With the rapid improvement of the Real Estate market in Bend, and across the United State, everyone these days is interested in how much the Real Estate market has improved in the last 12 months and thanks to a recent report by Trulia.com we know that the Real Estate market across the united States is close to 70% back to what can be called “normal”.
Behind The Statistics
Trulia has been tracking the improvements in the Real Estate market since early 2012 and they have been keeping their eye on three specific pieces of criteria: existing home sales, housing starts and delinquency.
Thankfully all key areas of the housing market have improved in the last year: construction starts have seen a 19% year-over-year improvement, existing home sales have improved by 13% in the last year nationwide (close to 30% when short sale statistics are excluded) and delinquencies are now lower than 10% for the first time in years.
Encouraging Statistics but…
When all of these statistics are averaged together we can see that the housing market has improved by close to 70% overall compared to a 42% improvement just one year ago.
Yes the housing market has been “on a roll” for the last year but with the current Government Shutdown many people are wondering exactly what will happen with the Bend Oregon Real Estate market, and home sales nationwide, if the shutdown continues.
How Long Will Shutdown Continue
With day 2 of the Government Shutdown ending all loans applications that were filed before the shutdown will be processed but most lenders will not be able to request verifications from the IRS because, they are shutdown and operating on a “skeleton crew” for the next month.
HUD, VA and FHA loans will all still be processed as before since the Federal Housing Administration will stay open thanks to contingency plans that the FHA and other Government Agencies had in place before the shutdown but if the shutdown goes for more than 21 days home buyers in Bend and across the United States who utilize FHA and other loans may be affected.
Are you planning on buying or selling a home in Bend Oregon? Contact me today at (541) 383-1426 to learn how easy it is to view homes for sale in the area or to list your home.