House prices are up. For the past year-and-a-half house prices have been increasing, which is good news for home owners as their investment is worth more (or perhaps recovering somewhat from loss of value during earlier years), they are in a better position with their mortgages, and they can sell their homes for a higher price. This may seem to be bad news for those looking to buy right now, as their new home will cost more, but there is some good news to offset this:
Mortgage rates are down. Your new home may cost more, but lower interest rates may help make a new mortgage more attractive. Sellers can also rejoice at this news, as the lower interest rates may entice more prospective buyers to sign on the dotted line.
Delinquent loans are up. While this is not a good sign for the economy, buyers and investors may be able to take advantage of the situation and find good deals on foreclosures. Coupled with lower mortgage rates, this could make home ownership possible for some who could not afford it otherwise.
Do you want to learn how the latest mortgage news could benefit you? Call me to discuss your situation and your home ownership goals.