Americans are investing in a second home!
The vacation home market is heating up as more and more Americans feel confident enough to invest in a second home! However, the National Association of Realtors reported that second homes for investment purposes (as opposed to vacation homes) has declined by 8.5% this past year. This is likely due to rising home prices.
Foreclosures have decreased sharply around the nation, according to housing-data giant CoreLogic. The foreclosure rate is back to levels last seen in 2008, which is a great sign of health for the recovering housing market. Every state has double-digit year-over-year declines in foreclosure inventory.
Homeowners who had been foreclosed upon during the recession would normally have to wait 36 months to purchase a home again with an FHA mortgage, however, the FHA Back to Work Program will allow buyers to purchase a primary home in just 12 months. This program aims to offer families a second chance if they can prove that they’ve since become financially stable.
Mortgage rates dipped slightly this week, as the buying season fully kicked into gear. The average rate on a 30-year fixed mortgage dropped to 4.34%, according to mortgage buyer Freddie Mac.