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Tag Archives: Home Prices

Report: Investment Buyers Strengthen Foreclosed Home Sales

While home sales have slowed from the typical pace seen at the start of the spring buying season, Radar Logic says the foreclosure market is performing better than the market for all other homes. The company's count of motivated transactions - which includes sales at foreclosure auctions and subsequent bank-owned properties - has posted significantly stronger gains during the first part of this year than traditional home sales when compared to each market's historical performance. Radar Logic credits investment buyers for the foreclosure market's boost.

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Prices Post Biggest Drop in Two Years as Foreclosures Depress Market

Home prices in the U.S. continue to tumble as foreclosures claim a larger share of the market. Residential prices slipped 2.5 percent during the first quarter of this year when compared to the previous quarter, according to a national index calculated using sales prices from mortgages acquired by Fannie Mae and Freddie Mac. The index shows prices fell 5.5 percent between the first quarter of 2010 and the first quarter of 2011. It's the largest annual drop recorded since the second quarter of 2009.

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Foreclosure Sales in Q1 = 158,434

RealtyTrac has released a new report detailing foreclosure sales activity during the first quarter. Altogether, third parties purchased a total of 158,434 bank-owned and short sale homes during the first three months of this year. That's down 36 percent from a year earlier. At this pace, it would take three years to clear the current inventory of properties already on the banks' books or in foreclosure. REOs sold at an average discount of 35 percent in Q1, while short sale properties carried a mark-down of nearly 9 percent.

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Debt Ceiling Threatens ‘Economic Pain’ and High Foreclosure Rates

The U.S. housing market could experience a severe double-dip contraction marked by lower home sales and depressed house prices if Congress fails to raise the federal debt ceiling, according to the Center for American Progress, a nonprofit research group. The Center says inaction to raise the debt limit would spark a return of the economic pain of the past few years as foreclosures would remain at record highs for an even longer stretch. Not raising the limit by early August threatens to put the U.S. itself on the verge of default.

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Fannie Mae Sees Modest Improvement Ahead for Housing

Fannie Mae's latest market outlook continues to call for a ""modest improvement"" in housing activity this year, although the prevalence of distressed properties on the market has led to renewed weakness in home prices and the industry's shadow inventory looms large. The GSE's chief economist notes that as the economic recovery approaches its two-year anniversary in June, housing has not yet contributed to economic growth in any meaningful way and is significantly underperforming compared to previous market recoveries.

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REOs and Short Sales Slip to 37% of April’s Existing-Home Sales Volume

The National Association of Realtors said Thursday that the share of distressed home sales dropped last month, accounting for 37 percent of total existing-home sales volume, down from 40 percent in March. Overall, sales of previously owned homes fell back 0.8 percent in April, to an annual sales pace of 5.05 million. Realtors in the field say the numbers are being impacted by low appraisals that result in contract cancellations. There were 3.87 million existing homes available for sale in April, which represents a 9.2-month supply.

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Prospective Homebuyers Interested in Foreclosures at a Discount

A new study conducted by Trulia and RealtyTrac found that 56 percent of U.S. renters and 47 percent of current homeowners are at least ""somewhat likely"" to purchase a foreclosed home. Along with having some concerns about hidden costs and still-declining home values, many potential buyers expect to save money if they buy a foreclosure. On average, survey respondents said they would expect to pay 38 percent less for a foreclosed home than a similar home that was not in foreclosure - not too far above today's average discount of 36 percent.

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Orlando’s Home Inventory Shrinks to Level of Six Years Ago

According to the Orlando Regional Realtor Association (ORRA), the Florida city's once-monolithic housing inventory was down to 11,480 homes available for purchase last month, a level not seen since 2005. Foreclosures and short sales represented a lion's share 65.49 percent of all home sales in April, although that figure is down 5 percent from March.

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Mortgage Delinquencies Improve for Fifth Straight Quarter: TransUnion

The share of mortgage borrowers in the United States 60 or more days behind on their payments dropped to 6.19 percent at the end of the first quarter of 2011, according to data released Monday by the credit bureau TransUnion. That's down from 6.41 percent at the close of 2010 and marks the fifth consecutive quarter that TransUnion has reported an improvement in the national delinquency rate. The firm says as home prices have declined further, delinquencies were expected to remain flat or at least slow in their decline, but that hasn't been the case.

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RealtyTrac Adds Feature to Show Potential Appreciation on Foreclosures

RealtyTrac recently integrated the property-rating system HomeScore on nearly 2 million foreclosure and for-sale properties on its Web site. Created by SmartZip Analytics, HomeScore is designed to allow users to pinpoint properties with the best potential for appreciation over time. The higher the HomeScore rating, the greater the home's investment potential. While properties scored above 50 are expected to outperform the market, those scored below 50 are expected to underperform.

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