Although mortgage rates are at an all time low, home sales have not gone up and are moving at a slow rate of 6.1%, according to the November report of the National Association of Realtors. At the same time, the share of 1st time buyers has gone up to 31% – the highest since October 2012. The foreclosure rate, on the other hand, dipped slightly to rest at 1% for the month of November in comparison to the same time the previous year. According to the findings of the November Realty Trac report, one housing unit in every 1,170 is in a state of foreclosure in the US.
Ten US states that saw dismal housing recovery performance
On the basis of certain factors that include mortgage originations, foreclosure and delinquency rates, Credit.comcame out with a list of ten states that have seen a slow recovery in the housing sector. Although the findings are not meant to be a definite assessment of the real estate market for each state, they are simply meant to provide an idea of the overall housing situation by highlighting state marketsthat are ready for housing growth. Ending the list was the state of Maryland,which witnessed a delinquency rate of 2.49% and has the third highest foreclosure rate. The US state of Florida, on the other hand, topped the list with a foreclosure rate of 1 in every 462 housing units and a delinquency rate of 3.95%.
Improvements may be seen in the coming months
The New Year is going to bring some good news to homebuyers, with mortgage rates expected to ease further. Additionally, first time home owners will experience lower down payments in 2015. Nonetheless, despite these expected improvements in the coming year, a good credit score is important for getting a mortgage sanctioned.