May 25

Homes selling as fast as during ‘Housing Boom’

Just 18% of national home sales in April were of distressed properties, the lowest since tracking of this number began in 2008. Compare that to 35% about a year and a half ago. Sales of homes priced below $100,000 were down 10% in April compared to a year ago.  Every other price range saw sales gains. Those who can get credit are now competing for what little there is to buy, and pushing prices well beyond expectations.

Not a housing boom

However, it’s likely not a  ‘housing boom’ we have to worry about… This is all about low interest rates and low inventory, not about easy money. The standards for borrowing are still very tight. Some don’t see this lasting: the minute interest rates increase, it will be over.

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