only 794,000 homes were in some stage of foreclosure in January 2013, down -33.8% from January 2014.
Chicago, IL (PRWEB) March 30, 2014
On Tuesday, March 25th, Corelogic released its March Market Pulse report which is a “compilation of thought leadership and mortgage analysis” of the company’s economists. Peoples Home Equity finds the report useful and informative for obtaining abstract market data and getting a general barometer of US real estate.
The report started with a letter from the CEO, Anand Nallathambi, in which he points out that real estate is changing to a purchase-driven market. Peoples Home Equity also has this same view which is why thinks first-time homebuyers will play a critical role in the coming years. Unfortunately, Nallanthambi states that “2014 is widely expected to be a tough year for mortgage originations.” He continues with “Mortgage activity for the purchase market is expected to increase modestly, but the total volume of originations will still be considerably lower than the market has experienced in recent years.”
On a positive note Mr. Nallathambi believes the market is “off to a soft start, with severe weather across much of the nation exacerbating the slowdown in refinancing volumes and producing lower-than-expected home sales and fewer-than-anticipated new-homes starts.” Both Corelogic and Peoples Home Equity believe that the seasonal spring selling season will play a critical role in proving whether housing and mortgage markets can improve in 2014. Nallathambi highlighted the fact that only 794,000 homes were in some stage of foreclosure in January 2013, down -33.8% from January 2014. Happiness among 4 million homeowners also increased due to them regaining equity in their home in 2013. Peoples Home Equity found the reports graph illustrating the difference between home sales and median home prices particularly alarming as the discrepancy is very large. The lender believes that eventually home prices must decline due to another market correction or lack of raising wages, or home sales must rise significantly when more inventory hits the market. For now, Peoples Home Equity is leaning towards the ladder situation playing out first.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today: (855)-897-0300