NORWALK, Conn. (RISMedia) – Sales of existing homes increased nationally in January as home affordability remained high, according to the latest figures on the Obama Administration’s Housing Scorecard. However, officials caution that the market remains fragile, as prices are unsettled.
The housing market remains fragile as data through January 2011 paint a mixed picture of recovery, reports RISMedia.
Existing home sales ticked upward in January, but remained below levels seen in the first half of 2010. Mortgage delinquencies continued a downward trend compared with early 2010, and foreclosure starts and completions remain below peak.
However, as lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. RISMedia said the decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.