Is 2014 the time for renters and individuals who did a short sale to avoid foreclosure to re-enter the housing market?
Foreclosure activity is at its lowest level in more than 7 years according to Realty Tract. A total of 51, 842 properties went in to foreclosure in 2014. That is the lowest level of foreclosures since the housing market crash.
In related news, Zillow surveyed renters and discovered that approximately 4.2 million first time renters want to buy a home this year. However, Zillow also found that inventory of homes for sale are up a little bit from last year but there still are many local shortages of available homes to purchase.
Since mortgage rates are moving higher this may be the year for renters who want to purchase their own home to take advantage of the market conditions in 2014. If you were forced to do a short sale 2 years ago or longer to avoid a foreclosure, you may now be in a position to re-enter the housing market and purchase a home with a relatively low mortgage interest rate.