Mortgage Mess Still Mires Housing Recovery

By Qiong (June) Zhang38 Comments

http://finance.yahoo.com/news/mortgage-mess-still-mires-housing-172138628.html

The mortgage rates are rising, now at their highest level since September of last, before the Federal Reserve announced it would buy more agency mortgage-backed securities in order to drive rates down. Last week applications to refinance fell 6% from the previous week, according to the Mortgage Bankers Association.

Mortgage applications to purchase a home dropped more dramatically than did refinances, down 10% from the previous week. While one week does not a trend make, rising mortgage rates, coupled with severe inventory shortages, are not the mix needed for a healthy spring housing market.

Homes selling days on market are shrinking across the nation, but only because supplies are so low. It’s not just the former boom to bust to boom markets.

Rising mortgage rates and tight credit standards keep first time-home buyers out, while falling inventories make it more difficult for existing home buyers to move up. The housing market is therefore still largely in the hands of all-cash investors, looking for distressed properties to buy and then rent out. Ironically, perhaps for now, more distressed properties coming to market will be what keeps home sales afloat.

News

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