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Tag Archives: Housing Supply

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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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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Florida Legislators Pull Funding for Foreclosure Courts

The already clogged foreclosure system in Florida could come to a near standstill this summer after state legislators voted not to extend a special round of funding approved last year, which awarded $6 million to the state court system to increase personnel and resources for handling foreclosure actions. That line item didn't make it back into the budget for the new fiscal year, which begins in July. One judge in Palm Beach County has already started cancelling scheduled foreclosure hearings.

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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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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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Cash Buyers and Investors Make Outlook for Condo Market Not as Bleak

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.

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Foreclosure Supply Numbers Point to Recovery in Texas

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.

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Housing Crisis Continues to Batter Nation’s Homeownership Rate

With the housing crisis still taking its toll, the nation's homeownership rate slipped further during the first three months of this year. The U.S. Census Bureau reported Wednesday that the homeownership rate dropped to 66.4 percent at the end of the first quarter. It's fallen back to a level not seen since 1998. Analysis of the numbers shows that the housing bust, elevated foreclosures, and a diminished ""American Dream"" have more than reversed the increase in homeownership gained during the boom.

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Shadow Inventory Drops but Supply to Remain High for Extended Period

The industry's shadow inventory of repossessed and soon-to-be repossessed homes that aren't visible as properties for sale has contracted, according to CoreLogic. Analysis released by the company Wednesday shows that the shadow inventory of residential properties as of January 2011 fell to 1.8 million, down from 2.0 million a year earlier. For the first time, CoreLogic also examined how loan modifications and short sales could reduce shadow inventory levels.

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Radar Logic’s Home Price Index Hits Lowest Mark Since 2007

Radar Logic's latest RPX Composite, which tracks home prices in 25 major metros, declined to $179.50 per square foot in January, its lowest level since 2007. The company says the rapid decline suggests weak market fundamentals, including a high supply of homes coupled with high rates of mortgage defaults. The report also notes that sales of foreclosed homes by financial institutions, or ""motivated sales,"" made up 35 percent of all home sales as of January 20, the second highest share of motivated sales that Radar Logic has observed.

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