I wish I knew.
- There were rumor in the beginning of 2013 about lenders "shadow inventory." May have been exaggerated and maybe lender are holding "shadow inventory."
-There are some sellers that are upside down or some with very little equity. Why SALE?
- If seller sales purchasing new home in West Los Angeles, CA may not be affordable. Why SALE?
-The news touts "Recession" recovery but California's unemployment rate is about 10%.
-Hard to judge seller real confidence in economy. Some sellers maybe looking for long-term judgment on economy and not selling now.
- Housing inventory is down about 60% but there are valid reasons that sellers are not selling NOW.
Last week mortgage interest rates increase. They are still reasonable and the lowest that they have been in decades. The increase still reduces qualifying buyers. Less qualifying buyers may slow down bidding wars and keep homes on the market for a longer period. This factor may very slightly increase housing inventory. But inventory is still depressed. Your question is when will housing inventory increase I am not wise enough to Know. The real estate market is too volatile.
Gail Mercedes Cole
I do not feel you will have a problem. Just continue to pay your mortgages on time, build up your liquid assets such as savings account balance and accelerate the pay-off of your primary residence to escalate the recovery of your equity. Then call me.
Over the past few years, I have given a solid guideline to home owners recovering from income curtailment and distressed modifications on their primary residences.
Carrington Mortgage Services
Direct at 310-567-8938... more