Housing Market Performs Well Despite Rise in Interest Rates

Image

While the small increase in mortgage rates did not affect the market much if the rate continues to rise you will see a sharp decline in sales. For a more detailed look at this subject please read the article below.

The FHA Condos Approval Company, Inc.

Please +1 Us on Google, Follow Us on Twitter or Like Us on facebook

Mortgage rates are inching higher and higher, but the market does not seem to be paying any heed as it continues to show signs of improvement, according to the HousingPulse Tracking Survey released Wednesday by Campbell Surveys and Inside Mortgage Finance.

Home sales were down somewhat in September, but other indicators—such as distressed sales, time on market, sales-to-list-price ratio, and purchase offers—remained positive, according to the survey.

“The emerging slowdown in home purchases appears to be largely seasonal,” said Thomas Popik, research director for the HousingPulse survey. “September is yet another month where higher mortgage rates have had only a moderate effect on the housing market.”

HousingPulse also tracks distressed property sales, finding the share of home purchases involving REOs and short sales decreased to 24.6 percent over the three-month period ending in September, marking a four-year low.

Time on market also fell to a four-year low last month, according to HousingPulse. Homes spent an average of 8.6 weeks on the market, based on the September data gathered. Notably, this is down from the spring home buying season when time on market was about 10 weeks.

To read the complete article please use the link below.

Housing Market Performs Well

Explore posts in the same categories: Real Estate Market Trends

Tags: , , , , ,

You can comment below, or link to this permanent URL from your own site.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: