To help members get the homes they want while staying ahead of the whirlwind of changes in the some of the nation's fastest moving real estate markets, credit unions have adopted a number of strategies.
According to a recent study from the online real estate firm Trulia, in the 10 hottest real estate markets in the U.S. on average, homes sold in less than 60 days after going on sale. As a result, experts said some credit unions in these areas have faced two unique challenges: Modifying their programs to help their members have their best chance to buy the house they want and keeping their mortgage programs up to date to maintain pace with rapidly shifting conditions.
Steve Rick, senior economist for CUNA, said there wasn't a specific factor that led to homes selling quickly in these markets but suggested that different facets of two broad trends have played a role.
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