Distressed Inventory Fading Fast

Distressed Inventory Fading Fast

As Housing Market Strengthens: Foreclosure inventories nationwide fell 32 percent in July compared to a year ago, another sign that the foreclosure crisis may finally be over, according to CoreLogic's latest foreclosure report released Thursday. 

“Completed foreclosures and delinquency rates continue their rapid descent in July,” says Anand Nallathambi, president and CEO of CoreLogic. “Every state posted a year-over-year decline in foreclosures, and serious delinquencies fell to the lowest level since December 2008. Not surprisingly, non-judicial states have come the farthest the fastest in reducing the shadow inventory and lowering delinquency rates.”

The following five states had the highest foreclosure inventory 

Victory for Homebuyers

Victory for Homebuyers

'Realtors® will continue to oppose any regulation that requires unreasonably high downpayments from consumers. We are committed to working on behalf of America’s hardworking families to ensure that anyone who is able and willing to assume the responsibilities of owning a home has the opportunity to pursue that dream, now and into the future.'

NAR President Gary Thomas: 'I am pleased to announce a significant victory for REALTORS® and homebuyers. 'The re-proposed Qualified Residential Mortgage rule announced this morning is a victory for homebuyers and the future of homeownership in this country. 

This version of the QRM rule will give creditworthy buyers access to safe and affordable loan products without overly burdensome downpayment requirements. Lean more watch our video...

Housing in Third Phase of Recovery, Awaiting

Housing in Third Phase of Recovery, Awaiting

Fourth: The housing market is now 64 percent of the way back to “normal,” and we are entering the third phase of the recovery, according to Trulia’s monthly Housing Barometer. 

What we’re waiting on now, according to Trulia, is the fourth phase, in which “young adults finally start moving out of their parents’ homes. 

Rising Rates Prompt Cash Buyers to Act: While higher mortgage rates have been blamed for the slowdown in pending home sales, they may be contributing to an increase in cash purchases, RealtyTrac suggested in a recent report.

Home Prices Edge Closer to Pre-Crash Levels

Home Prices Edge Closer to Pre-Crash Levels

The housing market is inching closer to what it once was: Home prices are now within 15.2 percent nationally from their peak, according to a new report by Lender Processing Services. 

The LPS price index rose in June to $229,000, up 6.9 percent from last year's levels. In June 2006, the peak was $270,000.
 

Family Proximity is Lower Priority for Buyers, More home buyers are saying that living near family members is not an important consideration for them when home-shopping. They’d rather concentrate on property size, crime rates, school district, and length of commute when shopping for a new home rather than focusing on the distance to their in-laws, See The No. 1 driver in their home search?

Shadow Inventory Decline Begins to Accelerate,

Shadow Inventory Decline Begins to Accelerate,

Shadow inventories posted the largest quarter-over-quarter decline since the housing crisis began, and dropped 23 percent year-over-year, according to Compass Point Research & Trading. 

Shadow inventories — homes at risk of default that have yet to hit the market — once posed a big threat to the housing recovery. At its peak in March 2010, shadow inventory was at about 5.5 million loans, according to data compiled by the Mortgage Bankers Association and Bloomberg. For the second quarter of 2013, shadow inventory has fallen to 2.99 million.  The decline is expected to continue as more home owners stay current on their loans and  NAR Projects Slight Increase for Apartment Vacancies; Rents to Rise. 

Homes Receiving Multiple Offers

Homes Receiving Multiple Offers

Time on Market Decreases in July: Homes are selling quickly with multiple offers and favorable prices, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey released Friday.

The average number of weeks a home spent on the market in the three-month period ending in July was 8.6 weeks, down from 9.2 weeks in May. Non-distressed homes that sold in July received an average of 2.3 offers. 

Sellers received close to their full asking price in July. The sales-to-list-price ratio was 98 percent for the month, up from 97.6 percent in May. Non-distressed homes sold for 95 percent of their asking price in July. 

July Home Sales Spike 6.5 percent.

Fixed Mortgage Rise as Market Reacts

Fixed Mortgage Rise as Market Reacts

Average fixed-rate mortgages edged higher this week to the highest average in two years as speculation mounts that the Fed will soon taper its bond purchase program. 

Meeting participants acknowledged mortgage rate increases might restrain housing market activity, but several members expressed confidence the housing recovery would be resilient in the face of higher rates,”Average fixed-rate mortgages edged higher this week to the highest average in two years. Watch our video on what the market and rates are doing.