Overall, positive and cautiously optimistic feedback was published for the housing market in every section of the country!
Main contributors to the positive outlook on our housing market discussed are low interest rates (3.75 % for a 30-year fixed loan rate) continued low list prices of homes for sale, and reduced inventory levels. While foreclosures and distressed properties are the wild cards, which can affect the market negatively with downward pressure on prices, the number of foreclosures completed and appearing on the market has decreased year-over-year and month-over-month from 86,300 one year ago to 79,100 (April 2012) to 77,500 this past month (May 2012) (http://portal.hud.gov/hudportal/documents/huddoc?id=MayNat2012_SC_FINAL.pdf).
The report includes data regarding the number of short sales completed, purchases originated, refinances originated, and home affordability programs utilized. Additionally, the number of homeowners assisted by the HAMP loan modification program, HOPE Now Modifications, HARP refinances (refinance assistance), and FHA Loss Mitigation assistance are included. As increased assistance is made available, less foreclosures and short sales are expected to appear on the market. With fewer distressed sales, we see a more upward trend in home sale pricing related to less downward pressure.
Summer is typically the “high season” for real estate: people are generally more prepared to move when the kids are not in school, there is more daylight, or maybe they are just in a “sunnier mood!” Whatever the reason might be, with fewer homes on the market and record low interest rates, competition is poised to be high. My suggestion is to start your search earlier rather than later. Multiple bids are already appearing and the short sale process means a longer escrow period.
Call me anytime if you have questions regarding new changes in mortgages (purchase money loans) with increased rebates up to $40,000 on short sales to sellers from some of the major banks. Call and find out how this all works: 760-758-1211.
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