Thursday, April 26, 2012

Home Sales Contracts Rise 4.1% in March - CNBC

Sold sign

More buyers signed contracts to buy existing homes in March than the previous month, according to a monthly survey just released by the National Association of Realtors.

The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

Contract activity was strongest out West, with the index jumping nearly nine percent.

Both the Northeast and Midwest saw declining activity.

The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.

A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.

Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.

by Diana Olick CNBC Apr 26, 2012


Home Sales Contracts Rise 4.1% in March - CNBC

Home Sales Contracts Rise 4.1% in March - CNBC

Sold sign

More buyers signed contracts to buy existing homes in March than the previous month, according to a monthly survey just released by the National Association of Realtors.

The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

Contract activity was strongest out West, with the index jumping nearly nine percent.

Both the Northeast and Midwest saw declining activity.

The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.

A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.

Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.

by Diana Olick CNBC Apr 26, 2012


Home Sales Contracts Rise 4.1% in March - CNBC

Home Sales Contracts Rise 4.1% in March - CNBC

Sold sign

More buyers signed contracts to buy existing homes in March than the previous month, according to a monthly survey just released by the National Association of Realtors.

The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

Contract activity was strongest out West, with the index jumping nearly nine percent.

Both the Northeast and Midwest saw declining activity.

The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.

A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.

Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.

by Diana Olick CNBC Apr 26, 2012


Home Sales Contracts Rise 4.1% in March - CNBC

Home Sales Contracts Rise 4.1% in March - CNBC

Sold sign

More buyers signed contracts to buy existing homes in March than the previous month, according to a monthly survey just released by the National Association of Realtors.

The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

Contract activity was strongest out West, with the index jumping nearly nine percent.

Both the Northeast and Midwest saw declining activity.

The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.

A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.

Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.

by Diana Olick CNBC Apr 26, 2012


Home Sales Contracts Rise 4.1% in March - CNBC

Home Sales Contracts Rise 4.1% in March - CNBC

Sold sign

More buyers signed contracts to buy existing homes in March than the previous month, according to a monthly survey just released by the National Association of Realtors.

The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

Contract activity was strongest out West, with the index jumping nearly nine percent.

Both the Northeast and Midwest saw declining activity.

The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.

A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.

Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.

by Diana Olick CNBC Apr 26, 2012


Home Sales Contracts Rise 4.1% in March - CNBC

Home Sales Contracts Rise 4.1% in March - CNBC

Sold sign

More buyers signed contracts to buy existing homes in March than the previous month, according to a monthly survey just released by the National Association of Realtors.

The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

Contract activity was strongest out West, with the index jumping nearly nine percent.

Both the Northeast and Midwest saw declining activity.

The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.

A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.

Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.

by Diana Olick CNBC Apr 26, 2012


Home Sales Contracts Rise 4.1% in March - CNBC

Home Sales Contracts Rise 4.1% in March - CNBC

Sold sign

More buyers signed contracts to buy existing homes in March than the previous month, according to a monthly survey just released by the National Association of Realtors.

The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.

“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.

Contract activity was strongest out West, with the index jumping nearly nine percent.

Both the Northeast and Midwest saw declining activity.

The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.

A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.

Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.

by Diana Olick CNBC Apr 26, 2012


Home Sales Contracts Rise 4.1% in March - CNBC

Wednesday, April 25, 2012

Borrower Behavior & Loan Stats Of Interest | The Basis Point

Here are some interesting borrower and loan stats that have caught my eye lately…

(1) Ellie Mae released a report using a sample of loan application data from its database for March compared to February 2012 and September and December 2011. (Ellie Mae States that there were two million loan applications processed through its systems in 2011.) In March, 61% of originations were for refinancing, about the same as three and six months previous but down from 67% in February. FHA-backed loans accounted for 28% versus 64% for conventional. A typical loan regardless of its purpose took 42 days to close in March, about the same as in February but down three to five days from December. The majority of loans that went through Ellie Mae were 30-year fixed-rate loans but 20% were 15 year and about 4% were ARMs.

(2) In a stat of great interest to secondary marketing folks, Ellie Mae calculated a “pull-through” rate for a sampling of loans for which applications had been submitted 90 days earlier. The pull through for March was 47%: 56% for purchases and 42% for refi’s. The average loan closed in March had a FICO score of 749, an LTV of 77% and a DTI of 23/35. (Loans that were denied had an average FICO of 699, 85% LTV, and a DTI of 27/43.)

(3) According to NAR, investors purchased 1.23m existing and new homes, an increase of 64.5% from 2010, and investment home sales comprised 27% of all activity, an increase of 17%. Nearly half of investor purchases were made in cash, and half were distressed homes. The regions that saw the most activity were the South (41%) and West (23%), while purchases in the Midwest and Northeast made up 17% and 15% of the total, respectively.

