As Distressed Inventory Declines: The available supply of foreclosures and short sales previously stunted the recovery for new home sales, according to CoreLogic’s May Market Pulse report.
Though, now that the supply of distressed homes and existing-homes for sale has fallen, there’s more room for the new home sales market to expand.
According to CoreLogic, the number of seriously delinquent mortgages (90-plus delinquencies, including foreclosures and REOs), peaked at 3.7 million in January 2010, but has fallen by 1.2 million, or by 33 percent.
As delinquencies decline, new home sales are rebounding after hitting low points over recent years. Citing data from the Census Bureau, CoreLogic reported new home sales have increased 19 percent from a year ago in March. Read more ....
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