Tag Archives: Home Sales

According to recently released reports from the Nevada Title Company, the closing price for homes in Las Vegas Valley was $135,000 in September, down $5,000 from the closing price in August and down $3,000 from September 2009. Last month, 984 REO homes and 734 short sales were closed, making up 40 percent and 31 percent of all closings in the Valley, respectively. The latest figures from Nevada Title suggest that REO inventory, although high, may begin to steady in coming months.

The Mortgage Bankers Association's (MBA) index of loan applications for home purchases jumped 9.3 percent last week as mortgage interest rates dropped again. It's the highest reading for purchase activity since the expiration of the homebuyer tax credit, and could signal a rebound in home sales ahead. The increase was led by a 17.2 percent upsurge in Federal Housing Administration (FHA) applications, as borrowers sought to beat the agency's October 4th effective date for higher credit score and down payment requirements.

Woodward Asset Capital recently released a statement detailing the capabilities of OfferSubmission, a hosted application designed to ease confusion and stem losses and discrepancies due to missed offers and poor organization. The company says transactions negotiated through OfferSubmission net 100 percent or more of the list price 50 percent of the time.

New data released by RealtyTrac Thursday shows that foreclosure and REO homes accounted for 24 percent of all residential sales during the second quarter. A total of 248,534 properties in default, scheduled for auction, or repossessed by the bank sold to third parties during the April to June timeframe. RealtyTrac says on average, these homes went for a discount of 26 percent. The second-quarter share of foreclosure sales is up nearly 5 percent from the previous quarter, but still down 20 percent compared to the second quarter of 2009.

The volume of mortgage loan applications last week declined 0.8 percent, the Mortgage Bankers Association (MBA) reported Wednesday. The drop was manufactured by a falloff in consumer demand for mortgage refinancing, despite the fact that interest rates again declined to new record-lows. For the week ending September 24, MBA's refinance index decreased 1.6 percent. The purchase index rose 2.4 percent.

With the foreclosure crisis still raging, the nation's largest mortgage financier has amassed a hefty portfolio of repossessed homes. Fannie Mae took back 68,838 foreclosed properties in the second quarter alone. In the first quarter of this year, the company added 61,929 new REOs to its inventory. In an effort to increase sales of its foreclosed inventory and get these properties off its books, Fannie Mae said Thursday that it is offering additional incentives to both buyers and sellers of its REO homes.

Sales figures for previously owned homes rose in August following a big correction in July, according to data released by the National Association of Realtors (NAR) Thursday. The trade group's existing-home sales report showed a 7.6 percent increase in transactions during the month, bumping the annualized sales pace to 4.13 million homes and reducing for-sale inventory to an 11.6-months supply. The sales share of distressed homes rose to 34 percent last month. Analysts say the results are in line with expectations but disappointing, nonetheless.

The volume of home loan applications submitted to lenders last week fell 1.4 percent compared to the week prior, according to the Mortgage Bankers Association (MBA). Overall mortgage activity was marred by a drop in both refinance requests and home purchase applications despite the fact that interest rates headed lower.

Fannie Mae has approved 123 new Florida condos for financing in the first eight months of 2010, a 40 percent increase from 2009. It's an even bigger jump from 2008 when zero projects were accepted, according to the local consulting firm Condo Vultures. Florida's real estate crash has made financing difficult. Few lenders are originating new mortgages as prices drop and foreclosures increase, but Fannie Mae is attempting to reverse the financing issue with new ""special approval"" requirements specifically for Florida condominiums.

Mortgage application volume has fallen for the second straight week, led by a steep drop in home loan refinances even as mortgage interest rates edged downward again. The Mortgage Bankers Association reported Wednesday that its measure of new mortgage applications decreased 8.9 percent for the week ending September 10, 2010. That follows a 1.5 percent drop in home loan applications the week prior.