Thought the housing market is on a general upward stretch, the foreclosure ratings are rising just as quickly, with bigger mortgages unfortunately headed for foreclosure.
“According to numbers from real estate analytics firm CoreLogic , in December 2014 the country’s foreclosure rate fell to 1.4%, the lowest level since March 2008. But while the overall market is well on the way to recovery, elevated foreclosure rates persist at the high end. In December, the rate for mortgages of $750,000 or more was 2.5%.
This disconnect has characterized the 2008 crash and its aftermath, says Sam Khater, CoreLogic’s deputy chief economist. High-end housing had traditionally seen fewer foreclosures than the market at large, but, he notes, the last decade’s recession turned that convention on its head.”
As you can clearly see, the data says it all. I wouldn’t call it another recession, but it’s something to be clearly aware of. Check out Adam Bonislawski’s article from the Wall Street Journal for the full story. Also, if you have any questions and concerns about the status of the market, or your own finances, feel free to get in touch with a Century 21 Riverpointe agent.