An untold housing story

RE 'ONE IN 4 mortgage holders in Hampton Roads is underwater,' Hampton Roads, Sept. 14: The Hampton Roads Realtors Association, Tidewater Mortgage Bankers Association and Tidewater Builders Association would like for the public to be informed about positive aspects of our local housing market that have been sorely missing from recent coverage in The Pilot.

Mortgage rates are under 4 percent, and homes are more affordable than they've been in years ideal conditions for buyers.

Hampton Roads was recently named No. 12 in Hanley Wood's Top 20 list of healthiest housing markets.

The report predicts price appreciation of 4.3 percent and income growth of 4.7 percent in our market during the next 1.5 years and that prices will stabilize this year and rise slightly over the next two years.

The percentage of underwater homes reflects the number of low- and no-down-payment loans that put many borrowers underwater on closing day. When we work through our inventory of foreclosures, home values will stabilize, no longer putting mortgage holders underwater.

Surveys show Americans still value homeownership. In a recent Pew Research Center survey, respondents also consider it a good investment, more than their retirement savings program or stock market investments. Three-quarters of those who don't own a home plan eventually to buy one.

There's a pent-up demand for housing, and if there's a silver lining to the housing downturn, it's that conditions are about as good as they get for home buyers.