In February, 2017 (latest data available from Multiple Listing Service of Greater Cincinnati) 8.14% of the new listings had “Lender Involvement” compared to 12.12% in February of 2016. Sales with lender involvement was 12.62% in February 2017 compared to 18.96% for the same time frame in 2016. So we’re are trending in the right direction.
CoreLogic reviews national data on mortgage delinquencies and their latest report also shows our area is on the mend.
The local Cincinnati real estate market continues to experience robust sales and rising sale prices. Good news for sellers and for buyers who are qualified to purchase. However the booming market also encourages the “opportunists” to take advantage of borrowers. Lately articles about home equity loans, “using your home to pay for your dream vacation” and “how rising prices help owners refinance” are offering a way to leverage your property to buy other things.
Leveraging equity isn’t a new concept and most mortgages are at fixed rates today-but the idea of using inflated home values and borrowing the maximum amount may come back to haunt sellers if the real estate market softens in the future.
Foreclosures and the short sales continue to decline. Let’s hope the downward trend continues.