If you’re looking to get in on a good foreclosure deal, you might want to hurry. Recent statistics from TransUnion show that the number of borrowers late 60-plus days on their mortgage is dropping. In fact, it’s dropped the last four quarters in a row.
How does this affect the availability of foreclosures? First, please understand that this data does NOT mean that foreclosures have disappeared. In fact, the rate is still high in comparison to how it was, say, 10 years ago. However, as the rate of delinquent borrowers continues to decline, you can expect three things to occur:
- Fewer foreclosures will become available.
- U.S. home inventory will lessen.
- Home prices will climb.
In other words, great news for homeowners, but not so much for people who have delayed their home purchase!
What Now?
All evidence indicates that the housing market is slowly turning around. So if you were waiting for the market to hit bottom before buying, you’ve probably missed your opportunity. That said, with rates still at historic lows and great properties still available, now is the time to get off the fence!, For more information or to see the current inventory of Outer Banks homes for sale, please visit www.coastalouterbanks.com and get help from a knowledgeable Realtor!