There’s been a lot of news lately about the falling off of existing home sales and the lack of inventory is one of the reasons cited. However, other analysts place blame on the tougher lending standards that keep a large number of would-be buyers out of the market.
With all of this news, many who would be selling aren’t listing their homes. They don’t see enough demand, but also many are still under water on their mortgages, owing more than their home is worth in the current market. This is turning into a boon for sellers who do have equity and have their homes on the market. Buyers have fewer choices and they are encountering competition in some markets.
Bad Mortgages Hit Lowest Level Since 2008
For the first time since 2008, the number of borrowers behind on their mortgage payments or in foreclosure fell below the 5 million mark. The number of loans in foreclosure fell to 1.69 million in March, 20% lower than a year ago. This is partly due to fewer borrowers falling behind on their payments, but also because of recent activities by banks to modify loans and approve short sales.
Housing Markets Again Favoring Sellers
There’s been a lot of news lately about the falling off of existing home sales and the lack of inventory is one of the reasons cited. However, other analysts place blame on the tougher lending standards that keep a large number of would-be buyers out of the market.
With all of this news, many who would be selling aren’t listing their homes. They don’t see enough demand, but also many are still under water on their mortgages, owing more than their home is worth in the current market. This is turning into a boon for sellers who do have equity and have their homes on the market. Buyers have fewer choices and they are encountering competition in some markets.
Bad Mortgages Hit Lowest Level Since 2008
For the first time since 2008, the number of borrowers behind on their mortgage payments or in foreclosure fell below the 5 million mark. The number of loans in foreclosure fell to 1.69 million in March, 20% lower than a year ago. This is partly due to fewer borrowers falling behind on their payments, but also because of recent activities by banks to modify loans and approve short sales.