As the spring real estate market begins to heat up, realtor.com reports that the national inventory has increased an average of 10%. However, not all cities are equal, and some have increased much more than others. Here are the top 10 cities that have seen the largest increase of houses coming onto the busy spring market.
This could develop into a hot spring market because interest rates have also dropped slightly making it all the more attractive to buyers. Last week, the national 30-year fixed rate mortgages dropped from 4.34% from 4.41%. That’s a good mortgage rate but still a little high compared to the 3.43% rate at the same time last year.
Here are the 10 top cities for increasing the number of residential houses on the market:
Stockton, CA, has seen a year on year increase of 101%. This city appears to be indicative of what is driving the market. This hard hit foreclosure market is seeing another up tick in foreclosures hitting the market. It would appear the banks continue to manage their way out of the foreclosure disaster by brining properties onto the market over a period of time instead …read more