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Tag Archives: Housing Supply

Foreclosure Inventory Plunges Nearly 30%

The nation's foreclosure inventory has contracted for 18 consecutive months and is now at its lowest point since the end of 2008, totaling 1.28 million loans, or just 2.54 percent of today's active mortgages, according to Lender Processing Services. The company's latest report assessing the performance of mortgage assets through the end of October shows the industry's foreclosure inventory rate has plummeted 29.61 percent from last year.

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Sales of Existing Homes Slip for Second Straight Month

Existing-home sales translate to an annual rate of 5.12 million at the October sales pace, according to the National Association of Realtors (NAR). October's sales volume was down 3.2 percent from September and marked the second consecutive month of declining transactions. NAR blames low inventory, diminished buying power from rising prices and interest rates, and a restrictive credit environment for the drop in sales.

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Low Inventories Conceal Hidden Vacancies, Threat Looms Nonetheless

While headlines continue to portray a housing market with rising prices and tight inventory, vacancies remain high. Government data released this week reveal a dark cloud looming behind the bright headlines. According to Trulia, more than three-fourths of the nation's largest markets are dealing with more empty homes than prior to the latest housing bubble.

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Activity from Homebuyers Picks Up in Aftermath of Shutdown

Homebuyers shook off their fears and returned to the market in force following the re-opening of the government in October, according to data presented by Redfin's Research Center. The online brokerage reported a 58 percent annual increase in the number of interested buyers reaching out to its agents in the week immediately following the resolution of the partial federal government shutdown. The number of clients touring homes and those making offers also grew.

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FHA Program Offers Financing Solution for Stock of Aging Homes

Seventy-one percent of single-family homes in the United States were built before 1990, according to a new industry report. So far this year, 60 percent of residential transactions involved homes built prior to 1990. This older housing stock comes with less competition from other buyers and lower price points, and the Federal Housing Administration's 203(k) program allows owner-occupants to roll the cost of minor and major renovations into the financing for a home purchase or a mortgage refinancing.

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Housing Trends Settle for Cold Months, Inventory Decline Slows

According to RE/MAX's National Housing Report for September, closed transactions fell 18.5 percent month-over-month, in line with the typical trend as summer passes into autumn. Year-over-year, however sales increased 10.7 percent, making September the 27th consecutive month in which sales rose on an annual basis. The company also reported a slowdown in the rate of inventory decline.

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Housing Market Performs Well Despite Rise in Interest Rates

Mortgage rates are inching higher and higher, but the market does not seem to be paying any heed as it continues to show signs of improvement, according to the HousingPulse Tracking Survey released this week. It indicates the emerging slowdown in home purchases appears to be largely seasonal with a number of key indicators--distressed sales, time on market, and purchase offers--still in positive territory.

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Existing-Home Sales Slip with Affordability

Existing-home sales slipped in September after reportedly reaching their highest level in nearly four years in August, according to the National Association of Realtors. Analysts attribute the drop to declining affordability resulting from limited inventory and rising home prices. Total existing-home sales fell to a seasonally adjusted annual rate of 5.29 million last month. August's sales were revised downward to 5.39 million.

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Creative Buyers, Brokers Keep Sales Humming Despite Lack of Listings

Many in the real estate industry believe there is a listing shortage, but a close look at the numbers suggests buyers in most markets are purchasing homes in increasingly larger volumes--even if some of those sales involve off-market homes not yet listed. Buyers and their real estate brokers are getting creative in buying off-market inventory in a number of ways.

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Shadow Inventory Falls to Lowest Level Since August 2008

Overall residential shadow inventory, as of July 2013, was 1.9 million homes, according to CoreLogic. That's the lowest shadow inventory tally reported since August 2008. The industry's current shadow inventory carries a value of $293 billion, down from $380 billion in July 2012. It represents 3.7 months' of supply and accounts for 85 percent of the 2.2 million properties that were seriously delinquent, in foreclosure, or bank-owned at July month-end.

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