Believe it or not, the latest in mortgage news is beginning to require less imagination! Once daringly optimistic, today’s projections of the housing market actually feel more realistic. For instance, Zillow’s recent endorsement of renter aspirations for homeownership in 2015 isn’t just a doggedly confident estimation of what is to come. The analysis and data to support such a concept has finally arrived.
Last week, CoreLogic, a leading global property information, analytics and data-enabled services, released its analysis regarding improved homeowner equity. Although we’ve heard of a steady decline of negative equity decline, the best possible mortgage news lies in CoreLogic’s most recent analysis! $1.2M borrowers regained equity in 2014, bringing up the percentage of all mortgaged properties to 89%. Not only is this great mortgage news, it may be one the clearest signs of housing recovery.*
As such, we can expect that housing market will react accordingly. Those now in a positive equity position can refinance while rates remain low. They may also choose to sell while demand persists. In either case, 89% of homeowner’s with a mortgage are now in a fiscally better position. And, we can hope that they will take advantage of it!
Plus prospective homebuyers are watching. “Recent Zillow surveys evidence both renters and homeowner’s confidence in the U.S holding market’s now solid foundation. Specifically, their confidence in the annual growth rate of local home values expected to handily beat the rate of inflation within the broader economy over the coming decade. These insights should remove any lingering doubt that the U.S. housing market’s foundation is now solid enough to withstand the Fed’s monetary policy liftoff.”
All in all, this couldn’t be better news. We’re working in a market now that’s providing more security and confidence than we’ve seen a long time. And, we’re working harder than ever to prequalify more new buyers. Given the data available, it’s really a great time to make a move… in either direction. i.e. buying or selling.
Whether you’re a current homeowner interested in a refinance, renovation or “move-up,” contact me. All new buyers, contact me to get prequalified. Knowing what you can buy now or what you may need to plan for will ensure your homeownership aspirations also don’t require a lot of imagination!
Contact me for more up-to-date mortgage news anytime.