Economics & Demographics • Section 3 The average rate for a 30-year, fixed-rate mortgage dipped


below 4 percent in August after climbing to 4.05 percent in July, which was the first time the mortgage rate reached that level since November 2014.


Meanwhile, new home sales surged 5.7 percent in August to


a seasonally adjusted annual rate of 552,000, according to the Commerce Department. That is the strongest pace since Febru- ary 2008, near the beginning of the Great Recession. The August sales increase followed an even bigger 12 percent jump in July. New home sales have soared nearly 22 percent in the past year.


Increased hiring and smaller price increases for new homes


were key factors in pushing up sales, which were ham- mered during the Great Re- cession. The median price for a new home in August was $292,700.


Ironically, the share of


Americans who own their homes fell to the lowest level in almost five decades. The Census Bureau report- ed that the U.S. homeown- ership rate in the second quarter was 63.4 percent— down from 63.7 percent in the previous three months, and the lowest


12.0


standards and wage growth that hasn’t kept up with surging home prices. Bloomberg reported that home values increased 34 percent since reaching their nadir in early 2012, making pur- chases more expensive for entry-level buyers.


Rising rents, debt burdens, and flat wage growth make it dif-


ficult for many to save for a down payment. Young people to- day haven’t purchased as many homes as previous generations. Prospects for first-time buyers may be changing, however. In December 2014, Fannie Mae and Freddie Mac established new lending guidelines, offering 3 percent down payment mortgag- es that will make it easier for more first-time buyers to qualify for a mortgage.


Chart 3.2 – National Unemployment Rate


10.0 8.0 6.0 reading


since 1967. The startling news indicates that families are still struggling to regain ground lost during the fi- nancial crisis.


pects have been held back by


Year Jan


Home buying pros- stringent mortgage


Feb


2005 5.3 5.4 2006 4.7 4.8 2007 4.6 4.5 2008 5.0 4.9 2009 7.8 8.3 2010 9.8 9.8 2011 9.2


9.0


2012 8.3 8.3 2013 8.0 7.7 2014 6.6 6.7 2015 5.7 5.5


* 16 Years and Older, Seasonally Adjusted 4.0


2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


2.0


0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: U.S. Bureau of Labor Statistics


Table 3.3 – National Unemployment Rate 2005 - 2015* Mar 5.2


Apr 5.2


4.7 4.4 5.1 8.7 9.9 9.0 8.2 7.5 6.6 5.5


4.7 4.5 5.0 9.0 9.9 9.1 8.2 7.6 6.2 5.4


** Data Not Available


May 5.1


4.6 4.4 5.4 9.4 9.6 9.0 8.2 7.5 6.3 5.5


Jun 5.0


4.6 4.6 5.6 9.5 9.4 9.1 8.2 7.5 6.1 5.3


Jul 5.0


4.7 4.7 5.8 9.5 9.4 9.0 8.2 7.3 6.2 5.3


Aug 4.9


4.7 4.6 6.1 9.6 9.5 9.0 8.0 7.2 6.1 5.1


Sep 5.0


4.5 4.7 6.1 9.8 9.5 9.0 7.8 7.2 5.9 5.1


Oct 5.0


4.4 4.7 6.5


10.0 9.4 8.8 7.8 7.2 5.7 5.0


Nov 5.0


4.5 4.7 6.8 9.9 9.8 8.6 7.7 7.0 5.8 **


2016 Self-Storage Almanac


Dec 4.9


4.4 5.0 7.3 9.9 9.3 8.5 7.9 6.7 5.6 **


Source: U.S. Bureau of Labor Statistics 39


Percentage


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