After several years of sluggish sales, declining markets, and increased REO's we finally see a light at the end of this tunnel that should help transferees trying to sell homes. Across the country, markets are starting to recover with increased sales and decreased inventories, causing a modest increase in prices. In addition, overall mortgage rates are the lowest in 50 years with 30 year fixed mortgage interest rates as low as 3.66%.
We also see the "shadow" inventory of foreclosures and REO's starting to fall. This is good news for the economy, but it also means that there aren't as many homes available to purchase. Distressed properties are still available, but aggressive refinancing programs, as well as the normal foreclosure process, have removed many homes from inventory. In addition, asset management companies have now started looking to the investor community to sell distressed properties in a packaged arrangement, further reducing available inventory.
Another great piece of news is that Congress has passed a five-year reauthorization of the National Flood Insurance Program, extending the program through September 2017. This means that homeowners who have been waiting can now sell properties and no longer have to pay for expensive private flood insurance.