The latest mortgage statistics show an improving market in Sarasota and Manatee counties as the numbers are better now than at any point since Hurricane Irma. Both short-term delinquency rates (30 days late) and foreclosures are down when compared to the same period last year. However, serious delinquencies (90 days + late) continue to be somewhat higher than they were last year.
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Mortgage Rates Rose Last Month
We saw mortgage rates rise by 2/10’s of a percent last month. That rise will cost new borrowers an additional $12 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.72%. At the end of last month, they were sitting at 4.52%. After a few months of relatively stability, the general forecast for a continued rise over the next twelve months is becoming a reality.
The Sarasota and Manatee county markets for condos & townhomes are currently moving in lockstep. Both markets are Seller’s markets for condos & townhomes priced below $400,000 and Buyer’s markets for condos & townhomes priced above $400,000.
Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends will give you a good idea of what to expect.
Roughly 63 percent of U.S. homeowners have mortgages. Given that large percentage, its important to understand what the equity positions in their homes look like to assess real estate fundamentals. The good news for us is that according to CoreLogic, homeowners with mortgages saw their equity in their homes rise by almost $1 trillion (12.3%) in the last year. That points to a healthier market.