Home Prices Are on the Rise Thanks to More Job Opportunities
After struggling for a small amount of time, the prices of homes are beginning to climb. The climb is being attested to buyers finding more jobs according to recent data. This trend is also driving the amount of defaulted loans down.
"There were 4.5% of mortgages in some stage of delinquency (30 days or more past due including those in foreclosure) in June 2017," reported National Mortgage News with statistics by CoreLogic.
"May's delinquency rate was 4.5%, while for June 2016, the rate was 5.3%."
Surprisingly enough, the strength of the job market has been one of the biggest driving factors to the drop in defaulted loans and hike in home prices. According to the report, CoreLogic stated that the "Home Price Index increased 6 percent and payroll employment are by 2.2 million jobs in the year ending June 2017."
The numbers over the past year have been quite promising with delinquent mortgages dropping from 2.5 percent to 1.9 percent in June 2016. For more on the positive nature of the HPI, decline in defaulted loans and more, click on the image above.
