Though the number of high-quality refi candidates grew from 12 to more than 14 million from March through May — a 15% increase — actual refinance rate locks dropped by 27% over the same period,
Heres Why There Arent Any Houses To Buy
Dated: May 20 2014
The total number of homes offered for sale relative to the number of households in the U.S. has been running at the lowest level in more than 30 years."The housing recovery is struggling to shift into a higher gear, and obviously there are various imbalances holding this back from happening, but at the heart of the matter it comes down to jobs,” said Frank Nothaft, Freddie Mac vice president and chief economist.
But these low inventory challenges are the direct offspring of several features of today’s market.
1. Underwater homeowners
Since the Mortgage Forgiveness Debt Relief Act expired on Dec. 31, 2013, many underwater homeowners are reluctant to short-sell.
CoreLogic reported that 6.5 million homeowners remained underwater as of year-end 2013.
Meanwhile, there was also a sharp decline in short sales at the beginning of 2014, from 5.2% of sales in December to 2.2% of sales in February. Read More Here...
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....
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