(4) A recent study conducted by TransUnion has revealed that, when faced with credit card, auto loan, and mortgage debt, the typical troubled borrower is most likely to let their mortgage payments slip. Four million indebted borrowers were surveyed and a mere 9.5% of those were delinquent on auto loans, while 17.3% were delinquent on credit card payments. Nearly 40% of the borrowers polled were behind on their mortgage, opting instead to pay auto and credit card loans.

(5) January saw more short sales close nationally than foreclosures for the first time, meaning that banks were agreeing to more deals. Short sales accounted for almost 24% of home purchases in January versus about 20% for sales of foreclosed homes. (In January 2011 it was 16 and 23%, respectively.) Depository banks were never designed to be landlords, hold real estate, or voluntarily swallow losses on thousands or millions of homes. But they can process short sales in less time and at significantly less cost than foreclosures, leading to fewer foreclosures on the market, leading to fewer distressed properties on the market.

by Rob chrisman TheBasisPoint.com Apr 24, 2012



Borrower Behavior & Loan Stats Of Interest | The Basis Point

Borrower Behavior & Loan Stats Of Interest | The Basis Point

Here are some interesting borrower and loan stats that have caught my eye lately…

(1) Ellie Mae released a report using a sample of loan application data from its database for March compared to February 2012 and September and December 2011. (Ellie Mae States that there were two million loan applications processed through its systems in 2011.) In March, 61% of originations were for refinancing, about the same as three and six months previous but down from 67% in February. FHA-backed loans accounted for 28% versus 64% for conventional. A typical loan regardless of its purpose took 42 days to close in March, about the same as in February but down three to five days from December. The majority of loans that went through Ellie Mae were 30-year fixed-rate loans but 20% were 15 year and about 4% were ARMs.

(2) In a stat of great interest to secondary marketing folks, Ellie Mae calculated a “pull-through” rate for a sampling of loans for which applications had been submitted 90 days earlier. The pull through for March was 47%: 56% for purchases and 42% for refi’s. The average loan closed in March had a FICO score of 749, an LTV of 77% and a DTI of 23/35. (Loans that were denied had an average FICO of 699, 85% LTV, and a DTI of 27/43.)

(3) According to NAR, investors purchased 1.23m existing and new homes, an increase of 64.5% from 2010, and investment home sales comprised 27% of all activity, an increase of 17%. Nearly half of investor purchases were made in cash, and half were distressed homes. The regions that saw the most activity were the South (41%) and West (23%), while purchases in the Midwest and Northeast made up 17% and 15% of the total, respectively.

(4) A recent study conducted by TransUnion has revealed that, when faced with credit card, auto loan, and mortgage debt, the typical troubled borrower is most likely to let their mortgage payments slip. Four million indebted borrowers were surveyed and a mere 9.5% of those were delinquent on auto loans, while 17.3% were delinquent on credit card payments. Nearly 40% of the borrowers polled were behind on their mortgage, opting instead to pay auto and credit card loans.

(5) January saw more short sales close nationally than foreclosures for the first time, meaning that banks were agreeing to more deals. Short sales accounted for almost 24% of home purchases in January versus about 20% for sales of foreclosed homes. (In January 2011 it was 16 and 23%, respectively.) Depository banks were never designed to be landlords, hold real estate, or voluntarily swallow losses on thousands or millions of homes. But they can process short sales in less time and at significantly less cost than foreclosures, leading to fewer foreclosures on the market, leading to fewer distressed properties on the market.

by Rob chrisman TheBasisPoint.com Apr 24, 2012


Borrower Behavior & Loan Stats Of Interest | The Basis Point

Borrower Behavior & Loan Stats Of Interest | The Basis Point

Here are some interesting borrower and loan stats that have caught my eye lately…

(1) Ellie Mae released a report using a sample of loan application data from its database for March compared to February 2012 and September and December 2011. (Ellie Mae States that there were two million loan applications processed through its systems in 2011.) In March, 61% of originations were for refinancing, about the same as three and six months previous but down from 67% in February. FHA-backed loans accounted for 28% versus 64% for conventional. A typical loan regardless of its purpose took 42 days to close in March, about the same as in February but down three to five days from December. The majority of loans that went through Ellie Mae were 30-year fixed-rate loans but 20% were 15 year and about 4% were ARMs.

(2) In a stat of great interest to secondary marketing folks, Ellie Mae calculated a “pull-through” rate for a sampling of loans for which applications had been submitted 90 days earlier. The pull through for March was 47%: 56% for purchases and 42% for refi’s. The average loan closed in March had a FICO score of 749, an LTV of 77% and a DTI of 23/35. (Loans that were denied had an average FICO of 699, 85% LTV, and a DTI of 27/43.)

