Changes in the market are happening daily and it’s hard to keep up! We have compiled some updates you might find interesting to share with your buyers. Inventory is low but the market is favorable. Anyone interested in buying should consider doing so now. We have our traditional options AND non-traditional loan products ready for buyers with varying circumstances such as options for self-employed buyers, property investors and those needing Jumbo loans.
Here is the latest information you should know about the housing and mortgage industry:
Home Prices Are Up
This is great news! According to Realtor.com, median home prices have increased 4.3% year over year for the week ending June 6, 2020. Why? The total number of listings are down. If any of your neighbors, family or friends are thinking of selling let them know now is a good time to list their home.
Unemployment Is Down
According to the Department of Labor, unemployment is down 13.3% for the month of May. This is the largest one month surge in employment since 1939. This creates optimism in the market, prompting people to move forward with home purchases and listings which is good for the housing industry!
Decline In Forbearance
Forbearance has dropped by 47,000 week over week since the peak the week of May 22, 2020 according to Fannie Mae and Freddie Mac. Why is this good to know? The economy is getting a little stronger and less people need assistance paying their mortgages. That is a great step towards market recovery and a healthy mortgage industry.
We hope you find this information helpful! Share with your clients and if they need a lender to talk to please refer them to us! Also, we are here for YOU to answer any questions you have about your challenging scenarios and how our products might help. It is our pleasure to help more homebuyers become homeowners!
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Close Quickly With Angel Oak Home Loans,” we mean it!