Mortgage Free Baby Boomers?

first_img Demand Propels Home Prices Upward 2 days ago In their latest article in the Housing Insights Series, Fannie Mae delved into which generation was most likely to carry household debt, which is a concern for the financial security of the retired homeowner.Once a widespread rite of passage, the report says, paying off a mortgage for homeowners approaching retirement has become less frequent. Studies have shown that the rise in household debt among older homeowners, but hasn’t zeroed in on Baby Boomers and how their mortgage status has changed as they get closer to the age of retirement.The oldest Boomers, who are already past retirement age, are substantially less likely to own their homes outright than their generational predecessor.“Among Baby Boomer owner-occupants aged 65 to 69 in 2015, fewer than 50 percent were mortgage-free, down 10 percentage points compared with the pre-Boomer group of homeowners who were the same age in 2000, prior to the housing bubble.”Younger Boomers, however, are more likely to have free-and-clear homeownership than homeowners of the same age in 2000. Of Boomers aged 50 to 54 in 2015, 26 percent owned their homes outright compared with 22 percent of homeowners who were the same age at the turn of the millennium.According to Fannie Mae, several economic and housing factors could have contributed to the acceleration of paid off mortgages after the housing crisis among Boomers.“Some Boomers might have adopted a more conservative stance toward housing debt in the wake of the financial crisis and, simultaneously, tighter credit markets likely constrained the ability to borrow against the home,” the report said.Additionally, the recovery in housing prices and gains in equity that followed the housing bust allowed boomers to move and downsize to lower-value homes without using mortgage financing.“Even with recently accelerated gains in free-and-clear homeownership, the oldest Baby Boomers have reached retirement age with a greater likelihood of carrying a mortgage, and younger Boomer cohorts are also expected to achieve relatively low rates of outright homeownership at retirement unless they accelerate even further the pace of extinguishing housing debt.”To read the full report, click here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Mortgage Free Baby Boomers? Share Save Sign up for DS News Daily About Author: Brianna Gilpin  Print This Post Home / Daily Dose / Mortgage Free Baby Boomers? in Daily Dose, Featured, Headlines, News, Secondary Market Tagged with: Baby Boomers Servicers Navigate the Post-Pandemic World 2 days ago Baby Boomers 2017-10-05 Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Crowdfunding for a Mortgage Next: Next Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Related Articles October 5, 2017 1,626 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Oxford receives £5.5m AI research funding

first_imgEPSRC is part of UK Research and Innovation, the national funding agency investing in science and research with a budget of more than £6 billion. JADE 2 will be hosted at the Hartree Centre in Cheshire, providing state-of-the-art computing facility for research into Artificial Intelligence (AI), machine learning, and molecular dynamics. It will be run as a national facility, with free access to academics through a Resource Allocation Panel. EPSRC Executive Chair Professor Dame Lynn Gladden said: “Computation is becoming an evermore important scientific tool. The University of Oxford has received £5.5 million from the Engineering and Physical Sciences Research Council (EPSRC) and will lead a national project for research into artificial intelligence. The project will be led by Professor Wes Armour, Department of Engineering Science. Professor Armour told Cherwell: “JADE 2 will deliver AI advances across a wide range of different sectors, financial services, manufacturing, retail, the public sector, energy and healthcare. The funding will be used to provide supercomputing services which will aid scientific research throughout the UK. Oxford will lead the Joint Academic Data Science Endeavour (known as JADE 2) set up by the investment. JADE 2 will also support the development of computing skills in scientific research and provide career opportunities for research software engineers in the UK. Discussing the importance of funding to Oxford, Professor Armour also said: “JADE will provide the computational competitive edge for Oxford researchers to remain at the forefront of research in AI/ML. “By supporting the new UKRI Artificial Intelligence Centres for Doctoral training, JADE 2 will support the education of the next generation of researchers in AI, Mark Robins who in turn will keep the UK at the forefront of the AI revolution for many years to come.” “The High Performance Computing Services announced today will give research-ers access to the tools they need to make breakthroughs in a wide range of fields that impact on how we live our lives.” Though the project is led by Oxford, 19 universities are supporting JADE 2, including Cambridge, Imperial College London, University College London, and Warwick University. “In doing so, Oxford researchers will be able to attract the brightest students, who will in turn become the next world leaders.” last_img read more