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January housing scorecard shows market improvements

Posted on Tuesday, February 21, 2012 at 9:20:10 AM

Market data has recently shown progress on the reduction of inventories of existing homes, as well as improved home prices, according to the January edition of the Obama Administration's Housing Scorecard released by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury.

"While we should be encouraged by the positive trends on inventories and foreclosure starts, the mixed overall outlook means that we must remain diligent to improve conditions in the nation’s housing market," said HUD Assistant Secretary Raphael Bostic.

The news may encourage first-time homebuyers to seek smart residential financing options. According to the report, 2.4 million single family homes remain on the market for sale - giving consumers a welcome opportunity to peruse the selection and choose one that best fits their needs and their budget.

A homeowner should seek new avenues in the housing market, as record low mortgage interest rates combine with decreased prices help to create strong bargaining chips for consumers. All they may need is steady income, decent down payment and a residential financing loan to see them into homeownership before the end of the year's first quarter. ADNFCR-16001052-ID-800711707-ADNFCR