According to Fitch, “several unique aspects” of the market have pushed prices up. For one, housing supply has remained limited due to extended foreclosure timelines as a result of legislation that has slowed the pace of foreclosures sales, as well underwater borrowers who are reluctant to sell, the report explained. Overall, the combination of limited supply and demand from purchase borrowers and investors is causing the rapid gain in prices. “It remains to be seen if these trends can continue as residential housing markets stabilize, with a higher volume of listed properties and sales. Nonetheless, the current growth is a positive sign of the housing market recovery,” the report stated.
Posted on: Fri, 19 Jul 2013 14:28:10 +0000