Improvements reported across the board for US housing market
Posted on Wednesday, August 27, 2014 at 8:57:25 AM
Since the Great Recession, the U.S. housing market has been on a fairly continuous upward trend. However, the end of 2013 and the beginning of 2014 created some cause for concern, as those positive changes began to stall.
Thankfully, it appears that the market is back on track. According to Reuters, stronger economic growth is one key reason why conditions are getting better once more, and these shifts may allow the Federal Reserve to maintain its current lax monetary policy.
"The Fed will find these data further supportive of the go-it-slow approach to exiting its accommodative policies," Dan Greenhaus, chief strategist at BTIG in New York, told the media outlet.
In addition, homeowners are having an easier time making monthly residential financing payments. According to Black Knight Financial Services, the foreclosure inventory has declined 34 percent on a yearly basis this July. On the other hand, foreclosure starts climbed from June to July, but remain nearly 20 percent below year-ago levels.
Furthermore, U.S. homeowners are also focusing on making their payments earlier. Black Knight Financial Services reported that the mortgage prepayment rate increased more than 10 percent from June to July.