Peoples Home Equity believes that the Chicago area has potential to see great improvement in distressed home sales over the next 12 months.
Chicago, IL (PRWEB) April 21, 2014
Corelogic a provider of financial, property and consumer information released an article on April 21st titled “Home Sales Increased by 10 Percent Year Over Year in March.” The article has significance as it was released a day before March existing home sales are to be announced, and two days before new homes sales are revealed.
Annual home sale numbers have increased 31.5% month over month as March saw a pace of 5.17 million home sales versus just 3.93 million in February. Peoples Home Equity was not too surprised by this monthly change because the lender has been expecting a strong rebound in sales this spring. Corelogic has the same view as the data provider emphasized that “over the past 15 years, the monthly sales percent increase from the month of February to the month of March averaged 27.” This news is excellent from home buyers and lenders and it signifies more inventory on the market and an increase in possible mortgage activity. The article also reports something that bode very well for new homes being announced on Wednesday by saying “March home sales were led by newly constructed homes which increased by 24 percent”. Distress home sales were also seen as decreasing in March as Corelogic reported “Distressed sales accounted for 13.7 percent of total sales in March, a strong improvement from the same time a year ago when this category made up 20.4 percent of total sales.”. Peoples Home Equity was pleased to distress home sales decline as Corelogics core based statistical areas based on population ranked the Chicago-Naperville-Arlington Heights area the highest in distress home sales. Peoples Home Equity believes that the Chicago area has potential to see great improvement in distressed home sales over the next 12 months. Temperatures effected home sales in the Midwest more than the west or south, hence the spring and summer season will probably effect the Midwest more than other regions of the USA. Prospective mortgage applicants that reside in the Midwest are encouraged to apply for a home loan now before mortgage rates react to increasing real estate activity this spring.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026