Smaller Housing Inventory Caused by Big Price Drops
From the NAR figures, the tightest supply in the housing market at the moment in on the lower end of the scale, showing a 5.8 month supply of homes that are priced under $250,000. However, the “tightest” category has also experienced the biggest drop in prices of any category as well. With a 7.5 percent decrease in prices on those homes, it is quite strange to see the housing market see so much demand but also see the cost lower as well. As for different regions, the West is making the most noise with the highest price drops at 16.5 percent compared to last year, and these kinds of prices have shot up sales of lower-end homes by 58 percent in the Western area putting the supply of unsold homes at only 2.7 months. Investors are able to buy up blocks of homes and use them for renting purposes which takes them out of the market. In this economy, job losses are abundant and individuals, families having to leave their homes just so that they can afford to live. Take a look at Portland Mortgage Guide to find some videos and great information on mortgages as well as more topics.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.