There’s good news for buyers and sellers of Santa Cruz real estate: The U.S. Economic and Housing Market Outlook that came out the end of February is encouraging. According to this research done by Freddie Mac, both the economy and the housing market are showing cautious signs of recovery.
Here are some of the changes stimulating these improvements in both nationwide and Santa Cruz real estate markets:
• Loans that were seriously delinquent or going into foreclosure declined to the lowest quarterly share since the start of 2009, according to the latest Mortgage Bankers Association Mortgage Delinquency Survey.
• In January, existing home sales were at their highest since May 2010, according to the National Association of REALTORS®.
• Job gains have exceeded expectations for the past two months.
• In January, the unemployment rate fell to its lowest since 2009. In December, jobless claims were at their lowest level since 2008.
• Applications for weekly unemployment benefits decreased for the third consecutive week, to 348,000; the fewest since the first week of March 2008.
• Home builder confidence continues to grow.
• Households are paying off their debts and accessing credit more easily.
• Historically low mortgage rates continue. According to Freddie Mac, the national average rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January.
Thinking of buying or selling Santa Cruz real estate? Please give me a call at 831.662.6522 or email me at Lauren@LaurenSpencer.com to talk about how I can help you take advantage of the upcoming spring and summer selling season.
For additional real estate information, visit my homepage at www.MySantaCruzRealEstate.com.
U.S. Economic and Housing Market Outlook
Mortgage Bankers Association
Unemployment rate fell to the lowest since 2009