Washington and the housing market around the country, including Ventura County, are never far apart. Experts ranging from real estate professionals to the members of the Federal Reserve have reported that the state of the nation’s economic recovery relies heavily on a housing recovery.
According to the latest Legislative and Political Forum held at the Realtors 2012 Midyear Legislative Meetings and Trade Expo, housing will play a large part in deciding the outcome of the 2012 presidential election.
For the majority of Ventura County residents, their home is their largest asset and the foundation for their family. Taking steps to ensure Ventura County homeowners keep their homes helps not only those owners but also home values across the nation. The health of housing plays a significant role in the strength of the overall recovery.
When would-be buyers in Ventura County are worried about job security they aren’t thinking of buying. When potential buyers can’t access credit they can’t buy homes.
We are seeing that some Ventura County buyers who would like to purchase a home are unable to because they cannot obtain a mortgage. Credit standards have tightened for Ventura County buyers with the median credit score of Ventura County borrowers rising from 700 in 2006 to 760 in 2009, where it remains today.
Tight credit standards have made obtaining challenging for Ventura County first-time home buyers, since they tend to be younger and have lower credit scores and fewer financial assets.
Current, Ventura County housing affordability remains at an all-time high. The NAR’s composite quarterly Housing Affordability Index (HMI) rose to a record high of 205.9 in first quarter of this year. The greater this number is, the more households there will be in Ventura County can afford to buy.
We are seeing Ventura County home prices stabilizing and sales are rising. Some buyers still have to go through extra work to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This trend is especially prevalent for self-employed Ventura County residents.
Find your next home in one of these areas: Westlake Village, Thousand Oaks, Agoura Hills, Camarillo, Newbury Park, Simi Valley, Moorpark, Calabasas, Woodland Hills, San Fernando Valley, Oak Park, Conejo Valley, Dos Vientos, Lake Sherwood, North Ranch, Las Virgenes, Wood Ranch