Housing Market: Home Prices Increase 3.8% For Latest Year In July 2012, Biggest Increase Since 2006

5 09 2012


Housing Industry: Home Renovation Spending Now Represents 50% Of Total Housing Construction Expenditures, Up From 25% According To Report

30 08 2012

California Foreclosure Filings Increase Slightly In July 2012 While Bank-Owned Properties Increase 10% In Latest Month, Down 50% From Last Year

15 08 2012

The number of California homes entering foreclosure creeped up in July, a new report shows, but in Southern California they were up sharply in the Inland Empire counties of San Bernardino and Riverside. ForeclosureRadar.com showed that the number of default notices statewide was essentially flat from June, up 1.4% month-over-month, but rose 12.3% from July 2011.

Statewide the number of homes that went back to banks was up 10.4% from the prior month and down 54.2% from the same month a year earlier. Meanwhile, the number of properties sold to a third party was up 10.6% from the prior month and down 6.6% from the same month a year earlier. The number of foreclosed homes selling on the California market has also been dwindling.

Housing Market: “RealtyTrac” Reports Overall Foreclosure Activity In July 2012 Declines For 22nd Month; “Foreclosure Starts” Increase 6% In Latest Year

9 08 2012

  • Overall foreclosure activity decreased on a year-over-year basis for the 22nd consecutive month in July, dropping to its lowest level since April.
  • The decline in overall foreclosure activity was driven primarily by a 21 percent year-over-year decrease in bank repossessions, or REOs.
  • Thirty-eight states and the District of Columbia posted annual decreases in REO activity, but there were some notable exceptions where REO activity increased annually, including Florida (38 percent), Ohio (25 percent), Illinois (22 percent), and New Jersey (21 percent) — all judicial foreclosure states where foreclosures are processed through the court system.
  • U.S. foreclosure starts in July increased 6 percent on a year-over-year basis, the third straight month with an annual increase in foreclosure starts following 27 consecutive months of decreasing foreclosure starts on an annual basis.
  • Foreclosure starts increased on a year-over-year basis in 27 states, led by Connecticut (201 percent), New Jersey (164 percent), Pennsylvania (139 percent), Indiana (83 percent), and Massachusetts (65 percent) — all judicial foreclosure states.

For more: http://www.realtytrac.com/content/foreclosure-market-report/foreclosure-starts-increase-for-third-straight-month-in-july-bank-repossessions-continue-decline-7332?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foreclosure-market-report-rss-feed+%28RealtyTrac+Foreclosure+Market+Report%29

California Housing Market: Pending Home Sales Increase In May 2012 While Distressed Property Sales Fall To 41% Of Total Sales

28 06 2012

C.A.R.’s Pending Home Sales Index rose to 128.8 in May compared with 115.8 a year earlier.  Pending home sales also posted double-digit gains compared with the previous year for the fourth consecutive month. Additionally, the share of distressed sales continued to decline from year-ago levels, signaling a return of non-investors to the housing market.

  • The share of equity sales – or non-distressed property sales – compared with total sales improved further in May.  The share of equity sales rose to 59.3 percent in May, up from 55.8 percent in April.  Equity sales made up 51 percent of all sales in May 2011.
  • Likewise, shares of REOs and short sales sold statewide decreased in May, with the share of REO sales dropping the most markedly from a year ago.  The combined share of all distressed property sales fell to 40.7 percent in May, down from April’s 44.2 percent and from 49 percent in May 2011.
  • The share of short sales declined in May to 19.4 percent, down from 20.6 percent in April and from 20.3 percent a year ago.
  • Of the distressed properties, the share of REO sales declined further in May to 21 percent, down from 23.2 percent in April and 28.4 percent in May 2011.
  • The available supply of REOs for sale continued to tighten in May, with the Unsold Inventory Index declining from a 2-month supply in April 2012 to 1.5 months in May 2012.

Home Prices Show Signs Of “Stabilization” As S&P/Case-Shiller Index Falls At Slowest Pace In 12 Months

26 06 2012

“Housing has picked up since the middle of last year…Sales have improved and the inventory of homes for sale has been falling, which has brought a bit more balance into the market and fed into a bit of stabilization of prices.”

Residential real estate prices fell in April at the slowest pace in more than a year, adding to signs the U.S. housing market was firming. The S&P/Case-Shiller index of property values in 20 cities dropped 1.9 percent in April from the same month in 2011, the smallest decline since November 2010, after decreasing 2.6 percent in the year ended March, the group said today in New York. The median forecast of 28 economists in a Bloomberg News survey projected a 2.5 percent drop.

A turnaround in prices is a necessary step toward luring more buyers and sustaining demand for housing, which is starting to stabilize after precipitating the last recession almost five years ago. Record-low borrowing costs, due in part to Federal Reserve efforts to hold down long-term rates, may keep promoting home sales in the presence of an 8.2 percent unemployment rate.

For more:  http://www.businessweek.com/news/2012-06-26/home-prices-in-20-u-dot-s-dot-cities-fall-at-slowest-pace-since-2010

A New Study By Pew Research Center Finds “Housing Bust” Has Reduced “Household Wealth” Of Black And Hispanic Americans More Than White Americans (Video)

27 07 2011

As the economy struggles to rebound, a new analysis of Census data shows a widening wealth gap among white, black and Hispanic Americans. Gwen Ifill discusses the results of a new study with the Pew Research Center’s Paul Taylor and Howard University’s Roderick Harrison.