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Homebuyers are being stopped in their tracks by tightening credit standards and the low amount of homes for sale on the market. Existing home sales in November 2015 are expected to come up pretty flat compared to the previous month.
According to Auction.com's Residential Real Estate Nowcast, existing home sales are projected to come in between 5 point 16 and 5 point 54 million annual sales in November, with a targeted number of 5 point 36 million. This number is nearly the same as October, but still up 8 point 4 percent from last year.
The amount of underwater mortgages in the U.S. continues to decline, but is not fully helping the housing market on the road to recovery, particularity in many large markets that were heavily impacted during crisis times. Zillow's Negative Equity Report showed that the negative equity rate nationwide fell in the third quarter to 13 point 4 percent of underwater borrowers, down from last quarter's percentage of 14 point 4.
