Tag Archives: Home Sales

Foreclosures and short sales made up 30 percent of all existing-home sales in June, according to the National Association of Realtors. Overall sales volume slipped in June along with the share of distressed properties. Total existing-home sales declined 0.8 percent to an annual rate of 4.77 million, the trade group's lowest reading since last November. Without a strong rebound in the months ahead, 2011 is on pace to be the fourth time in the last five years where home sales have declined on an annual basis.

A new California law bars junior lien holders from pursuing borrowers to collect outstanding loan balances after a short sale has been completed. Gov. Jerry Brown has signed SB 458 into law, which requires all lenders that agree to a short sale to accept the approved sale price as payment in full of the outstanding balance of all first and secondary mortgage loans. Local Realtors are hailing the new law as a victory for California homeowners and the state's distressed property market.

DRI Management Systems, Inc. introduced a new technology module Monday to automate the process of remarketing REO assets. The company explained that its new DRI Broker system facilitates direct, electronic communications between real estate agents and lenders' REO departments, enabling asset managers to accelerate resolutions and lower servicing costs throughout the REO process.

Home sales are expected to outpace 2010 sales by 3 to 5 percent for the remainder of 2011 as the housing market follows the overall economy, according to Freddie Mac. The GSE's latest outlook, released Monday, suggests the housing market is not likely to see a full ""double dip."" According to the report, June's disappointing jobs report likely reflects a temporary ""soft patch"" in the economy rather than an inflection point in economic growth. Freddie's economists expect housing to shadow GDP forecasts and improve over the balance of 2011.

At current the current sales pace, Orlando has a 4.37-month supply of homes. This is the lowest rate reported since December 2005. The average home sold in Orlando in June sold for 95.15 percent of its listing price.

June marks the fourth straight month of increasing home prices while also showing a rise in sales transactions, according to RE/MAX's National Housing Report for June 2011. While demonstrating a 4.9 percent drop in prices on a year-over-year basis, the drop was smaller than it has been the previous three months. Closed transactions in June rose 7.4 percent from May but showed a year-over-year decline of 10.6 percent. The median sales price in June 2011 was $193,791, while the June 2010 median was $203,887.

RE/MAX Excalibur Realty, RE/MAX Fine Properties, and RE/MAX Professionals have ranked among the top residential real estate brokerages in the state of Arizona based on ""The List"" survey published annually by the Phoenix Business Journal. RE/MAX was the only company to place three brokerages in the top 21 rankings based on 2010 local residential sales volume. Forty-four percent of the brokerages' sales last year were bank-owned and HUD-owned foreclosures.

After changing little over the past month, both long- and short-term mortgage rates rose this week, with some loan products increasing in the range of 10 basis points. The 30-year fixed rate averaged 4.60 percent, while the 15-year fixed came in at 3.75 percent. Adjustable-rate mortgage also headed higher. Freddie Mac explained that mortgage rates followed Treasury yields higher this week, but the company says borrowing costs remain quite affordable by historical standards.

Sales of government-owned REOs have been delayed in New England, but HUD says it's working to expedite a fix. Closings in Connecticut, Rhode Island, Maine, and Vermont are expected to begin later this month. In Massachusetts and New Hampshire, REO closings have already resumed. HUD says buyer demand has been so great, it has already exhausted the money that was allocated to cover third-party disposition fees. Contracts will be extended at no cost to the buyer until additional funding is put into place.

Home prices in the U.S. rose in May, marking the second straight month of gains, according to CoreLogic. The company says national home prices, including distressed sales, increased 0.8 percent. CoreLogic asserts that the spring buying season has brought with it more demand for non-distressed properties, which has contributed to the short-term gains in prices. Some are holding out hope that the consistent upticks are evidence the five-year long decline in prices may be drawing to a close.