The housing market continues to make steady strides to a healthier state and is doing so from every angle. Whether it is mortgages or getting rid of pesky shadow inventory, the data coming in is looking promising. Here are a few of the big stories this week to give a bit further insight.
Even with rising home prices, real estate investors are still planning on buying just as many properties in the coming year, according to a Bigger Pockets survey. This is even, as Realtor.com points out, amidst the lowering number of foreclosures. The survey revealed 39% of investors hoping to increase their property purchases, with another 26% planning on purchases just as many as they have in past years.
Housing Wire cites JPMorgan Chase who has claimed trimming 1.2 million mortgages and foreclosures in shadow inventory between January and June of 2012. Housing Wire suspects this number may double by the end of the year ? missing the 2010 peak of 6 million trimmed. This, Housing Wire also anticipates, is a reaction to the raise in short sales after the $25 billion foreclosure settlement with the five largest mortgage services.
Refinancing has gone up by 3%, making it the highest level in the past 6 weeks ? according to Calculated Risk. Likewise, mortgages have decreased by 3.63% in the history of the MBA history of their survey.
With election fever running rampant throughout the country, there is bound to be debates and disputes. One argument that doesn?t need to be made is the subject that needs no argument ? at least in California. Zillow details out legislation which allows tenants in rentals to display their signage and political ideals as long as they stay within certain guidelines. Check out the link above for more details.
While some may have been hoping for lower standards in mortgage applications, HSH points out that this is unlikely to happen. Even with mortgage rates at lows and the housing market picking up, standards will probably stay the same. This is in part to act as a failsafe in case the market turns for the worse, and also in order to keep mortgages regulated properly. Standards also need to be in compliance with FHA credit standards. So even with an improving market, bad credit is still likely to hold back some potential owners.