The latest mortgage delinquency statistics show that Hurricane Irma is continuing to disrupt local mortgage repayments this month. Both short-term delinquency rates (30 days late) and more serious delinquencies (90 days plus late) are up year on year. Also, after a long run of reduced foreclosure rates, they also started trending up over the last few months.
Category: Real Estate
While I focus most of my time on what’s happening in Manatee and Sarasota counties, it’s also important to follow the broader real estate trends. Overall, the real estate market in the United States is seeing significant price increases. Over the past 12 months, average sale prices for homes have risen by 6.9%.
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Dog Friendly Sarasota & Manatee
Home is where the heart is. In our home, our hearts extend to our dog. Licia is a four-year old Vizsla that loves entertainment throughout our community. Here are a few of her favorite places to go.
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New Construction Thoughts
Purchasing a newly constructed home is more complicated than buying an existing home. Accordingly, it is often more important to hire a real estate agent with a new home purchase than it is with an existing home. That said, make sure that any agent you hire has experience with new construction, as builder contracts and the building process are different from what most real estate agents normally deal with.
We saw a reversal in mortgage rates last month after a rapid rise in April. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.64%. At the end of last month, they were sitting at 4.73%. While it is great to see upward momentum reverse for the moment, the general forecast continues to be for a slow continued rise over the rest of the year.