Low Mortgage Delinquencies and Healthy Outlook for Housing

As we have been saying, homeownership is a great way to build wealth.  CoreLogic is reporting that the average gain nationwide in home equity per borrower in 2018 was $13,600!  So far in 2019, the average gain in equity has been $6,400 per borrower.  Going forward, CoreLogic forecasts that over the next year, the average appreciation rate will be around 5.6%.  Even though home prices have been moving up, they are still on track to have continued health, continuing to make housing a very strong investment. 

Molly Boesel, Principal Economist said, “Home prices have increased steadily since 2011, creating record amounts of home equity and putting homeowners in a good position to weather future downturns.” Ralph McLaughlin, Deputy Chief Economist added, “We expect the housing market to enter a normalcy phase over the next 24 months.  With prices neither rising too fast nor too slow, and with a growing stream of young households looking to buy homes over the next two decades, the long-term view looks healthy.”

Also, mortgage quality has been improving and delinquency is at all-time lows.  CoreLogic has reported that as of April 2019, only 3.6% of home mortgages were in some type of delinquency.  This is down from last year’s report where it was 4.3%.  This is the lowest delinquency reading in over 20 years! 

This is the time to speak with your Advisors Mortgage professional, whether for refinancing or purchasing, to get a quality mortgage for a home that is forecasted to help you increase your wealth.

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Source: CoreLogic