Federal foreclosure protections, which are set to expire starting at the end of July, included a moratorium on certain foreclosures, as well as the ability for forbearance. As a result, the number of homes for sale fell drastically.
"It's still very strong -- a seller's market," said Mark Goldman, loan officer for C2 Financial Corporation. "Buyers are becoming frustrated. When a house goes on the market, it becomes like an auction."
Goldman said that now is a great time for people to sell if they're worried about their mortgage, with homes selling about their appraisal value.
"Buyers are willing to pay more for the property," Goldman said. "There are so many buyers chasing so few properties right now."
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That means it's a frustrating time to buy a home. If you don't get the house initially, though, stay in contact with the buyer, Goldman said.
"A lot of deals are falling out of escrow," Goldman said. "I'm hearing about situations where the buyer might be second, third, even fourth in line and then end up with the property."
But what does that mean for the future of the market? Goldman expects mortgage rates to go up slightly as the end of the year approaches. Also, don't expect to see many foreclosures.
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"You don't see foreclosures," Goldman said. "Values have gone up so much that if somebody is in financial difficulty and they need to sell, they can because they still have equity in the house."
