MarketMinute | How long have typical owners lived in their homes?
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According to payroll processor ADP, private companies added 475k new jobs in February. ADP also revised January's report upward by 801K. |
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In his testimony before Congress, Fed Chair Jerome Powell said he still expects a quarter point Fed policy rate hike at this month's meeting. |
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New jobless claims came in at 215k, the lowest this year. Continuing claims' 4-week average fell to 1.48 million, the lowest since 1970. |
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Pending home sales were down 5.7% in January, continuing what is now a 3-month drop in transactions as inventory remains at an all-time low. |
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Record increases in home prices translate to record levels of equity for homeowners. The average mortgage holder has $185K in equity. |
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According to Redfin, U.S. homeowners had lived an average of 13.2 years in their homes in 2021, up from the 10.1-year average a decade ago. |
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