housing market

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It’s a cliché to say that homeownership is the American dream. For generations, it was a milestone that people aspired to and generally went without question. But a storyline in recent years – especially following the burst of the housing bubble in 2008 – has been the reluctance of the millennial generation to adopt that version of the American dream.

Some factors that have kept millennials out of the housing market include waiting for job prospects and security to improve, paying off debts unique to their generation (such as student loans) and overall reluctance.

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Last year ended on a positive note for Milwaukee’s real estate sector. The Greater Milwaukee Association of Realtors reported the area had its strongest December for home sales since 2004.  It was the eleventh straight month home sales increased here.

At the same time, the latest numbers show some cautionary signs – especially for people trying to afford their first home.  Lawrence Yun is the chief economist for the National Association of Realtors, and he adds some context to the discussion.

Scott Paulus / Milwaukee Business Journal

The Milwaukee-based private mortgage insurer, MGIC, reported a fourth quarter profit yesterday. 

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The Joint Finance Committee is supposed to conclude its state budget revisions this week ahead of a full legislative vote this month. Along with tax and spending changes, the budget includes a proposal to lift residency requirements for most public workers.

Many have debated whether that residency rule change will affect services delivered or even harm local communities.