Research shows that millennials have now reached an age where homeownership activity typically increases, and the increased activity is expected to strengthen the housing market. According to the National Association of Realtors annual survey of recent homebuyers, millennials make up 78% of all first-time homebuyers. Lawrence Yun, the NAR’s chief economist said, “given that millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand.” More here

Home sales in the U.S. continue to increase as foreclosure rates fall according to the Obama Administration’s February scorecard. Although the housing market is making impressive strides, many officials remain cautious, suggesting that the market is still in a state of recovery. The Federal Reserve Board stated that homeowner’s equity increased more than $400 billion during the last few months of 2013. The HUD Deputy Assistant Secretary for Economic Affairs, Kurt Usowski said, “February’s Housing Scorecard continues to show that the Obama Administration’s efforts to stabilize the housing market and provide relief to struggling homeowners are having a positive effect.” More here

Recent reports have shown that the economy is gaining more strength and continuing to show improvement. The Federal Reserve suggested that lower borrowing costs may be the reason behind an increasing number of consumers borrowing money for home and vehicle purchases. According to recent data, home sales have significantly improved, and auto sales have almost reached pre-crisis levels. More here

A new article in the Financial Times suggests that an increasing number of financial advisors specializing in retirement are starting to think of reverse mortgages as “lifesavers” for those who qualify living in negative financial circumstances. The program has experienced some rule changes over the last few months, and in turn has helped aid in reverse mortgage consumer protection. Experts have stated that the tax-free proceeds gained from a reverse mortgage can help consumers postpone Social Security usage and can decrease the amount withdrawn from their 401(k) and IRA accounts,  Marguerita Cheng, the CEO of Blue Ocean Global Wealth said, “the bottom line is that reverse mortgages are no longer only for retirees in dire straits. Advisors should be looking at every aspect of income, including home equity.” More here

According to the most recent report from the Mortgage Bankers Association, mortgage credit continues to improve. The mortgage credit availability index increased 0.44%, averaging 113.5 last month. Experts say that if the MCAI was tracked in 2007, the index would be approximately 800. Mortgage Bankers Association’s chief economist, Mike Fratantoni said, “for the third month in a row, mortgage lenders and investors slightly expanded credit offerings in February on net, as a result of offsetting factors.” More here