(3) According to NAR, investors purchased 1.23m existing and new homes, an increase of 64.5% from 2010, and investment home sales comprised 27% of all activity, an increase of 17%. Nearly half of investor purchases were made in cash, and half were distressed homes. The regions that saw the most activity were the South (41%) and West (23%), while purchases in the Midwest and Northeast made up 17% and 15% of the total, respectively.

(4) A recent study conducted by TransUnion has revealed that, when faced with credit card, auto loan, and mortgage debt, the typical troubled borrower is most likely to let their mortgage payments slip. Four million indebted borrowers were surveyed and a mere 9.5% of those were delinquent on auto loans, while 17.3% were delinquent on credit card payments. Nearly 40% of the borrowers polled were behind on their mortgage, opting instead to pay auto and credit card loans.

(5) January saw more short sales close nationally than foreclosures for the first time, meaning that banks were agreeing to more deals. Short sales accounted for almost 24% of home purchases in January versus about 20% for sales of foreclosed homes. (In January 2011 it was 16 and 23%, respectively.) Depository banks were never designed to be landlords, hold real estate, or voluntarily swallow losses on thousands or millions of homes. But they can process short sales in less time and at significantly less cost than foreclosures, leading to fewer foreclosures on the market, leading to fewer distressed properties on the market.

by Rob chrisman TheBasisPoint.com Apr 24, 2012


Borrower Behavior & Loan Stats Of Interest | The Basis Point

Borrower Behavior & Loan Stats Of Interest | The Basis Point

Here are some interesting borrower and loan stats that have caught my eye lately…

(1) Ellie Mae released a report using a sample of loan application data from its database for March compared to February 2012 and September and December 2011. (Ellie Mae States that there were two million loan applications processed through its systems in 2011.) In March, 61% of originations were for refinancing, about the same as three and six months previous but down from 67% in February. FHA-backed loans accounted for 28% versus 64% for conventional. A typical loan regardless of its purpose took 42 days to close in March, about the same as in February but down three to five days from December. The majority of loans that went through Ellie Mae were 30-year fixed-rate loans but 20% were 15 year and about 4% were ARMs.

(2) In a stat of great interest to secondary marketing folks, Ellie Mae calculated a “pull-through” rate for a sampling of loans for which applications had been submitted 90 days earlier. The pull through for March was 47%: 56% for purchases and 42% for refi’s. The average loan closed in March had a FICO score of 749, an LTV of 77% and a DTI of 23/35. (Loans that were denied had an average FICO of 699, 85% LTV, and a DTI of 27/43.)

(3) According to NAR, investors purchased 1.23m existing and new homes, an increase of 64.5% from 2010, and investment home sales comprised 27% of all activity, an increase of 17%. Nearly half of investor purchases were made in cash, and half were distressed homes. The regions that saw the most activity were the South (41%) and West (23%), while purchases in the Midwest and Northeast made up 17% and 15% of the total, respectively.

(4) A recent study conducted by TransUnion has revealed that, when faced with credit card, auto loan, and mortgage debt, the typical troubled borrower is most likely to let their mortgage payments slip. Four million indebted borrowers were surveyed and a mere 9.5% of those were delinquent on auto loans, while 17.3% were delinquent on credit card payments. Nearly 40% of the borrowers polled were behind on their mortgage, opting instead to pay auto and credit card loans.

(5) January saw more short sales close nationally than foreclosures for the first time, meaning that banks were agreeing to more deals. Short sales accounted for almost 24% of home purchases in January versus about 20% for sales of foreclosed homes. (In January 2011 it was 16 and 23%, respectively.) Depository banks were never designed to be landlords, hold real estate, or voluntarily swallow losses on thousands or millions of homes. But they can process short sales in less time and at significantly less cost than foreclosures, leading to fewer foreclosures on the market, leading to fewer distressed properties on the market.

by Rob chrisman TheBasisPoint.com Apr 24, 2012


Borrower Behavior & Loan Stats Of Interest | The Basis Point

Borrower Behavior & Loan Stats Of Interest | The Basis Point

Here are some interesting borrower and loan stats that have caught my eye lately…

(1) Ellie Mae released a report using a sample of loan application data from its database for March compared to February 2012 and September and December 2011. (Ellie Mae States that there were two million loan applications processed through its systems in 2011.) In March, 61% of originations were for refinancing, about the same as three and six months previous but down from 67% in February. FHA-backed loans accounted for 28% versus 64% for conventional. A typical loan regardless of its purpose took 42 days to close in March, about the same as in February but down three to five days from December. The majority of loans that went through Ellie Mae were 30-year fixed-rate loans but 20% were 15 year and about 4% were ARMs.

(2) In a stat of great interest to secondary marketing folks, Ellie Mae calculated a “pull-through” rate for a sampling of loans for which applications had been submitted 90 days earlier. The pull through for March was 47%: 56% for purchases and 42% for refi’s. The average loan closed in March had a FICO score of 749, an LTV of 77% and a DTI of 23/35. (Loans that were denied had an average FICO of 699, 85% LTV, and a DTI of 27/43.)

