Housing Market Recovery Dependent On Reduction Of “Oversupply Of Distressed Homes” (Video)
10 09 2011Comments : Leave a Comment »
Tags: Bank-Owned, Distressed, Foreclosures, Home Sales, Homes, Videos
Categories : Bank-Owned, Defaults, Delinquencies, Financing, Foreclosures, Housing Market, Investors, Mortgage Industry, Purchases
U.S. Home Sales Fell 0.8% In June To Annual Rate Of 4.77 Million Homes As First-Time Homebuyers Fall To 31% Of Total And Purchase Cancellations Rise To Record 16% As Appraisals Come In Low
20 07 2011
http://renovationlendinginstitute.com/
- Home sales fell 0.8% in June to a seasonally adjusted annual rate of 4.77 million homes
- Economists say that 6 million homes per year represent a healthy housing market
- The sales pace is behind last year’s 4.91 million homes sold — the weakest sales in 13 years
- Sales have fallen in four of the past five years
- A record number of homebuyers who signed contracts canceled deals last month, approximately 16%
- First-time buyers fell to a very low 31% of purchase transactions (they represent 50% in a health market)
- Declining home prices have kept many people from selling their houses and taking new jobs in growing areas
- They have also made people feel less wealthy and that has reduced the consumer spending that drives about 70 percent of economic activity
- Bigger down payments, tougher lending rules, high debt and a shortage of desirable starter homes are keeping many would-be buyers away
- Even some with good credit and enough money for a down payment are holding off because they are worried home prices will keep falling
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Tags: First-Time Homebuyers, Home Sales, Homebuyers, Housing Market, Purchase
Categories : Economic Statistics, First-Time Homebuyer, Home Values, Housing Market, Mortgage Industry, Purchases, Statistics
Fannie Mae Releases “Home Price Change Peak-To-Current” As Of March 31, 2011; Nevada, Florida And Arizona All Suffer Over 50% Price Drops
17 05 2011
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Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through March 31, 2011
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Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of March 31, 2011
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Note: Regional home price decline percentages are a housing stock unit-weighted average of home price decline percentages of states within each region.
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CLICK ON ”FANNIE MAE” ON CHART ABOVE TO VIEW ENTIRE REPORT
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Tags: Charts, Fannie Mae, Home Prices, Home Sales
Categories : Economic Statistics, Fannie Mae, Home Sales, Housing Market, Mortgage Industry, Statistics, Surveys
Home Prices In California Decline 4.9% Statewide In Past Twelve Months To March 2011 On Heavy Distressed Home Sales And Loss Of Federal Tax Credit
21 04 2011http://renovationlendinginstitute.com/
- The statewide median price of an existing, single-family detached home sold in California increased 5.4% in March compared with February to $286,010
- But prices declined 4.9% compared with March 2010’s median price of $300,900
- The decline in prices year over year is attributed to an increase in distressed sales
- It is clear that prices and sales in 2010 benefitted from the federal home buyer tax credit
- The pace of sales for the first three months of this year is in line expectations for all of 2011, according to C.A.R.
