Breaking News: New Foreclosures Fall, Short Sales Closing Faster…Housing Recovery Here?
First the good (great?) news: New foreclosure report (video) is equally good and bad.
* The real estate market has clearly hit bottom and now is showing some signs of life. Inventories of homes across the US are decreasing.
* New mortgage delinquencies saw the largest drop ever, finally back to the historical long-term average of around 3.1%.
* In most markets home sellers are receiving multiple offers.
And Now…the bad news:
* Loans in the foreclosure process are rising, now 4.9%
* FHA loans, 12% are delinquent.
* There are still millions (and millions) of underwater mortgages.
Bottom line: the housing markets have finally hit bottom. Expect the road back to full recovery to take years.
!* FHA loans are climbing up 83%
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