Housing market continues to rise from depths of foreclosure crisis
More than 7.75 million homes went through foreclosure in the 10 years ending with the close of 2016, but recent employment and economic trends in the United States show the potential to drive the future number of foreclosures to below the pre-housing crisis levels.
A report by CoreLogic, a California company that provides financial and consumer information, shows that in terms of the number of foreclosures, 2016 was the best year since the onset of the housing crisis in 2007. What’s more, CoreLogic’s report indicates we are likely to see foreclosure numbers fall further.
CoreLogic reports that there were 7,783,000 foreclosures from 2007 to the end of 2016. January 2011 was the worst month, with an inventory of 1,563,000 homes in foreclosure in the United States.
That high-volume mark corresponds with the low point for the median sales price for homes in Bend, Oregon, in the last 10 years. The median sales price in Bend in January 2011 was $170,000. One month earlier, it was $169,000, the lowest median sales price in the 10 years for which the Skjersaa Group has data.
Nationwide, the low point for home prices was March 2011, according to the CoreLogic report. Since then, we’ve seen mortgage interest rates fall to a record low of 3.31 percent in November 2012, a 10 percent year-over-year increase in home prices in March 2013 and what CoreLogic calls the serious delinquency rate decline in March 2015 to the lowest level since before the start of the housing crisis. All of those developments strengthened the housing market and made foreclosure less of a likelihood.
Also since the start of the housing crisis, lending regulations have stiffened. The employment picture has strengthened considerably across the United States, and consumer confidence surveys are firmly in positive territory.
The Bend market has been part of the changing tide since the worst of the housing crisis. The end-of-year median home sales price has risen for five years running, inventory of homes for sale remains low, and the city remains an attractive place to live.
Although fewer and fewer homes are moving into foreclosure, buying or selling a home remains a stressful, taxing process. I can put my knowledge and expertise to work for you, wherever you are in the real estate process. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.