Friday, July 12, 2013

Foreclosures are Down and Seattle's Housing ... - RealEstate.com

Foreclosure Filings Down

Foreclosure filings, a key measure of the housing industry?s health, slipped to a 6.5-year low in June, another indication that the market is gaining strength and recovery is well underway.

A RealtyTrac report said 127,790 homes had foreclosure filings last month. That?s 14 percent down from the May numbers. Compared to the year-ago period, numbers are down 35 percent.

The housing market in Seattle, Washington is very competitive thanks to business growth along with low inventory and mortgage ratesThat?s the lowest since December 2006.

The good news doesn?t end there. Fewer homes entered the foreclosure process and lenders seized fewer homes, which means the future pipeline of foreclosures is also on the decline. Banks possessed 248,538 homes in the first half of the year. If the numbers follow the trend, by the year?s end foreclosures would be around 500,000. That?s below 671,000 foreclosure properties the previous year.

?We are getting tantalizingly close to being back to normal, healthy foreclosure levels, at least on a nationwide basis,? Daren Blomquist, vice president at RealtyTrac, told Reuters.

Foreclosures have been the biggest curse on the once thriving housing market. A faltering economy and rising unemployment hit consumers hard, disabling them from making their monthly mortgage payments and increasing foreclosures. The influx of such properties increased the inventory in the marketplace, thereby dragging down home prices. As the number of foreclosed homes grew, builders, sellers and buyers became anxious. Things have been steadily on the mend as the economy began improving, and interest rates continued staying low. This week?s report from RealtyTrac provides a helpful boost to consumer and builder confidence. The last year has been a good year for the industry. Home prices are up and so are sales.

According to RealtyTrac, 34 states saw a decline in repossessions in June compared to a year ago. But, there are still some states ? such as Oklahoma, Maryland and Arkansas ? that saw significant gains. So, although we are on the right track, we still have a long road ahead.

Seattle?s Housing Market is Sizzling Hot

Seattle is one of the most competitive housing markets in the country thanks to low interest rates and depleting inventory, according to King5.com

?Seattle is just crazy bonkers. Most of our listings are going in 30 days,? Al Uyeno, a local real estate agent, told the news website.

Uyeno said that the declining unemployment rate and increasing hiring has helped increase the number of buyers in a tight market.

?We?ve got Amazon, we?ve got Boeing, we?ve got Microsoft all hiring, and all these people are coming here from out of state so they have to have some place to live,? ?Uyeno said.

Real estate agents say that good homes are selling fast, and at high prices. In some areas, the median price for homes is up as much as 14 percent.

Mortgage Rates Touch Two-Year High

Beware buyers. Mortgage rates are again inching upward. So, if you want to lock into some low, lucrative rates, you may want to get in the game now.

The average rate on the 30-year loans skyrocketed to 4.51 percent this week. Last week it was 4.29 percent, according the mortgage giant Freddie Mac, who tracks rate changes. Two months ago the rate was 3.35 percent, just a tad above the all-time low of 3.31 percent.

Rates on the shorter-term loans are also on the upswing. The average rate on 15-year loans jumped to 3.53 percent from 3.39 percent a week ago. That?s the biggest increase since August 2011.

Rates have been at historic lows for a while now and began inching upward because of expectations that the Federal Reserve will cut down its bond buying this year. The continued low rates have helped encourage buyers to jump into the market. Despite the increases this week, rates continue to be low. But not everyone can qualify for the lucrative rates. Lenders have installed a tight screening process. Only consumers with a clean credit record and sizeable down payment generally have access to the lucrative rates.

Even with the gains, mortgage rates remain low by historical standards. Low rates have helped fuel a housing recovery that is helping to drive economic growth this year.

Source: http://www.realestate.com/advice/foreclosures-are-down-seattles-housing-market-is-going-strong-27504/

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