Tag Archives: Home Prices

Sellers may begin to have the upper hand in the market as housing inventory shrinks, leaving first-time homebuyers left to compete with investors, a report from Zillow revealed. Inventory across all price levels fell 19.4 percent year-over-year as of September 30, according to Zillow analysis, which tracked the number of homes listed for sale on its site. Among the 30 largest metros, California cities saw the biggest annual reduction in inventory.

Inflated appraisals were identified as one of the causes of the housing bubble, and now undervalued appraisals are viewed as a reason for a stalled recovery. In a National Association of Realtors survey related to home appraisals over the past three months, 11 percent of Realtors said a contract was cancelled because a home was appraised at a value below the negotiated price. One reason for the low values, according to the NAR, is because some appraisers are not taking into account the difference between distressed and non-distressed homes when making comparisons.

Consumer optimism about the housing market and homeownership improved substantially in September, Fannie Mae reported. According to the GSE's September 2012 National Housing Survey, upward trends in home prices and downward trends in mortgage rates throughout the summer reinforced positive attitudes about where the market is headed.

The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon. In July shadow inventory - unlisted homes that are seriously delinquent, in foreclosure, or held as REOs - declined 10.2 percent year-over-year, falling to 2.3 million homes, according to CoreLogic's Shadow Inventory Report released Tuesday. Seriously delinquent homes – those 90 or more days delinquent – are the most common type of home in today's shadow inventory, making up 1 million of the 2.3 million-home total.

Phoenix home prices continue to rise, while investment activity appears to be slowing down, according to a report from DataQuick. From January to August, the number of homes lost to foreclosure totaled 19,998, a decrease of 49.5 percent from the same period a year ago, San-Diego-based DataQuick reported.

The number of markets listed on the National Association of Home Builders (NAHB) and First American Title's Improving Markets Index (IMI) broke the triple-digit mark in October, NAHB reported. The index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six straight months. A total of 103 housing markets across the country qualified for the list in October, up from 99 in September and the highest level since the list started a year ago, NAHB said.

IHS Global Insight took a closer look at the ""Show Me State"" as part of its ongoing analysis of 12 swing states.

The Cogsville Group, LLC picked up 94 Fannie Mae foreclosures in Chicago through the Federal Housing Finance Agency's REO Initiative. The Cogsville Group is a private equity firm based in New York with a focus on distressed sales. The FHFA said in a release that all properties purchased through the program were sold near or above market value. The 94 properties sold included 111 units, 68 of which were occupied. FHFA also stated Fannie Mae will continue with bulk sales in markets with a strong demand for rental housing and a surplus of REO properties.

Home prices continued to trend upwards in August, posting both yearly and monthly gains for the sixth consecutive month, CoreLogic reported Tuesday. When including distressed sales, home prices in August rose 4.6 percent from a year ago, marking the biggest yearly gain since July 2006. Month-over-month, prices were up 0.3 percent from July to August. CoreLogic's Pending HPI points to further increases into September. Prices including distressed sales are expected to rise by 5 percent yearly and 0.3 percent monthly.

Home prices continued to reclaim lost ground in September, up 3.6 percent annually with increases recorded for every corner of the country, Clear Capital reported Tuesday. Improvements have been so strong, in fact, the real estate valuation firm says yearly growth is forecast to shake off winter's chill and continue through the first quarter of 2013. That is, if federal lawmakers can keep from squashing consumer confidence and agree on a resolution to the looming ""fiscal cliff"" that awaits at year-end without letting market uncertainties fester all the way up until the deadline.