Mortgage companies in Illinois likely had a successful year, as the number of delinquent U.S. housing mortgages improved in 2013 to pre-recession levels, according to a new report from Black Knight Financial Services. The year also experienced the best property sales since 2007, showing that the real estate market continues to improve.
"In many ways, 2013 marked an abatement to crisis conditions in the U.S. mortgage market," said Herb Blecher, senior vice president of Black Knight Financial Services' data and analytics division. "Delinquencies neared pre-crisis levels, foreclosure inventory declined 30 percent over the year, new problem loan rates improved in both judicial and non-judicial foreclosure states, and foreclosure starts ended the year at the lowest level since April 3007."
Meanwhile, the average rate on a 30-year fixed mortgage hit three-month lows last week, dropping to 4.34 percent in the week ending Jan. 30 compared to 4.5 percent from the week before, Mortgage News Daily reported.
There likely will continue to be a demand for mortgages in 2014, as 820,000 single-family homes are expected to be built - a 30 percent increase from 2013. Multifamily construction is also projected to be more active this year, increasing 8 percent over last year. Consumers also have been demonstrating their increased confidence in the market, as the purchase of durable goods and sentiment have improved recently.
However, David Crowe, chief economist of the National Association of Home Builders, remains cautious about 2014's performance, saying that the homebuilding market is about two-thirds normal and will take at least two more years to return to "pre-recession normalcy," Mortgage News Daily reported.
"The familiar saying that housing brings the economy out of recessions did not hold true this time around," he said.
Mortgage Lending Real Estate Knowledge Base
Questions about buying or selling your existing home?
TMortgage Loans Colorado Madison WI, Denver CO, St Louis MO | (970) 585-4546 | Mortgage Calculator Options with Loan Quotes. Get Started Now With LF Loans Mortgage! Lock Your Rate - Calculate Payments - Compare Loans - Skip the Bank - Types: FHA Loans, HARP, VA Loans, ARM | Boulder, Ft Collins, Aspen, Pagosa Springs, Colorado Springs, Pueblo, Golden, Grand Junction, Steamboat Springs, Denver CO, Hannibal, Springfield, Troy, O'Fallon, St Louis MO, Chicago, Quincy IL | Home Loans in Armenia WI, Baraboo WI, Beaver Dam WI, Beloit WI, Brooklyn WI, Columbus WI, Deforest WI, Dell Prairie WI, Dodgeville WI, Edgerton WI, Fitchburg WI, Fort Atkinson WI, Germantown WI, Green Bay WI, Green Lake WI, Janesville WI, Lacrosse WI, La Valle WI, Lake Delton WI, Lake Mills WI, Lodi WI, Madison WI, Mauston WI, Mazomanie WI, Merrimac WI, Middleton WI, Milton WI, Milwaukee WI Monroe WI, Montello WI, Mount Horeb WI, Necedah WI, Oregon WI, Platteville WI, Portage WI, Prairie Du Chien WI, Princeton WI, Reedsburg WI, Ripon WI, Rome WI, Spring Green WI, Stoughton WI, Sun Prairie WI, Tomah WI, Verona WI, Watertown WI, Waunakee WI, Windsor WI
Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.