Real Estate Rebound Cited in Government Report

Posted by John Sabia on Wednesday, September 9th, 2015 at 12:29am.

The US Department of Housing and Urban Development (HUD) puts out a monthly scorecard analyzing the real estate market's latest advancements and findings of the foreclosure prevention & mortgage assistance programs.  The most current findings show the real estate market continues to grow with significant gains.

Existing home sales and condo sales reached an eight year high in June of this year, while sales for new homes have exceeded the projected rate of five hundred thousand units for four of the first six months if this year. The last few months saw an uptick in the number of first-time home buyers participating in the market representing a share of 30 percent or above.

The scorecard also explains the continuing stabilization of housing prices. After several years of volatility, prices for real estate homes and condos for sale have steadily settled down and real estate values are drifting between 4 and 5 percent more than for the same period one year ago.

However, foreclosure properties continued to slide, falling an additional 4 percent in June. Despite encouraging news, the study signals more needs to be done to encourage home sales, assist homeowners with underwater mortgages and curtail delinquency rates.

photo of White House Washington DC

John Sabia

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