As a result of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week, Freddie Mac reports, ending at their lowest averages in nearly four months.
Home prices are rising, more underwater home owners are regaining equity, and home sales are on the rise, according to the Obama Housing Scorecard, released each month by the U.S. Department of Housing and Urban Development.
For the second consecutive week, mortgage rates showed signs of receding, helping to “alleviate concerns over a slowdown in the housing market,” Freddie Mac said in its weekly mortgage market report.
The U.S. delinquency rate on mortgages continues to fall, marking a positive sign for the housing recovery. The delinquency rate fell 2.11 percent in May and is 12.01 percent below year-ago levels, according to “first look” mortgage performance data from Lender Processing Services. LPS will issue its detailed report in early July.
Some would-be move-up home sellers are eyeing home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say.
The best time to move may depend on when the home owner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that home owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 may be their prime opportunity.
Foreclosures are falling nationwide, but some states are still facing high foreclosure rates.
For the fifth-straight month in a row, Florida has the highest foreclosure rate in the nation, according to RealtyTrac’s latest January report. Florida had more than twice the national average of foreclosure filings, which are up 20 percent year-over-year in that state.
The following 10 states with the highest foreclosure rates in January:
- Florida: 1 in every 300 housing units had a foreclosure filing
- Nevada: 1 in every 344
- Illinois: 1 in every 375
- Arizona: 1 in every 501
- Georgia: 1 in every 513
- Ohio: 1 in every 612
- Washington: 1 in every 674
- California: 1 in every 753
- Indiana: 1 in every 784
- Michigan: 1 in every 837