Happy home buying days returning
The Kansas City Star
Realtors must be smiling.
Pent up demand from people waiting out the Great Recession and the long hangover that followed seems to finally have found paradise. The record low 3.34 percent average 30-year fixed mortgage rate combined with an elevated consumer confidence are driving people back into the home buying market.
In Kansas City new home construction permits for October were up the highest they’ve been in five years, a survey of Kansas City area homebuilders shows. The Kansas City Star reports that the highest increases were in Platte and Clay counties in Missouri and Wyandotte and Johnson counties in Kansas.
Consumers also are doing a better job of keeping up with mortgage payments. The rate of seriously delinquent mortgages fell to the lowest level since 2008 as employment picked up and recovering housing demand made it easier for people to unload property.
Homeowners may be cleaning up their credit so they can prepare to shop for that long awaited new home.