Tag Archives: Home Sales

One out of every 17 homes within Ohio's three largest cities has been reported as a foreclosure since the beginning of 2009. That's a rate equal to more than one home falling into foreclosure for every city block, according to the nonprofit community advocacy group National People's Action. After a 27-month long study, the organization found that since 2009, foreclosures have resulted in an estimated total loss of $1.6 billion in property values for homeowners in Cincinnati, Cleveland, and Columbus, and cost local governments in those cities nearly $30 million.

Data released by the National Association of Realtors Tuesday show that distressed properties - including bank-owned homes and pre-foreclosure short sales - made up 39 percent of the first quarter's existing-home sales. Overall, sales of previously owned homes rose to an annual rate of 5.14 million units during the first three months of this year. That pace is 8.3 percent higher than during the previous quarter and essentially flat compared to the same period last year.

Recent news has highlighted the severity of the renewed downturn in home prices, but Capital Economics says although condominiums will not escape altogether, over the next year or so condo prices are likely to fall by less than their single-family counterparts. The research firm notes that demand for condos is currently stronger than demand for single-family homes, due to cash buyers and investors seeking rental income. The condo market also boasts a lower delinquency rate, which suggests fewer foreclosed properties will support the supply of condos.

CoreLogic says its home price index has posted year-over-year declines for eight months in a row now. The company's latest reading shows home prices nationally fell 7.5 percent in March 2011 compared to March 2010 when distressed sales - including REO and short sale transactions - are factored into the equation. The data clearly demonstrates the extent to which pre- and post-foreclosure sales are weighing down overall market assessments. CoreLogic says if you take out the distressed factor, home prices are down just 0.96 percent from a year ago.

HUD has released a report detailing recent business activity at the Federal Housing Administration (FHA). It shows that the federal agency's inventory of REO homes has ballooned as sales from this portfolio fell sharply during the final months of 2010 and early part of this year. The number of repossessed single-family properties held at the end of February 2011 was 68,801. That figure represents an increase of more than 50 percent from a year earlier.

Las Vegas region home sales held at a five-year high in March amid strong activity from investors and cash buyers focusing on foreclosures. Due to the large number of discounted, foreclosure properties on the resale market, the median sales price fell in the area. According to figures from DataQuick, the median price paid for all new and resale houses and condos sold in the Las Vegas metro area in March was $117,000, it's lowest mark since January 1996.

Realty Pilot, a real estate technology company, and RealtyBargains.com, an online distressed property listings directory, announced a joint venture this week aimed at bringing together distressed homeowners and potential property buyers. The partnership will provide homeowners facing foreclosure with a new, free service to expedite the offer-making process from prospective buyers for pre-foreclosure transactions.

Texas continues to perform noticeably better than other states in the real estate market, local Realtors say, by avoiding an excess supply of foreclosures and other distressed properties. Economists say the state has managed to maintain balance between home inventory and demand, and this, combined with the fact that Texas has maintained strong property values, indicates the market is absorbing foreclosed and other distressed properties.

PMI Mortgage Insurance Co. is seeing signs of strengthening in markets the firm classifies as ""distressed,"" enough so that the private mortgage insurer is relaxing its requirements for loan-to-value (LTV) ratios and minimum credit scores. PMI also announced that it has removed four markets from its ""Distressed Markets List,"" however the mortgage insurer plans to add the entire states of Arizona and Florida to the list in July. The company's analysts have also updated their forecast for sales of existing homes and price projections.

Home sales in the Phoenix metro are heating up thanks to the popular foreclosure market, according to ForeclosureDeals.com. The site reports that there were more than 10,000 home sales in the Phoenix area in March with nearly 1,500 of those sales foreclosure homes. The company says foreclosure properties there offer discounts from traditional home prices as high as 50 percent or more, making them popular with buyers. Lenders also report higher than normal turnout at foreclosure sales and auctions in Arizona as a whole.