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Tag Archives: Campbell Surveys

Survey Finds First-Time Buyers in Short Supply to Absorb Distress

First-time homebuyers - a segment that typically targets distressed homes - currently make up just one-third of the market, according to the research firm Campbell Surveys. While this is what would be considered their ""normal"" market share, the company says this is not enough demand to absorb the excess supply coming from defaulting homeowners and will likely make for a poor spring and summer buying season. Survey respondents in April reported that potential first-time buyers are having trouble finding foreclosed homes in move-in ready condition.

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Industry Data Points to Record-High Level of Short Sales

An industry study released Monday shows that nearly half of home sales activity last month involved distressed properties, a trend that is likely to continue as the backlog of foreclosures and mortgage defaults make their way through the pipeline. Within this distressed property segment, the market analysis shows a boom in short sales during the month of March to a record-high 19.6 percent, and a drop in the proportion of damaged REO, which the report says should be a positive for home values in future months.

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Cash Is King in Today’s Distressed Marketplace

For many homebuyers, mortgage financing is hard to come by these days. Lenders have tightened up credit requirements in an about-face from the lax lending of pre-crisis days that's fueled record-high delinquencies. According to two separate industry surveys, cash transactions set a new record in February, accounting for 33 percent of home purchases. One report notes that the increase in cash purchases paralleled a rise in activity among investors who have their sights set on distressed properties that can be scooped up at a discount.

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Report: Distressed Homes Accounted for Nearly Half of January Sales

The percentage of distressed properties in home purchase transactions climbed to its highest level in nearly a year last month, according to an industry report released Tuesday. The distressed property index tracked as part of the report indicates that the share of sales transactions involving distressed homes climbed to 49.6 percent in January. Comments from real estate agents collected as part of the survey confirms the growing share of distressed properties, particularly in hard-hit markets.

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Index of Distressed Property Sales Surges in December: Report

Sales of distressed properties surged in December as many banks resumed foreclosures following the suspensions prompted by robo-signing issues last fall, according to an industry study conducted by Campbell Surveys. The company's distressed property index jumped to 47.2 percent last month, reflecting the distressed share of home sales transactions. December's level was up from 44.5 percent in November and nearly matched the index's peak recorded in September, before the robo-signing controversy came to light.

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Survey: Rising Rates, First-Time Homebuyers Drive Market in November

Rising mortgage rates pushed first-time homebuyers to buy properties in November, while investors lost their enthusiasm for distressed properties, according to a new report from Campbell Surveys. The research firm found first-time buyers' share of home purchases jumped from 34.4 percent in October to 37.2 percent last month as long-term rates began to climb from record lows set in early November. Meanwhile, investor activity continued a two-month decline.

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Paperwork Problems Steer Buyers from Distressed Properties: Report

The ongoing controversy surrounding deficiencies in foreclosure documentation is taking its toll on the housing market as a significant share of home shoppers refused to even look at distressed properties in October, according to a study conducted by Campbell Surveys. Not only did reports of major servicers pulling REO properties off the market spook would-be homebuyers, but servicing problems resulted in 12 percent of scheduled closings being delayed or canceled due to REO title issues, the company found.

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Foreclosure Freezes Come on Heels of Rise in Distressed Sales: Report

The proportion of foreclosure and other distressed property sales continued to climb in September, with damaged REO experiencing the sharpest rise, according to a report released this week by Campbell Surveys. The company says the new data suggests that any significant delay in foreclosures resulting from the recent legal controversy surrounding paperwork accuracy could have major repercussions for the housing market in the coming months.

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Housing Market Continues to See First-Time Buyer Exodus

First-time homebuyers continued to desert the housing market in July, according to a new industry study released Monday. Campbell Surveys says first-time homebuyers accounted for only 39 percent of the home purchase market last month. That's down from a peak of 48 percent as recently as March. The research firm, though, reported that short sales remain one of the few bright spots in the housing market. Time-on-market for short sales continued to decline, from an average of 20.5 weeks in February to 15.8 weeks in July.

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Home Prices Tumble in Most Distressed Property Categories in June

A drop in homebuyer activity following the contract deadline for the federal tax credit helped trigger a noticeable decline in home prices between May and June, according to a study by Campbell Surveys. The company found that prices fell in three out of four property categories last month. Average prices tumbled by 6.8 percent for move-in ready foreclosed properties, 6.3 percent for short sales, and 4.6 percent for non-distressed properties. In contrast, prices for damaged foreclosed properties increased by 5.9 percent.

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