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Author Archives: Esther Cho

Confidence in Housing Rises Sharply Among Millennials

As the housing industry mends, younger Americans are expressing greater confidence in the market, according to results from Prudential Real Estate's Q2 outlook survey. Of the 2,600 millennials surveyed in Q2, 71 percent said their perception of the housing market is favorable, up from 65 percent in Q1. In 2011, only 52 percent of Americans aged 25 to 34 held a favorable perception of the real estate market.

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Justice Department Corrects Overstated Numbers for Fraud Initiative

Turns out, when the Justice Department announced triumphs of the Distressed Homeowner Initiative in October 2012, the numbers were largely overstated. In an updated press release Friday, the Justice Department announced the initiative actually resulted in 107 criminal defendants charged in U.S. District Courts in Fiscal Year 2012 (October 1, 2011 to September 30, 2012), not the 530 first reported. The corrected release also stated the cases involved more than 17,185 homeowner victims, while the original numbers reported the cases included more than 73,000 homeowner victims.

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GSEs Increase Short Sale Activity in May, Foreclosure Sales Decline

In May, the total for completed short sales climbed higher month-over-month for the GSEs, while the number of foreclosure sales declined, the Federal Housing Finance Agency (FHFA) revealed in a report last week. Together, Fannie Mae and Freddie Mac completed nearly 9,100 short sales in May, up 14 percent from April. However, completed short sales declined from around 11,440 in May 2012. Completed foreclosures far out numbered short sales in May, at about 17,800 in May, but the figure represents a decrease from 19,735 foreclosures in April and 24,588 a year ago.

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Report: 31% of Metro Areas Post Double-Digit Price Gains in Q2

Out of 163 metro areas across the country, 31 percent experienced double-digit annual home price gains in the second quarter, according to a report from the National Association of Realtors (NAR). During the second quarter last year, only 14 percent of markets showed double-digit yearly increases. Overall, 87 percent of the metro areas tracked saw median prices for existing-homes rise compared to last year, while 12 percent experienced declines, NAR data showed.

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Prudential Utah Real Estate Added to RealtyTrac’s Broker Network

RealtyTrac announced the newest member to its RealtyTrac Network (RTN), a network of leading independent and franchised brokerage companies. Prudential Utah Real Estate, with 15 offices and more than 400 agents covering nine counties in northern Utah, was selected to join the exclusive network.

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