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Housing is still healing from the recession

andrew c mace / Foter / CC BY-NC-SA

 

The purchase of new homes continues to increase, but the housing market has not fully recovered from the recession yet.

Homeowners’ equity for the last quarter of 2013 increased with $400 billion, reaching $10 trillion, a number seen back in 2007. While this is good news, there is still a lot of work in the field before the market is fully stabilized. Mortgage delinquency rates are still high and many homeowners are not financially stable. Delinquency rates are at 3.1%, down from 3.2%, which is not a big decrease.

Home sales in January were down to 385,000, as a year earlier they were at 405, 800. The inventory of existing homes is up to a 4.9-month supply from 4.6 previously. This is an increase in comparison with a year ago as well, when the supply was at 4.4 months. Foreclosures are at 57,300, with a strong increase from 52,100 at the end of last year.

Read the source article at U.S. Housing Finance News