Pending Home Sales | FundMyRemodel.com

California Housing Market: Pending Home Sales Increase In May 2012 While Distressed Property Sales Fall To 41% Of Total Sales

28 06 2012

C.A.R.’s Pending Home Sales Index rose to 128.8 in May compared with 115.8 a year earlier. Pending home sales also posted double-digit gains compared with the previous year for the fourth consecutive month. Additionally, the share of distressed sales continued to decline from year-ago levels, signaling a return of non-investors to the housing market.

The share of equity sales – or non-distressed property sales – compared with total sales improved further in May. The share of equity sales rose to 59.3 percent in May, up from 55.8 percent in April. Equity sales made up 51 percent of all sales in May 2011.
Likewise, shares of REOs and short sales sold statewide decreased in May, with the share of REO sales dropping the most markedly from a year ago. The combined share of all distressed property sales fell to 40.7 percent in May, down from April’s 44.2 percent and from 49 percent in May 2011.
The share of short sales declined in May to 19.4 percent, down from 20.6 percent in April and from 20.3 percent a year ago.
Of the distressed properties, the share of REO sales declined further in May to 21 percent, down from 23.2 percent in April and 28.4 percent in May 2011.
The available supply of REOs for sale continued to tighten in May, with the Unsold Inventory Index declining from a 2-month supply in April 2012 to 1.5 months in May 2012.

Comments : Leave a Comment »
Tags: Bank-Owned, Distressed, Home Sales, Housing Market, Pending Home Sales, REOS
Categories : Bank-Owned, Defaults, Delinquencies, Economic Statistics, Housing Market, Purchases, REO's, Reports, Statistics

Latest Pending Home Sales Data Show U.S. Housing Market “Underperforming” As Difficult Underwriting Standards, Appraisal Issues And Short Sale Problems Weigh On Buyers

29 08 2011

http://renovationlendinginstitute.com/

“…Pending home sales declined in July but remain well above year-ago levels, according to the National Association of Realtors…all regions show monthly declines except for the West, which continues to show the highest level of sales contract activity…”

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, slipped 1.3 percent to 89.7 in July from 90.9 in June but is 14.4 percent above the 78.4 index in July 2010. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said sales activity is underperforming. “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy,” he said. “We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process.” The PHSI in the Northeast declined 2.0 percent to 67.5 in July but is 9.7 percent above July 2010. In the Midwest the index slipped 0.8 percent to 79.1 in July but is 18.8 percent above a year ago. Pending home sales in the South fell 4.8 percent to an index of 94.4 but are 9.5 percent higher than July 2010. In the West the index rose 3.6 percent to 110.8 in July and is 20.6 percent above a year ago.

For more: http://www.realtor.org/research/research/phsdata