In June of each year, the United States celebrates National Homeownership Month. It started as just a weeklong celebration in 1995, and it was initiated by the Clinton administration to boost homeownership across the country. President George W. Bush decided in 2002 to have the entire month dedicated to homeownership. Due to economic difficulties, 2016 was one of the lowest points for owning a home, but the housing market has been recovering nicely since then. That situation – as difficult as it was – is a small part of the interesting history of homeownership in America.
Here are some of the highlights:
Pre-1860s: | There was no U.S. banking system, and therefore, no organized mortgages. |
1860s: | Hooray! The U.S. banking system arrives and the availability of mortgages provides Americans with the hope that they can own their own home. |
1929-1941: | The Great Depression put a halt to the steadily growing homeownership statistics. The majority of prospective buyers didn’t have assets or money to use toward a home, and banks didn’t have money to lend out. Those who did have mortgages could not afford their payments. |
1933: | The housing market needed stabilizing, so the Home Owners’ Loan Corporation was born. The United States government created this so home mortgages in default could be refinanced to avoid foreclosure, and, hopefully, boost opportunities to buy homes. |
1934: | The Federal Housing Administration (FHA) was created by the National Housing Act of 1934. This agency regulated interest rates and terms of mortgages, necessities because the banking crisis of the decade was not over yet. |
1938: | During the decade-plus Great Depression, foreclosures forced families out of their homes, resulting in almost 25% of United States homeowners losing their homes during that time period. Fannie Mae, or as it is known by its ‘government name’, the Federal National Mortgage Association (FNMA), was created in 1938. Tasked with providing liquidity, stability, and affordability in the mortgage market, it assisted banks in financing a novel category of mortgage – long-term, fixed-rate home loans. The FNMA buys mortgages from lenders with the goal of increasing more lending. Did you know Fannie Mae is NOT a federal agency, but rather, a government-sponsored enterprise under the tutelage of the Federal Housing Finance Agency? It’s true! |
1944: | The GI Bill is introduced, and in conjunction with other efforts to bolster the U.S. economy, owning a home with a white picket fence around the yard felt much more attainable. Veterans who were returning from World War II were eligible (under the GI Bill) to get subsidized mortgages. The GI Bill helped boost homeownership in more than one way! When 16 million American servicemembers returned stateside, they needed to have an education so they could land a good job, and thus America could avoid some of the side effects of the Great Depression. |
By 1955: | Veterans were responsible for a whopping 20% of all new built homes after WWII ended, with 4.3 million mortgages and home loans worth $33 billion. The entire U.S. economy felt the ripple effect! |
1968: | The Fair Housing Act of 1968 was signed by President Johnson, and outlawed discriminatory practices in housing on the basis of religion, race gender, and national origin. Unfortunately, Martin Luther King, Jr. was assassinated in Memphis just a few days prior, so he would never get to have an earthly celebration of the milestone he worked so diligently to see happen. |
We hope our review of some major milestones over the years has provided you with more insight into the struggles and successes America has experienced with homeownership. You can celebrate National Homeownership Month by sprucing up some areas of your home or yard, and maybe even get together with your neighbors and throw a block party!
However you decide to mark the occasion, we wish you a very happy month, and as always, we are available year-round for your real estate questions.
The Kolb Team
Seller Concessions
Seller concessions are a strategic arrangement in a real estate transaction where the seller covers certain costs or fees associated with purchasing a home. These concessions can make home ownership more accessible for buyers by reducing upfront expenses.
Seller concessions can take various forms, such as covering part of the buyer's closing costs or other expenses involved in the purchase.
Pet of the Month
Congratulations to our June Pet of the Month! Sophie is a purebred Yorkie, and yep, they come in black!
If you would like your pet to be featured in our Pet of The Month and win a Chewy gift card for your sweet family member, send a picture of your baby to info@thekolbteam.com and tell us why your fuzzy, furry, feathery, or leathery pet makes you happy! We look forward to seeing all of your awesome pet pics!
Recipe of the Month
Homemade Vanilla Coffee Creamer
Perfect for a refreshing iced coffee during these hot summer days!
Ingredients:
- 1 3/4 cups half and half, or equal parts milk and heavy cream
- 14 oz sweetened condensed milk, or add to taste
- 1 tbsp real vanilla extract, caramel sauce, chocolate-hazelnut spread, or whatever flavor you prefer in your coffee
Directions:
- Add ingredients to a quart-sized mason jar or container with a tight-fitting lid, cover with the lid, and shake.
