Outstanding mortgage debt grew by 1.9 percent in the third quarter, and both new and existing home sales are up from last year
Sellers are finally putting their homes on the market.
Fortune reports that outstanding mortgage debt rose by 1.9 percent in the third quarter, the highest jump since 2008. Also, sales of new homes increased 17.8 percent from October last year, and sales of existing homes improved 6 percent during the same period. Homeowners are capitalizing on price appreciation and making deals before interest rates are set to rise.
The site also notes that mortgage debt payments are a much smaller percentage of disposable income compared to previous years, and that new home construction is on the rise.
Housing starts surged more than 25% in October, to reach levels that haven’t been seen since the middle of 2007. We’ve been talking about the housing recovery since at least 2012, but it looks like it has finally begun in earnest.