In order to conduct our analysis we have the following mortgage status classifications for the target market of Monroe County:
Our analysis reveals that 71% of the housing stock of Monroe county has a mortgage compared with 65% for the state of New York. This of course has very important implications for Real Estate Funding Solutions. The larger percentage of housing stock with mortgages indicates a much larger opportunity to provide these homeowners with mortgage refinancing and home equity solutions. Once folks have paid off their mortgages they tend not to want to borrow money against their homes again and even home equity loans are often a tough sell to these folks - paying off a mortgage takes many years and as folks age, they tend to not have the need to borrow as much money as they have in the past when they were in their younger years.
This analysis also complements our earlier analysis on the year in which the householder moved into the homes and together both these data tables give us a clear picture of a housing market where folks have moved into their homes more recently as compared to the statewide average and also on balance more folks have mortgages outstanding on their homes as compared to the statewide average. All this is show an excellent trend in favor of a mortgage broker business like Real Estate Funding Solutions.
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