As the spring selling season gets under way we find the market blooming with fragrant appreciation, fewer foreclosures, and fantastically low interest rates.
The number of U.S. mortgages that were behind on their payments or in foreclosure in March fell below the 5 million mark for the first time since 2008, according to a report released two weeks ago.
The number of loans in the foreclosure process fell to just below 1.69 million in March, the lowest level in nearly four years, according to Lender Processing Services. That was down by almost 20% from one year ago. Overall, around 3.4% of all U.S. mortgages were in foreclosure at the end of March, down from 4.2% a year ago.
Foreclosures have been falling because fewer borrowers are falling behind on their payments and because banks have been more aggressive about modifying loans or approving short sales, where properties are sold before the bank completes foreclosure.
As our housing market improves so does our local economy. Did you know that for each home purchased $60,000 of direct or indirect spending occurs in the economy? All this good news is sweet music to my ears.
Leading the way ... in California real estate for more than 100 years, the California Association of Realtores (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate.
Sheri Aguilar is the president of the Lodi Association of Realtors and can be reached at Sheri@YourLocalAOR.com