FHA insured loans were 38 1/2 % of all mortgage loans taken out. In 2006, they comprised only 0.6% of all loans. This means that financing for home purchases is still a bit unstable.
Just under 19% of buyers paid entirely cash for homes, which is down from nearly 30% in January of 2010, when the market was flooded with investors, but it is still higher than the twenty-two year long average figure of just under 14%.
The rate of "Flippers", investors who buy and resell a house within 3 weeks to 6 months, was just under 3 1/2 %, which is more than twice the number for February of 2009, which was just over 1 1/2 %. This indicates the large number of people who are buying homes as quick-return investments.
The usual mortgage payment was eleven hundred eighty dollars per month, which is just a hair above that of eleven hundred seventy-two dollars a month in January and eleven hundred fourteen in January of 2009. It was 56.6% less than the mortgage payment at the peak of the market in the summer of 2007.
When one considers these numbers, along with the home prices and mortgages rates at the lowest we've seen in for many years, now certainly appears to be the time to buy.
