According to mortgage technology company FNC, rising home equity is allowing many buyers to trade-up.
Nationally, the foreclosure market is close to pre-crisis levels. The glut of foreclosure inventory has largely been consumed. Rising home prices are allowing seller’s to sell and have a larger down-payment available; then they turn around and buy something bigger while while prices are and rates are still relatively low.
FNC director of research, Yanling Mayer explains that “an important sign of a healthy and sustainable recovery is increased housing turn over driven by trade-up buying, which is more or less discretionary spending… These buyers are typically more responsive to market conditions and financial incentives.”
For a full report, read the Original Article Here: Turning Point for Housing Market? Key Drivers Shift from Supply to Demand