- Mortgage delinquencies continue to fall
- Delinquencies fell 7% last year and final numbers are expected to be the same this year
- Deliquencies of 60 days or more are expected to peak at 6% of all mortgages first quarter 2012, then fall to 5% by the end of the year, according to TransUnion
- Improving Housing Markets Index of the National Association of Home Builders/First American Financial Corporation expanded for the 4th month in a row
- Expansion in both number of markets and geographic diversity
- Index identifies metropolitan areas that have shown at least six months of improvement in employment and housing prices as well as an increase in housing permits
- Nationwide home prices have declined 3.9%, but only 0.5% for traditional sales not involved in short sales or foreclosures
- The Twin Cities market has not fared as well as the national average following the homebuyer tax credit boom when local prices went up
- Traditional prices have dropped 7.0% in the last 12 months
- Foreclosure prices have droped 11.6% and short sale prices 10.6%
- Improving job growth will buoy the housing market, according to Barclays Capital
- Mortgage rates have been holding steady at historic lows
- Some feel upward pressure is building, mostly due to improving economy and job growth
- Removal of the 125% loan-to-value cap for the HARP refinancing program may increase demand, which could raise costs
Sharlene Hensrud, RE/MAX Results - Minneapolis - St. Paul Realtor