Most consumers agree that owning their residence is one of the best possible investments they can make. And many factors point to exceptional buying opportunities in the current market.

"However, homeownership fell to 63.7 percent in 2015, making it the lowest homeownership rate in nearly 50 years, according to the annual The 'State of the Nation's Housing report,' it was noted in a report from WebiMax, an Internet marketing firm.

"Though many Americans wish to become homeowners, economic hurdles are preventing them from doing so. While low mortgage rates have helped with affordability, the fact that home prices are increasing at a faster pace than wage earnings has been an obstacle for many.

"Additionally, young renters have to devote a significant portion of their income to student loan payments, while high rents make it difficult for renters to accumulate enough savings for a down payment."

The report continued with a quote from a financial firm.

"Although 2015 saw an increase in home sales, the rate of homeownership is historically low," says Abby Shemesh of Amerinote Xchange, a mortgage note buying firm. "Economic constraints are inhibiting people from becoming homeowners — including higher home prices."

Suggestion to buyers: Consider the positive aspects in today's market as well as the negatives. Purchase a home as soon as you can comfortably afford the costs so you can start enjoying the benefits of homeownership.

Q: Are existing-home sales rising?

A: Yes, and the driving force are first-time buyers. Here's a recent report on the increasing numbers:

"Boosted by a greater share of sales to first-time buyers not seen in nearly four years, existing-home sales maintained their upward trajectory in June and increased for the fourth consecutive month, according to the National Association of Realtors. Only the Northeast saw a decline in closings in June, and sales to investors fell to their lowest overall share since July 2009.

"Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 1.1 percent to a seasonally adjusted annual rate of 5.57 million in June from a downwardly revised 5.51 million in May. After last month's gain, sales are now up 3.0 percent from June 2015 (5.41 million) and remain at their highest annual pace since February 2007 (5.79 million).

"Lawrence Yun, NAR chief economist, says the impressive four month streak of sales gains through June caps off a solid first half of 2016 for the housing market."

Q: Are mortgage rates still dropping?

A: No, at this point the rates are rising a bit.

"Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates ticking up slightly across the board, but remaining near historic lows. The 30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending July 21, 2016, up from last week when it averaged 3.42 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.

"The 15-year FRM this week averaged 2.75 percent with an average 0.5 point, up from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent. "

Q: Why are there so many problems related to homeowner associations?

A: There are many reasons for conflicts. One was described in a report from the National Association of Realtors:

"Homeowner association (HOA) management companies retained by developers often must balance the competing interests of the developer and the homeowners. They just as often find the developer pulls one way while the homeowners pull the other way with the manager in the middle.

"It is common for an HOA developer to hire a manager to assist with the transition to homeowner control. It is often assumed that the manager will manage the new HOA. However, after transition takes place, the manager must consider the interests of the homeowners and, if the manager was originally hired by the developer, he may find it difficult to ignore the developer's interests. This dual master relationship creates a difficult challenge."

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com. Jim Woodard's email: [email protected]. COPYRIGHT 2016 CREATORS.COM.