Wednesday, February 12, 2014

Great News for 
Home Prices!!

Home deliquencies are down in the majority of the country.  New England is a major exception. 

Deliquency translates into sellers behind in monthly mortgage payments.  These payments could be 1st Lein Home Mortgages and/or 2nd Lein/Equity Line Mortgages.  

Serious deliquent is typically defined as home owners that are 6 month or more behind on making timely mortgage payments.  Thus the 45% reduction in Virginia of home owners seriously delinquent translates in to substancially smaller pool of home owners that will be foreclose upon or seek to sell his/her home as a short sale.

If a home is in a market with sharply lower deliquencies, the values of the home rises.  Any market tends to rise as the drag of short sales and foreclosures on home prices lessens.

It is safe to say, in most of the country, the drag of short sales and foreclosures has lightened quite substancially.

Thus, your home's value is moving up again!!! 
It may seem never too soon to you.  Yet, in the big picture, this reduction in Serious Deliquencies bodes well for 2014 home prices and home sales.

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