne wayMulti-cityFromAdd nearby airports ToAdd nearby airportsDepart14/08/2019Return21/08/2019Cabin Class & Travellers1 adult, EconomyDirect flights onlySearch flights Map 6. Trollstigen, NorwayYou might be forgiven for thinking you’ve landed in Middle Earth when you take off along Trollstigen, which translates as Trolls’ Path. This mountain trail snakes through 11 sharp bends and down a steep incline in Møre og Romsdal county, Norway. Stretch your legs and take in the 1,050ft Stigfossen waterfalls from Trollstigen viewing platform. Related19 incredible road trips in Europe to add to your bucket listFrom Italy to Norway, Europe has many incredible road trips to explore.10 epic road trip adventures: in picturesGet inspired for your next road trip with our pick of the world’s most totally epic driving routes, from pretty Bavaria to icy Alaska.Road trip USA: the ultimate west coast, Burning Man and beyondPlanning a good ol’ road trip in the US? Classics like Route 66 or California’s Pacific Coast Highway are not the only way to roll. Let us broaden your horizons with a more off-beat but assuredly epic Burning Man road trip. 2. Great Ocean Road, Victoria, AustraliaNot only is this 150-mile stretch of tarmac one of the most famous tourist routes in the world, it’s also the world’s largest war memorial, built by soldiers returning from World War I. Running between Torquay and Warrnambool in south-eastern Australia, jump in a 4-wheeler and get exploring the natural beauty of this rugged coastline.See more: Australia – in pictures 4. Las Vegas Boulevard South, Nevada, USARoll up and enjoy the show, as you cruise along one of the most iconic boulevards in the world, the infamous Vegas strip. From street magicians to the spectacular fountain shows, like the one outside the Bellagio, watch the madness unfold. You won’t even need to leave your ride to grab a burger, a soda refill or even a marriage, everything is drive-thru, from off- licences to wedding chapels. 9. The Stelvio Pass, ItalyOnce hailed by BBC’s Top Gear gurus as the pinnacle of motoring perfection, the Stelvio Pass runs through the mountains in northern Italy in the Eastern Alps. Hit this 15-mile stretch through snow covered peaks for stunning views, although maybe not one for those without a head for heights.