Real Estate Market – Pending Sales Augment!

The recession which started in 2007 and ended in 2009 has created problems for both the business and the individuals in the same way. To add up to the misery is the slow economic recovery because of the struggling housing market. Even the US government has felt the crunch because of some serious budgetary pressure. The budget deficit has now stabilized and will continue to get normal as long as the economy and the housing market continue to recover. In the coming few years, the budget deficit will gradually narrow down relative to the national income.

Progress can be seen all across the nation as the pending sale of foreclosed properties increased for 2 consecutive months. The increase was 4.3 percent nationwide except the Northeastern zone, where the sales dipped down by 2.9 percent. This data seems to be consistent and is in line with the home sales improvements that will be seen in the upcoming months.

The low mortgage rates are really attractive and these rates are bringing the buyers back to the housing market. However, the home sales recovery still depends on job creation and improvement in confidence of the consumers. Economists warn that if the mortgage interest rates are augmented suddenly, recovery process will take a hit. If the country now faces inflation, it can lead to an increase in mortgage interest rates.

Readings show that 1 out of every 4 homes sold in the 2nd quarter were in foreclosure state and these properties were sold at prices 26% below the price of the non-foreclosed properties. It is expected that if the inventory of foreclosed properties increase, the time taken to sell a house will get doubled. However, this will be good for first time buyers are those who are looking forward to trade up in terms of the size of their homes. They can get bigger houses at affordable prices.

 So, if you are looking for a foreclosed property, the best place to look at is ForeclosureDataBank.com.