While the national real estate recovery slowly builds stream, a number of local areas saw significant gains so far this year.
In November, the number of improving housing markets across the country hit 125, according to a report from the National Association of Home Builders. This marked an increase of 22 marketplaces from the previous month.
"Not only did 22 additional markets qualify for the improving list in November, but the geographic distribution of included metros expanded from 33 states to 38 (plus the District of Columbia), while 97 out of 103 markets retained their spots on the list from the previous month," said NAHB chairman Barry Rutenberg.
What does this means for borrowers?
Like most economic and housing developments, improvements start from the ground up. In order to be considered for the list, a housing market must demonstrate six straight months of home price, building permit and employment gains.
This could soon translate to stronger national real estate trends. Once this occurs, mortgage lenders may be more inclined to extend lines of credit to qualified borrowers in the near future.
However, this doesn't mean you don't have options now. Borrowers with short credit histories or small down payments may be able to qualify for an FHA or VA mortgage loan. These types of loans often have more relaxed lending standards than more conventional options.
Depending on your history, these may be the best way to make the transition to homeownership. Talking to a mortgage professional at Freedom can give you a better idea of your options.
Arming yourself with the most up-to-date housing market details is a great way to stay informed of current mortgage loan rates. Freedom Mortgage offers some of the most extensive news, homeowner tips and personal finance information in the industry.
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