Updated 08/08/2012 06:18 PM
Mortgage delinquency hits three year national low
Some good news in the housing market. According to a new report, the national mortgage delinquency rate hit a three year low. But Solomon Syed explains why real estate analysts are only cautiously optimistic about this development, especially here in New York State.
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ALBANY, N.Y. -- The national rate of mortgage holders at least 60 days behind on their payments sunk down to 5.49 percent during the year's second quarter. It's the lowest level since 2009, but real estate analysts aren't sold on this promising number.
"The real estate market is a local market and to look at the national numbers, it doesn't really give you the proper perspective of what the market is like here," said real estate attorney Anthony Ianniello.
In New York, the delinquency rate sits above the national average, closer to 6.5 percent, reflective of the state's tepid employment numbers in certain regions.
"Where there are jobs, there are areas where the housing market is improving," said Ianniello.
The market could very well depend on where you live, literally.
"The interest rates are literally at an all-time low," said real estate agent Brian Sinkoff. "What we're seeing is houses that are 'move-in' ready, houses that were kept in good condition, those are selling and believe it or not, we're seeing multiple offers again."
While it may be a great time to buy a home right now, analysts aren't seeing the market boom. At least some of it may have to do with just how difficult it is right now to actually get approved for a mortgage.
"Basically the lenders, the people who are giving you the mortgages, they're tightening their guidelines a lot," said Sinkoff.
That means additional layers of credit and employment checks to weed-out potential defaulters, so it doesn't take years just to get back where we are now.
"The mortgage market has already gone through the abyss over the last three years, so many homes have already been foreclosed," said Ianniello.