(3) According to NAR, investors purchased 1.23m existing and new homes, an increase of 64.5% from 2010, and investment home sales comprised 27% of all activity, an increase of 17%. Nearly half of investor purchases were made in cash, and half were distressed homes. The regions that saw the most activity were the South (41%) and West (23%), while purchases in the Midwest and Northeast made up 17% and 15% of the total, respectively.

(4) A recent study conducted by TransUnion has revealed that, when faced with credit card, auto loan, and mortgage debt, the typical troubled borrower is most likely to let their mortgage payments slip. Four million indebted borrowers were surveyed and a mere 9.5% of those were delinquent on auto loans, while 17.3% were delinquent on credit card payments. Nearly 40% of the borrowers polled were behind on their mortgage, opting instead to pay auto and credit card loans.

(5) January saw more short sales close nationally than foreclosures for the first time, meaning that banks were agreeing to more deals. Short sales accounted for almost 24% of home purchases in January versus about 20% for sales of foreclosed homes. (In January 2011 it was 16 and 23%, respectively.) Depository banks were never designed to be landlords, hold real estate, or voluntarily swallow losses on thousands or millions of homes. But they can process short sales in less time and at significantly less cost than foreclosures, leading to fewer foreclosures on the market, leading to fewer distressed properties on the market.

by Rob chrisman TheBasisPoint.com Apr 24, 2012


Borrower Behavior & Loan Stats Of Interest | The Basis Point

Borrower Behavior & Loan Stats Of Interest | The Basis Point

Here are some interesting borrower and loan stats that have caught my eye lately…

(1) Ellie Mae released a report using a sample of loan application data from its database for March compared to February 2012 and September and December 2011. (Ellie Mae States that there were two million loan applications processed through its systems in 2011.) In March, 61% of originations were for refinancing, about the same as three and six months previous but down from 67% in February. FHA-backed loans accounted for 28% versus 64% for conventional. A typical loan regardless of its purpose took 42 days to close in March, about the same as in February but down three to five days from December. The majority of loans that went through Ellie Mae were 30-year fixed-rate loans but 20% were 15 year and about 4% were ARMs.

(2) In a stat of great interest to secondary marketing folks, Ellie Mae calculated a “pull-through” rate for a sampling of loans for which applications had been submitted 90 days earlier. The pull through for March was 47%: 56% for purchases and 42% for refi’s. The average loan closed in March had a FICO score of 749, an LTV of 77% and a DTI of 23/35. (Loans that were denied had an average FICO of 699, 85% LTV, and a DTI of 27/43.)

(3) According to NAR, investors purchased 1.23m existing and new homes, an increase of 64.5% from 2010, and investment home sales comprised 27% of all activity, an increase of 17%. Nearly half of investor purchases were made in cash, and half were distressed homes. The regions that saw the most activity were the South (41%) and West (23%), while purchases in the Midwest and Northeast made up 17% and 15% of the total, respectively.

(4) A recent study conducted by TransUnion has revealed that, when faced with credit card, auto loan, and mortgage debt, the typical troubled borrower is most likely to let their mortgage payments slip. Four million indebted borrowers were surveyed and a mere 9.5% of those were delinquent on auto loans, while 17.3% were delinquent on credit card payments. Nearly 40% of the borrowers polled were behind on their mortgage, opting instead to pay auto and credit card loans.

(5) January saw more short sales close nationally than foreclosures for the first time, meaning that banks were agreeing to more deals. Short sales accounted for almost 24% of home purchases in January versus about 20% for sales of foreclosed homes. (In January 2011 it was 16 and 23%, respectively.) Depository banks were never designed to be landlords, hold real estate, or voluntarily swallow losses on thousands or millions of homes. But they can process short sales in less time and at significantly less cost than foreclosures, leading to fewer foreclosures on the market, leading to fewer distressed properties on the market.

by Rob chrisman TheBasisPoint.com Apr 24, 2012


Borrower Behavior & Loan Stats Of Interest | The Basis Point

Borrower Behavior & Loan Stats Of Interest | The Basis Point

Here are some interesting borrower and loan stats that have caught my eye lately…

(1) Ellie Mae released a report using a sample of loan application data from its database for March compared to February 2012 and September and December 2011. (Ellie Mae States that there were two million loan applications processed through its systems in 2011.) In March, 61% of originations were for refinancing, about the same as three and six months previous but down from 67% in February. FHA-backed loans accounted for 28% versus 64% for conventional. A typical loan regardless of its purpose took 42 days to close in March, about the same as in February but down three to five days from December. The majority of loans that went through Ellie Mae were 30-year fixed-rate loans but 20% were 15 year and about 4% were ARMs.

