As more people get jobs banks will lower credit standards for mortgages and more homes will be sold to those that desire them.
Chicago, IL (PRWEB) July 06, 2013
The Federal Savings Bank sees the housing improving in great shape despite Friday's reading of unemployment remaining at 7.6% for June. Note that despite the same reading as May, the USA did add 195,000 new jobs for the month of June, just not enough to push the percentage rate lower.
"As more people get jobs banks will lower credit standards for mortgages and more homes will be sold to those that desire them," says Nick a banker at The Federal Savings Bank. In addition he says "we are seeing much less foreclosures than in the past as householders are either becoming re-employed or earning more income."
The National Association of Realtors (NAR), an institution specialized in research and statistics for the housing market has been posting numerous positive data points. Headlines on their website include: "Home Sales Rise in May with Strong Price Increases", "May Pending Home Sales Reach a Six-Year High", and "Metro Area Home Price Growth Trend Continues."
The Federal Savings Bank expects continued positive news in housing as buyers may rush to purchase homes on new jobs and rising interest rates. "The time to purchase a home is now," according to Nick from the bank.
While mortgage rates have risen, mortgage rates are still low allowing first-time homebuyers to comfortably purchase a new home of their choice, provided their finances are in order. If interested in applying for a home loan or discussing finance options, please contact a loan officer today at The Federal Savings Bank: (877) 788-3520