As the housing market continues to improve, we are in a big of a Golden Intersection. Prices are rising, sales are growing, and Federal Assistance is still available. According to the monthly report published by the Department of Housing and Urban Development, there was a large annual gain in home value for the 12 months between January 2012 and January 2013. Purchases of both new and existing homes grew, with existing home sales up as much as 10%. Great news!
But this means that housing prices are on the rise. There has long been a risk that the current, extremely low interest rates would rise. Now there is a risk of home prices rising as well. If you’re in your home, then that’s great. You may move out from being underwater. But if you’re looking for a new home or maybe even your first home, you may be priced out of the neighborhoods you prefer.
For all of those who are just trying to make ends meet, there is still help available. The Home Affordable Modification Program has helped 1.5 million homeowners and continues to encourage lenders to extend help to struggling home owners. These programs have helped people save over $500/month on their home mortgages, adding up to a total of $9.6 billion in total principle reduction.
So what does this all mean? It means that if you need help, it’s still out there. McLellan Financial Mortgage can help you make the most of it. And it means that if you’re looking to move or buy for the first time, it’s a great time to get into the housing market before prices take off again.
Read and learn more from our friends at First American Title.