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


Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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