Lee Morof's Real Estate Blog

There’s good news for buyers and sellers of Bloomfield Hills real estate: The U.S. Economic and Housing Market Outlook that came out around February 23 is encouraging. According to this research done by Freddie Mac, the economy and housing market are showing cautious signs of recovery.

Here are some of the changes stimulating these improvements in both nationwide and Bloomfield Hills real estate:

• Loans that were seriously delinquent or going into foreclosure declined to the lowest quarterly share since the start of 2009, according to the latest Mortgage Bankers Association Mortgage Delinquency Survey.
• Existing home sales were at the strongest pace in January since May 2010, according to the National Association of REALTORS®.
• Job gains exceeded expectations for the past two months.
• The unemployment rate fell to the lowest since 2009, in January. In December, jobless claims were at their lowest level since 2008.
• Weekly unemployment benefits applications decreased for the third consecutive week to 348,000, the fewest since the first week in March 2008.
• Home builder confidence continues to grow.
• Households are paying off their debts and at the same time accessing credit more easily.
• Historically low mortgage rates encourage home buying. According to Freddie Mac, the national average rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January.

Please join me in celebrating the fact that there’s a lot to be positive about looking ahead!

Thinking of buying or selling Bloomfield Hills real estate? Please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com to talk about how I can help you take advantage of the upcoming spring and summer selling season.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
www.NorthWoodwardHomes.com