March 2011 County Sales and Price Activity
Regional and Condo Sales Data Not Seasonally Adjusted
| March-11 | Median Price of Existing Single-Family Homes | ||||||
| State/Region/County | Mar-11 | Feb-11 | Mar-10 | MTM% Chg | YTY% Chg | ||
| CA SFH (SAAR) | $286,010 | $271,320 | $300,900 | r | 5.4% | -4.9% | |
| CA Condo/Townhomes | $232,130 | $236,360 | $263,310 | r | -1.8% | -11.8% | |
| Los Angeles Metropolitan Area | $272,600 | $266,830 | $280,160 | 2.2% | -2.7% | ||
| Inland Empire | $172,730 | $174,040 | $177,910 | -0.8% | -2.9% | ||
| S.F. Bay Area | $487,060 | $444,020 | $498,980 | r | 9.7% | -2.4% | |
| S.F. Bay Area | |||||||
| Alameda | $480,250 | $458,060 | $476,560 | 4.8% | 0.8% | ||
| Contra-Costa (Central County) | $567,310 | $516,670 | $587,690 | 9.8% | -3.5% | ||
| Marin | $826,700 | $632,580 | $790,620 | 30.7% | 4.6% | ||
| Napa | $332,610 | $354,760 | $351,560 | -6.2% | -5.4% | ||
| San Francisco | $679,770 | $606,560 | $720,390 | 12.1% | -5.6% | ||
| San Mateo | $695,000 | $623,000 | $800,000 | 11.6% | -13.1% | ||
| Santa Clara | $561,500 | $525,250 | $590,000 | 6.9% | -4.8% | ||
| Solano | $193,480 | $191,790 | $211,540 | 0.9% | -8.5% | ||
| Sonoma | $325,910 | $315,340 | $359,050 | 3.4% | -9.2% | ||
| Southern California | |||||||
| Los Angeles | $282,170 | $286,220 | $290,000 | r | -1.4% | -2.7% | |
| Orange County | $523,610 | $496,540 | $550,420 | r | 5.5% | -4.9% | |
| Riverside County | $201,520 | $203,630 | $201,100 | -1.0% | 0.2% | ||
| San Bernardino | $130,690 | $131,470 | $137,590 | -0.6% | -5.0% | ||
| San Diego | $383,620 | $367,770 | $393,600 | 4.3% | -2.5% | ||
| Ventura | $443,920 | $389,650 | $444,890 | 13.9% | -0.2% | ||
| Central Coast | |||||||
| Monterey | $260,000 | $239,950 | $245,000 | 8.4% | 6.1% | ||
| San Luis Obispo | $362,700 | $328,750 | $377,680 | r | 10.3% | -4.0% | |
| Santa Barbara | $422,730 | $380,000 | $381,820 | r | 11.2% | 10.7% | |
| Santa Cruz | $475,950 | $451,000 | $525,000 | 5.5% | -9.3% | ||
| Central Valley | |||||||
| Fresno | $138,120 | $141,360 | $150,960 | -2.3% | -8.5% | ||
| Kern (Bakersfield) | $129,900 | $125,000 | $136,000 | 3.9% | -4.5% | ||
| Kings County | $137,270 | $154,000 | $154,290 | -10.9% | -11.0% | ||
| Madera | $133,530 | $149,230 | $146,000 | -10.5% | -8.5% | ||
| Merced | $115,290 | $117,270 | $108,080 | -1.7% | 6.7% | ||
| Placer County | $253,750 | $269,670 | $292,210 | -5.9% | -13.2% | ||
| Sacramento | $168,250 | $168,800 | $183,330 | -0.3% | -8.2% | ||
| San Benito | $247,500 | $285,000 | $275,610 | -13.2% | -10.2% | ||
| Tulare | $121,950 | $120,340 | $145,140 | 1.3% | -16.0% | ||
| Other Counties in California | |||||||
| Amador | $170,000 | $200,000 | $186,000 | -15.0% | -8.6% | ||
| Butte County | $222,370 | $190,000 | $250,000 | 17.0% | -11.1% | ||
| Humboldt | $250,000 | $238,890 | $270,650 | 4.7% | -7.6% | ||
| Lake County | $94,170 | $123,330 | $155,000 | -23.6% | -39.2% | ||
| Mariposa And Tuolumne | $154,440 | $187,500 | $204,690 | -17.6% | -24.5% | ||
| Mendocino | $192,500 | $200,000 | $295,000 | -3.8% | -34.7% | ||
| Shasta | $154,810 | $162,110 | $175,500 | -4.5% | -11.8% | ||
| Siskiyou County | $112,500 | $140,000 | $150,000 | -19.6% | -25.0% | ||
| Tehama | $125,000 | $83,330 | $132,860 | 50.0% | -5.9% | ||
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Tags: California, Economy, Home Prices, Home Sales, Statistics
Categories : Bank-Owned, Condominiums, Defaults, Federal Government, Home Sales, Homes, Mortgage Industry, Purchases, Statistics
“Renovation Lending Institute” Housing Market Update: HUD Reports That Home Sales And Housing Prices Remain Weak And Struggling “To Regain Stable Footing” In March 2011
4 04 2011
“There’s no question that this month’s figures show a troubling dip in home sales and housing prices,” said HUD Assistant Secretary Raphael Bostic.
