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Report Shows Improving Housing Industry Factors in July
|A new report shows that housing markets across the country are recovering from a housing market slump as home prices are increasing and the home inventory is shrinking.
Thursday July 26th, 2012
A new report shows that housing markets across the country are recovering from a slump as home prices increase and home inventory shrinks.
The July MarketPulse Report from CoreLogic reveals that home prices were up in many markets nationwide, as high negative equity keeps many sellers off the market and prospective buyers remain interested in the deep discounts offered by available properties.
While many buyers are seeking low home prices to pair with record-low mortgage rates, the inventory of foreclosures and short sales has decreased significantly, allowing current homeowners to list their homes for sale with confidence. According to the report, the lower end of the home price tier is rebounding at more than three times the rate of the upper end, and continues to be driven by distressed sales.
Additionally, CoreLogic’s Home Price Index, which includes sales of distressed homes, posted the largest year-over-year spring price gain in the last 25 years, says the data firm.
Additional reports from the government-sponsored enterprise Freddie Mac reveal that monthly mortgage rates continue to reach record-low levels, prompting many prospective buyers to make the investment in purchasing a property.
This also provides current homeowners the opportunity to refinance their current mortgage loans. CoreLogic says estimates show that refinancing accounted for 70 percent of all mortgage originations in the last year.
Postive factors noted in the CoreLogic report continue to validate the prediction that housing markets throughout the country are still steadily improving as other economic factors are also making gains. National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.