(2) In a stat of great interest to secondary marketing folks, Ellie Mae calculated a “pull-through” rate for a sampling of loans for which applications had been submitted 90 days earlier. The pull through for March was 47%: 56% for purchases and 42% for refi’s. The average loan closed in March had a FICO score of 749, an LTV of 77% and a DTI of 23/35. (Loans that were denied had an average FICO of 699, 85% LTV, and a DTI of 27/43.)

(3) According to NAR, investors purchased 1.23m existing and new homes, an increase of 64.5% from 2010, and investment home sales comprised 27% of all activity, an increase of 17%. Nearly half of investor purchases were made in cash, and half were distressed homes. The regions that saw the most activity were the South (41%) and West (23%), while purchases in the Midwest and Northeast made up 17% and 15% of the total, respectively.

(4) A recent study conducted by TransUnion has revealed that, when faced with credit card, auto loan, and mortgage debt, the typical troubled borrower is most likely to let their mortgage payments slip. Four million indebted borrowers were surveyed and a mere 9.5% of those were delinquent on auto loans, while 17.3% were delinquent on credit card payments. Nearly 40% of the borrowers polled were behind on their mortgage, opting instead to pay auto and credit card loans.

(5) January saw more short sales close nationally than foreclosures for the first time, meaning that banks were agreeing to more deals. Short sales accounted for almost 24% of home purchases in January versus about 20% for sales of foreclosed homes. (In January 2011 it was 16 and 23%, respectively.) Depository banks were never designed to be landlords, hold real estate, or voluntarily swallow losses on thousands or millions of homes. But they can process short sales in less time and at significantly less cost than foreclosures, leading to fewer foreclosures on the market, leading to fewer distressed properties on the market.

by Rob chrisman TheBasisPoint.com Apr 24, 2012


Borrower Behavior & Loan Stats Of Interest | The Basis Point

Tuesday, April 24, 2012

California Bay Area home sales hit 5-year high | HousingWire


March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.

About 7,700 new and resale houses and condos sold in the nine-county Bay Area in March, up 34.9% from 5,702 in February, and up 9.1% from 7,051 a year earlier, according to San Diego-based DataQuick.

The February to March sales jump is normal for the season, but the latter’s sales count was the highest for the month since 8,317 homes were sold in 2007. Since 1988, March sales have ranged from 4,898 in 2008 to 12,645 in 2004, with an average of 8,812.

“This is the time of year when buying patterns usually start to normalize,” said DataQuick President John Walsh. “And while the changes we’re seeing are incremental, they’re incremental in a positive direction. That said, there’s a long way to go.”

The median price paid for all new and resale houses and condos sold in the Bay Area in March totaled $358,000, a 10.2% increase from $325,000 in February, but down 0.6% from $360,000 in March 2011.

To put these figures in perspective, the low point of the current real estate cycle fell to $290,000 in March 2009, while the peak rose to $665,000 in June/July 2007.

Statewide median home prices posted their first year-over-year increase in 16 months. The California Association of Realtors members said tight inventory (4.1 months) throughout the state and particularly robust sales in the San Francisco Bay area helped fuel the price increase.

“Two of the big issues to watch closely are how fast distressed properties are being put on the market, and the availability of, or lack of availability of, mortgage financing,” DataQuick's Walsh said.

Distressed property sales, according to the firm, made up 44.3% of the resale market, down from 48.8% in February and 48.2% a year earlier.

Foreclosure resales accounted for 24.9% of resales in March, falling from 26.4% in February, and down from 31.5% in the year-ago period. Foreclosure resales averaged about 10% over the past 17 years.

Short sales made up 19.4% of Bay Area resales in the month, down from 22.4% in the previous month and up from 16.7% a year earlier.






by Justin T Hilley Housingwire Apr 20, 2012


California Bay Area home sales hit 5-year high | HousingWire

California Bay Area home sales hit 5-year high | HousingWire


March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.

About 7,700 new and resale houses and condos sold in the nine-county Bay Area in March, up 34.9% from 5,702 in February, and up 9.1% from 7,051 a year earlier, according to San Diego-based DataQuick.

The February to March sales jump is normal for the season, but the latter’s sales count was the highest for the month since 8,317 homes were sold in 2007. Since 1988, March sales have ranged from 4,898 in 2008 to 12,645 in 2004, with an average of 8,812.

“This is the time of year when buying patterns usually start to normalize,” said DataQuick President John Walsh. “And while the changes we’re seeing are incremental, they’re incremental in a positive direction. That said, there’s a long way to go.”

The median price paid for all new and resale houses and condos sold in the Bay Area in March totaled $358,000, a 10.2% increase from $325,000 in February, but down 0.6% from $360,000 in March 2011.

To put these figures in perspective, the low point of the current real estate cycle fell to $290,000 in March 2009, while the peak rose to $665,000 in June/July 2007.

