Housing Market Shows Improvement as Foreclosures Decline
The housing market is continuing to show improvement not only in Atlanta, but across the country. While some areas have fared slightly better than others, many positive trends have been seen nationwide, including falling foreclosure numbers and lowered interest rates.
A recent report from Black Knight Financial Services, a mortgage and finance industry provider of integrated technology, data and analytics solutions, showed that foreclosures plummeted during the month of February. The total number of homes in foreclosure nationwide fell to 1.24 million in February, down 500,000 from the same time in 2013.
The month of February also saw the number of non-current mortgages drop by nearly 1 million as compared to February 2013. Additionally, fewer than 92,000 homes began the foreclosure process last year, down 30 percent from a year before.
Mortgage rates have also continued to drop ever so slightly. For the week ending March 20, rates for a 30-year fixed-rate mortgage averaged 4.32 percent, down 0.5 percent from the week prior. A 15-year fixed-rate mortgage averaged 3.32 percent for the same time period, falling from 3.38 percent last week.
However, according to a report from The Wall Street Journal, subprime borrowers are still facing obstacles when attempting to qualify for a mortgage. Lenders are not as lax with borrowing requirements as they have been in the past, which can make it tougher for many borrowers to secure their home loan. But, it’s important to keep in mind that these mortgage changes are helping to create a strong housing market.
“The to-and-fro forces make this a tough market to forecast, but many economists see 2014 as a year of progress though at a slower pace, with modest gains in home prices for the nation on average,” read a report from The Christian Science Monitor.
For many first time home buyers, securing a conventional mortgage can seem like a daunting task as borrowing standards have changed as a result of the recession. However, with the right help, becoming a homeowner is still possible! Those searching for a reputable mortgage professional to help them through the process of purchasing a new home in metro Atlanta should contact Academy Mortgage, one of the top independent purchase lenders in the country. For more information or to find the branch nearest you, contact Academy Mortgage by calling 404-323-4728 or visit www.AcademyMortgage.com.
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