- Cover and store in refrigerator for up to 2 weeks (or until the ‘sell by’ date on your half and half or milk.
Searching for That Perfect Home?
When looking at pictures online, it can be tricky to figure out the layout of a home. We can help you with that! On our website, you can access the most popular floor plans in Sun Lakes, AZ. Just click the button below!
Do You Know About Smoky?
On June 6th, 1944, the allied forces combined their land, air, and sea troops for D-Day. Military history’s most extensive amphibious invasion landed at 6:30am, with paratroopers leading the way hours earlier shortly after midnight. There’s no doubt that the beaches named Omaha and Utah faced incredible resistance, and there were many heroes that day and throughout World War II. One four-legged, accidental member of WWII’s forces has another distinction too.
Smoky was a tiny Yorkshire Terrier, weighing just 4 pounds and a small 7-inches tall, but she served an important role in the war. Found in a New Guinea foxhole in 1944 by an American soldier, she was sold to Corporal William A. Wynne for just under $7. She “served” for the next 2 years, but wasn’t officially a military canine, so Wynne shared his rations and tent with her.
Despite her lack of a title, she proved useful to the troops. In addition to flying in 12 rescue and photo recon missions (from a soldier’s backpack), she lived through 150 air raids, alerted Wynne to incoming shells, and performed tricks to entertain the weary soldiers, both on the battlefield and in military hospitals as part of the Special Services.
When the war was finally over, Smoky stowed away in an oxygen mask carrying case to America, and for the next decade, she was featured on TV, at various public appearances, and in hospitals that treated veterans. Many consider Smoky to be the very first therapy dog. In 1957, she took her eternal rest, and there’s no denying the impact she had on her fellow two-legged soldiers.
Vendor of the Month:
Since its founding in 1977, Hospice of the Valley has steadfastly carried out its mission: Bringing comfort, dignity, and compassionate care to our community. As Arizona's first and leading hospice provider, Hospice of the Valley provides specialized care for people facing a life-limiting illness. The organization does all it can to meet the physical, emotional, social, and spiritual needs of its patients, families, and caregivers by making house calls much like was the norm years ago. They care for patients in the familiar surroundings of home or wherever they live. Hospice of the Valley offers a full spectrum of services to support people long before they need hospice, with programs that include pediatric care, dementia care, pulmonary care, and supportive care for those suffering chronic illness.
Buyers of the Month
We have buyers who are ready, willing, and able to purchase and can’t find homes. If you or someone you know is thinking of selling and can accommodate, get in touch with us.
We have your buyer!
- Buyer looking for golf course home with a pool in Oakwood.
- Buyer looking for a home in Sun Lakes CC under $350,000; ok to do some remodeling.
- Buyer looking for a home in Oakwood with 2 bedrooms plus a den. Wants remodeled and close to the clubhouse. Would prefer a formal dining area.
Recent Real Estate Sales in Sun Lakes
Wondering about your Neighbor’s Home Sales Price? Find out here to see what sold last month. The report is broken down by HOA, address, and floor plan (if the agent listed the model in MLS).
We Are Proud Supporters of Neighbors Who Care!
Neighbors Who Care strives to improve seniors' lives by promoting independence, dignity, and community. Their committed volunteers enable seniors to live fulfilling lives in their homes for as long as possible, ensuring that they remain active and independent members of the community. Their efforts have resulted in a significant increase in seniors' ability to stay at home, with an average of five times longer than before. Their volunteers help homebound seniors in a 32-square mile service area maintain independence through providing 13 different services such as grocery shopping FOR clients; taking clients so they can shop for themselves; rides to medical appointments; free respite care for caregiver partners; small home repairs; friendly visits; dinner delivery five days a week; and more.
Support for Neighbors Who Care is sourced mostly from individual donations from the community. They also have sponsors for their newsletter The Care Connection, their aging conference Aging Made Easier each January, and also for their Summer Speaker Series, and they receive grants, too. Recruiting volunteers is, by far, their greatest need all year round. Neighbors Who Care makes it very easy to volunteer by offering flexibility and options so each person can choose how often they volunteer, when they volunteer, and what activity they want to do to volunteer. Consider joining our volunteer corps and meet some of the nicest people around who also are among the most appreciative people we know.
Would You Like a Free Buyer Guide or a Seller Guide?
Get Insider Information
We live, work, play, and volunteer in Sun Lakes and we know the ins and outs of this community.
As always, if you or someone you know is considering buying or selling a home,
we are here year-round and would love to help! Visit us online at
TheKolbTeam.com or call 480-809-5759.