As the 2015 year ends, the overall picture for real estate across the country is very positive. With improved job numbers and mortgage rates still at fairly low levels, home sales have driven the best results in the real estate market since the recovery began. Usually, during the last few months of the year as most of the country faces the winter weather, real estate activity tends to slow down. However, that is not the case for this year.
Findings from the US Department of Housing and Urban Development (HUD®) most recent scorecard which monitors key market data and recovery efforts, real estate activity had continued strong into October. According to the report, there was a 10.7 percent rise in sales for new construction homes sold in October combined with findings that existing home sales have increased year-over-year for thirteen consecutive months and are currently 3.9 percent above the same time period last year.
Also in the report, new foreclosure proceedings have fallen below the pre-crisis monthly average for the last seven months and prices for homes for sale and condos for sale although still increasing, have hit a plateau. The news is not all positive, however.
The findings reveal that conditions vary from one market to the next and stress that gains still need to be made reducing delinquency rates for mortgage payments, increased assistance for homeowners who are underwater and foster an environment for future home sales.
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