Heres Why There Arent Any Houses To Buy

Dated: May 20 2014

Views: 437

The supply of existing homes on the market remains low, at 5.2 months in March, according to a report from Freddie Mac.

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...
cb
Blog author image

Mark Ross

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 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

Mortgage Underwriting Challenges In The Pandemic

In December, AmTrust Title Insurance Company announced the hiring of seasoned underwriter Mary Shelley as its midwest region agency underwriter. We took the opportunity to talk to Shelley, who has

Read More

How Bidens Stimulus Plan Impacts Housing

President-elect Joe Biden’s $1.9 trillion stimulus, unveiled Thursday as the American Rescue Plan, includes a call for extending the national moratorium on evictions and foreclosures until Sept.,

Read More

Will We Have A Buyers Housing Market In 2021

If you’re looking to buy a home, you’ll stand the best chance in a buyer’s housing market, where listings are flush, demand is low and buyers have the upper hand — not to mention most of the

Read More

What To Budget For Closing Costs When Buying A House

Are you considering purchasing a home for the first time? Then you’re probably already saving money for your down payment. But what about all the other costs needed to complete the transaction?

Read More