This Week in Real Estate: Inventory, Prices, Consumer Confidence Increase

There’s a lot going on in real estate news this week, so here is a summary of everything you need to know about real estate this week from an Encinitas Realtor.

Mortgage Modifications are Up

According to Lender Processing Services, a data firm for real estate, mortgage modifications have seen a reversal in their two-year decline. Mortgage modifications in 2012 totaled 479,000, with almost 60% of those occurring in the second-half of the year. Mortgage modifications contributed to the decline of delinquent loans in February.

Consumers Confident in Housing Recovery

In a report from Fannie Mae’s March 2013 National Housing Survey, consumers believe that now is a good time to sell a home. In March 2012, the same report saw 14% of respondents claim that the period they were in was a good time to sell, while March 2013 saw that number rise to 26% of respondents.

Confidence over the larger economy was lower than in previous months, according to the report.

Gains in Prices and Age of Inventory for Spring

The spring buying season is underway and that means that from February to March we have seen increases in median list prices and median age of listing inventory. Nationwide the number of listings has decreased 15% year-over-year, median age of inventory has decreased 12% to an average of 78 days during the same period, and median list price has increased 0.05%.

On homes for sale in Encinitas total inventory has decreased 39% from the same period in 2012, with median list prices having increased 47% during the same period, according to statistics from Movoto.

Mortgage Rates Fall

For the second week in a row mortgages rates have fallen, now averaging 3.43% on 30-year fixed-rate mortgages down from 3.54% the previous week and 3.88% from a year ago.

For all of the latest real estate news keep checking back to hear from real estate agent in Encinitas Linda Moore.

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