Statewide median home prices posted their first year-over-year increase in 16 months. The California Association of Realtors members said tight inventory (4.1 months) throughout the state and particularly robust sales in the San Francisco Bay area helped fuel the price increase.

“Two of the big issues to watch closely are how fast distressed properties are being put on the market, and the availability of, or lack of availability of, mortgage financing,” DataQuick's Walsh said.

Distressed property sales, according to the firm, made up 44.3% of the resale market, down from 48.8% in February and 48.2% a year earlier.

Foreclosure resales accounted for 24.9% of resales in March, falling from 26.4% in February, and down from 31.5% in the year-ago period. Foreclosure resales averaged about 10% over the past 17 years.

Short sales made up 19.4% of Bay Area resales in the month, down from 22.4% in the previous month and up from 16.7% a year earlier.






by Justin T Hilley Housingwire Apr 20, 2012


California Bay Area home sales hit 5-year high | HousingWire

California Bay Area home sales hit 5-year high | HousingWire


March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.

About 7,700 new and resale houses and condos sold in the nine-county Bay Area in March, up 34.9% from 5,702 in February, and up 9.1% from 7,051 a year earlier, according to San Diego-based DataQuick.

The February to March sales jump is normal for the season, but the latter’s sales count was the highest for the month since 8,317 homes were sold in 2007. Since 1988, March sales have ranged from 4,898 in 2008 to 12,645 in 2004, with an average of 8,812.

“This is the time of year when buying patterns usually start to normalize,” said DataQuick President John Walsh. “And while the changes we’re seeing are incremental, they’re incremental in a positive direction. That said, there’s a long way to go.”

The median price paid for all new and resale houses and condos sold in the Bay Area in March totaled $358,000, a 10.2% increase from $325,000 in February, but down 0.6% from $360,000 in March 2011.

To put these figures in perspective, the low point of the current real estate cycle fell to $290,000 in March 2009, while the peak rose to $665,000 in June/July 2007.

Statewide median home prices posted their first year-over-year increase in 16 months. The California Association of Realtors members said tight inventory (4.1 months) throughout the state and particularly robust sales in the San Francisco Bay area helped fuel the price increase.

“Two of the big issues to watch closely are how fast distressed properties are being put on the market, and the availability of, or lack of availability of, mortgage financing,” DataQuick's Walsh said.

Distressed property sales, according to the firm, made up 44.3% of the resale market, down from 48.8% in February and 48.2% a year earlier.

Foreclosure resales accounted for 24.9% of resales in March, falling from 26.4% in February, and down from 31.5% in the year-ago period. Foreclosure resales averaged about 10% over the past 17 years.

Short sales made up 19.4% of Bay Area resales in the month, down from 22.4% in the previous month and up from 16.7% a year earlier.






by Justin T Hilley Housingwire Apr 20, 2012


California Bay Area home sales hit 5-year high | HousingWire

California Bay Area home sales hit 5-year high | HousingWire


March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.

About 7,700 new and resale houses and condos sold in the nine-county Bay Area in March, up 34.9% from 5,702 in February, and up 9.1% from 7,051 a year earlier, according to San Diego-based DataQuick.

The February to March sales jump is normal for the season, but the latter’s sales count was the highest for the month since 8,317 homes were sold in 2007. Since 1988, March sales have ranged from 4,898 in 2008 to 12,645 in 2004, with an average of 8,812.

“This is the time of year when buying patterns usually start to normalize,” said DataQuick President John Walsh. “And while the changes we’re seeing are incremental, they’re incremental in a positive direction. That said, there’s a long way to go.”

The median price paid for all new and resale houses and condos sold in the Bay Area in March totaled $358,000, a 10.2% increase from $325,000 in February, but down 0.6% from $360,000 in March 2011.

To put these figures in perspective, the low point of the current real estate cycle fell to $290,000 in March 2009, while the peak rose to $665,000 in June/July 2007.

Statewide median home prices posted their first year-over-year increase in 16 months. The California Association of Realtors members said tight inventory (4.1 months) throughout the state and particularly robust sales in the San Francisco Bay area helped fuel the price increase.

“Two of the big issues to watch closely are how fast distressed properties are being put on the market, and the availability of, or lack of availability of, mortgage financing,” DataQuick's Walsh said.

Distressed property sales, according to the firm, made up 44.3% of the resale market, down from 48.8% in February and 48.2% a year earlier.

Foreclosure resales accounted for 24.9% of resales in March, falling from 26.4% in February, and down from 31.5% in the year-ago period. Foreclosure resales averaged about 10% over the past 17 years.

Short sales made up 19.4% of Bay Area resales in the month, down from 22.4% in the previous month and up from 16.7% a year earlier.






by Justin T Hilley Housingwire Apr 20, 2012


California Bay Area home sales hit 5-year high | HousingWire

California Bay Area home sales hit 5-year high | HousingWire


March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.