“…these statistics clearly show that housing markets across the country continue to struggle to regain stable footing. We must remain steadfast in our efforts to support homeowners and communities in ways to help advance market stabilization and a transition towards health.”
- Housing market remains fragile as data through February paint a mixed picture of recovery. Home prices remain weak under continued strain from foreclosures and distressed home sales, according to CoreLogic data now available in the Housing Scorecard. Mortgage delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak. However, as lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.
For more: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-050
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Tags: Economy, Home Sales, Housing Market, HUD, Prices
Categories : Defaults, Delinquencies, Economic Statistics, Federal Government, FHA, Home Sales, Homes, Housing Market, HUD, Mortgage Industry, Purchases
California Housing Market In Feb 2011: 56% Of Total Home Sales Are “Distressed” With REO Properties At 33%; Median Sales Price For REO Properties Is $199,000, Almost 50% Less Than “Non-Distressed” Home Prices
25 03 2011
Distressed housing market data:
- The total share of all distressed property types sold statewide increased in February to 56 percent
- This wa up from 54 percent in January and up from 55 percent in February 2010
- The total share of REO (real estate-owned) sales was 33 percent in February, up from 32 percent in December
- This was down from 36 percent in February 2010
- The total share of short sales increased to 23 percent in February, up from 22 percent in January
- This was up from 19 percent in February 2010
- The statewide median price of non-distressed properties sold in February was $370,000
- This was $95,000 or 34.5 percent higher than the short sale median price of $275,000 recorded in February
- The February2011 REO median price was $199,900 or 53% of median price of non-distressed homes
For more: http://www.car.org/newsstand/newsreleases/febpending/
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Tags: CA Assoc of Realtors, CAR, Distressed, Home Sales, Median Home Sales, REO
Categories : California, Defaults, Delinquencies, Federal Government, Financing, Foreclosures, Home Sales, Mortgage Industry, Realtors, The 203k Guy
New Homes Sales Fell In February 2011 To Lowest Leves Since 1963; Foreclosures Weigh On Housing Market
23 03 2011
- New U.S. single-family home sales unexpectedly fell in February 16.9 percent to a seasonally adjusted 250,000 unit annual rate
- This is a record low and prices were the lowest since December 2003
- The Commerce Department said sales drop was to the lowest levels since records began in 1963
- January 2011 sales were upwardly revised to a 301,000-unit pace
- Economists polled by Reuters had forecast new home sales edging up to a 290,000-unit pace last month from a previously reported 284,000 unit rate
- Compared to February last year sales were down 28 percent
- An oversupply of homes exacerbated by an increasing flood of properties falling into foreclosure is frustrating recovery in the housing market
- Data on Monday showed a steep drop in sales of previously owned homes in February, with prices tumbling to a near nine-year low
- The median sales price for a new home tumbled 13.9 percent last month to $202,100, the lowest since December 2003
- Compared with February last year, the median price fell 8.9 percent. Persistent price declines could dampen hopes of a pick-up in sales during spring
For more: http://www.cnbc.com/id/42229611/
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Tags: Economy, First-Time Homebuyers, Home Sales, New Homes
Categories : Economic Statistics, Federal Government, Financing, Homes, Mortgage Industry, New Homes
National Median Home Prices Declined 3.7% In 2010 To $158,800 To Lowest Level Since April 2002; Distressed Homes Represent 37% Of Market
23 02 2011
- The national median home price fell 3.7 percent from a year-ago to $158,800, the lowest since April 2002
- Distressed homes edged up to a 37 percent market share in January from 36 percent in December; it was 38 percent in January 2010
- A NAR practitioner survey shows first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place
- Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010; the balance of sales were to repeat buyers
- All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010
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Tags: Distressed, Home Sales, Home Value, Prices
Categories : Bank-Owned, Federal Government, Financing, Home Sales, Homes, Purchases
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