National Market Trends

National Market Trends

Suzanne Rampe

www.LocalMotionRealtor.com

Across the United States, latest statistics are indicating that the national real estate market trends are on the up; they are showing steady improvements which translates to good news for those who are planning on selling as well as those who are hoping to buy property. The following are some interesting real estate trends:

• ·      Lenders are adjusting down payment requirements to qualify more borrowers
• ·      Foreclosures and repossessions are lowering. RealtyTrac indicates that these numbers fell by 29% in October, 2013.
• ·      Most metro areas across the United States are experiencing an increase in home prices

Additional good news is that mortgage rates remain fairly low so borrowing is still affordable for many Americans. Even though there was a slight increase in rates over the past few days; according to the weekly national survey conducted by Bankrate.com for November 13, 2013; a 30-year fixed mortgage is at 4.48%, a 15-year fixed mortgage is at 3.49%, and 5-year adjustable rate mortgage is 3.33%. These numbers translate to monthly payments of $834.07, $1 178.75, and $725.35.

According to the National Association of Realtors in a report entitled U.S. Economy Outlook: November 2013; new single family sales, housing starts, single family units, and multi-family units are on the rise and are forecasted to continue on this trend through to 2014.

The National Association of Realtors also indicated that the metro area of San Jose, California; San Francisco, Honolulu,  Anaheim-Santa Ana, California; and San Diego are the most expensive real estate markets while Toledo, Ohio;  Rockford, Illinois; Decatur, Illinois; Ocala, Florida; and Topeka, Kansas, are the most affordable markets.