About 7,700 new and resale houses and condos sold in the nine-county Bay Area in March, up 34.9% from 5,702 in February, and up 9.1% from 7,051 a year earlier, according to San Diego-based DataQuick.

The February to March sales jump is normal for the season, but the latter’s sales count was the highest for the month since 8,317 homes were sold in 2007. Since 1988, March sales have ranged from 4,898 in 2008 to 12,645 in 2004, with an average of 8,812.

“This is the time of year when buying patterns usually start to normalize,” said DataQuick President John Walsh. “And while the changes we’re seeing are incremental, they’re incremental in a positive direction. That said, there’s a long way to go.”

The median price paid for all new and resale houses and condos sold in the Bay Area in March totaled $358,000, a 10.2% increase from $325,000 in February, but down 0.6% from $360,000 in March 2011.

To put these figures in perspective, the low point of the current real estate cycle fell to $290,000 in March 2009, while the peak rose to $665,000 in June/July 2007.

Statewide median home prices posted their first year-over-year increase in 16 months. The California Association of Realtors members said tight inventory (4.1 months) throughout the state and particularly robust sales in the San Francisco Bay area helped fuel the price increase.

“Two of the big issues to watch closely are how fast distressed properties are being put on the market, and the availability of, or lack of availability of, mortgage financing,” DataQuick's Walsh said.

Distressed property sales, according to the firm, made up 44.3% of the resale market, down from 48.8% in February and 48.2% a year earlier.

Foreclosure resales accounted for 24.9% of resales in March, falling from 26.4% in February, and down from 31.5% in the year-ago period. Foreclosure resales averaged about 10% over the past 17 years.

Short sales made up 19.4% of Bay Area resales in the month, down from 22.4% in the previous month and up from 16.7% a year earlier.






by Justin T Hilley Housingwire Apr 20, 2012


California Bay Area home sales hit 5-year high | HousingWire

California Bay Area home sales hit 5-year high | HousingWire


March home sales in California’s Bay Area reached their highest level for the month in five years, the result of lower prices, low interest rates and an improving economy.

About 7,700 new and resale houses and condos sold in the nine-county Bay Area in March, up 34.9% from 5,702 in February, and up 9.1% from 7,051 a year earlier, according to San Diego-based DataQuick.

The February to March sales jump is normal for the season, but the latter’s sales count was the highest for the month since 8,317 homes were sold in 2007. Since 1988, March sales have ranged from 4,898 in 2008 to 12,645 in 2004, with an average of 8,812.

“This is the time of year when buying patterns usually start to normalize,” said DataQuick President John Walsh. “And while the changes we’re seeing are incremental, they’re incremental in a positive direction. That said, there’s a long way to go.”

The median price paid for all new and resale houses and condos sold in the Bay Area in March totaled $358,000, a 10.2% increase from $325,000 in February, but down 0.6% from $360,000 in March 2011.

To put these figures in perspective, the low point of the current real estate cycle fell to $290,000 in March 2009, while the peak rose to $665,000 in June/July 2007.

Statewide median home prices posted their first year-over-year increase in 16 months. The California Association of Realtors members said tight inventory (4.1 months) throughout the state and particularly robust sales in the San Francisco Bay area helped fuel the price increase.

“Two of the big issues to watch closely are how fast distressed properties are being put on the market, and the availability of, or lack of availability of, mortgage financing,” DataQuick's Walsh said.

Distressed property sales, according to the firm, made up 44.3% of the resale market, down from 48.8% in February and 48.2% a year earlier.

Foreclosure resales accounted for 24.9% of resales in March, falling from 26.4% in February, and down from 31.5% in the year-ago period. Foreclosure resales averaged about 10% over the past 17 years.

Short sales made up 19.4% of Bay Area resales in the month, down from 22.4% in the previous month and up from 16.7% a year earlier.






by Justin T Hilley Housingwire Apr 20, 2012


California Bay Area home sales hit 5-year high | HousingWire

Illinois home prices halt 20-month price descent | HousingWire


Median home prices in Illinois snapped a 20-month streak of price declines in March, a turnaround coinciding with the start of the spring selling season.

The statewide median price in March came in at $130,000, even with March 2011, according to the Illinois Association of Realtors. It’s the first time the state’s median price hasn’t decreased since June 2010.

“There’s no doubt that these are strong numbers to open the spring selling season,” said IAR President Loretta Alonzo. “To see such good sales numbers, coupled with a measure of price stability is encouraging news no matter what side of a real estate transaction you happen to be on.”

Illinois home sales posted the best March sales numbers since 2007. Home sales (including single-family homes and condominiums) in the month totaled 9,575, expanding 21.1% from 7,904 home sales a year earlier.

In the nine-county Chicago Primary Metropolitan Statistical Area, 6,590 homes were sold in March, up 23.8% from March 2011 sales of 5,323 homes. The median price in March was $151,850 in the Chicago PMSA, down 3.9% compared to a year earlier when it was $158,000.

“Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago,” said Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.

“Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market,” Hewings added.

by Justin T Hilley Housingwire Apr 20, 2012


Illinois home prices halt 20-month price descent | HousingWire

Illinois home prices halt 20-month price descent | HousingWire


Median home prices in Illinois snapped a 20-month streak of price declines in March, a turnaround coinciding with the start of the spring selling season.

The statewide median price in March came in at $130,000, even with March 2011, according to the Illinois Association of Realtors. It’s the first time the state’s median price hasn’t decreased since June 2010.

“There’s no doubt that these are strong numbers to open the spring selling season,” said IAR President Loretta Alonzo. “To see such good sales numbers, coupled with a measure of price stability is encouraging news no matter what side of a real estate transaction you happen to be on.”

Illinois home sales posted the best March sales numbers since 2007. Home sales (including single-family homes and condominiums) in the month totaled 9,575, expanding 21.1% from 7,904 home sales a year earlier.

In the nine-county Chicago Primary Metropolitan Statistical Area, 6,590 homes were sold in March, up 23.8% from March 2011 sales of 5,323 homes. The median price in March was $151,850 in the Chicago PMSA, down 3.9% compared to a year earlier when it was $158,000.

“Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago,” said Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.

“Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market,” Hewings added.

by Justin T Hilley Housingwire Apr 20, 2012


Illinois home prices halt 20-month price descent | HousingWire

Illinois home prices halt 20-month price descent | HousingWire


Median home prices in Illinois snapped a 20-month streak of price declines in March, a turnaround coinciding with the start of the spring selling season.

The statewide median price in March came in at $130,000, even with March 2011, according to the Illinois Association of Realtors. It’s the first time the state’s median price hasn’t decreased since June 2010.

“There’s no doubt that these are strong numbers to open the spring selling season,” said IAR President Loretta Alonzo. “To see such good sales numbers, coupled with a measure of price stability is encouraging news no matter what side of a real estate transaction you happen to be on.”

Illinois home sales posted the best March sales numbers since 2007. Home sales (including single-family homes and condominiums) in the month totaled 9,575, expanding 21.1% from 7,904 home sales a year earlier.

In the nine-county Chicago Primary Metropolitan Statistical Area, 6,590 homes were sold in March, up 23.8% from March 2011 sales of 5,323 homes. The median price in March was $151,850 in the Chicago PMSA, down 3.9% compared to a year earlier when it was $158,000.

“Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago,” said Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.

“Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market,” Hewings added.

by Justin T Hilley Housingwire Apr 20, 2012


Illinois home prices halt 20-month price descent | HousingWire

Illinois home prices halt 20-month price descent | HousingWire


Median home prices in Illinois snapped a 20-month streak of price declines in March, a turnaround coinciding with the start of the spring selling season.

The statewide median price in March came in at $130,000, even with March 2011, according to the Illinois Association of Realtors. It’s the first time the state’s median price hasn’t decreased since June 2010.

“There’s no doubt that these are strong numbers to open the spring selling season,” said IAR President Loretta Alonzo. “To see such good sales numbers, coupled with a measure of price stability is encouraging news no matter what side of a real estate transaction you happen to be on.”

Illinois home sales posted the best March sales numbers since 2007. Home sales (including single-family homes and condominiums) in the month totaled 9,575, expanding 21.1% from 7,904 home sales a year earlier.

In the nine-county Chicago Primary Metropolitan Statistical Area, 6,590 homes were sold in March, up 23.8% from March 2011 sales of 5,323 homes. The median price in March was $151,850 in the Chicago PMSA, down 3.9% compared to a year earlier when it was $158,000.

“Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago,” said Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.

“Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market,” Hewings added.

by Justin T Hilley Housingwire Apr 20, 2012


Illinois home prices halt 20-month price descent | HousingWire

Illinois home prices halt 20-month price descent | HousingWire


Median home prices in Illinois snapped a 20-month streak of price declines in March, a turnaround coinciding with the start of the spring selling season.

The statewide median price in March came in at $130,000, even with March 2011, according to the Illinois Association of Realtors. It’s the first time the state’s median price hasn’t decreased since June 2010.

“There’s no doubt that these are strong numbers to open the spring selling season,” said IAR President Loretta Alonzo. “To see such good sales numbers, coupled with a measure of price stability is encouraging news no matter what side of a real estate transaction you happen to be on.”

Illinois home sales posted the best March sales numbers since 2007. Home sales (including single-family homes and condominiums) in the month totaled 9,575, expanding 21.1% from 7,904 home sales a year earlier.

In the nine-county Chicago Primary Metropolitan Statistical Area, 6,590 homes were sold in March, up 23.8% from March 2011 sales of 5,323 homes. The median price in March was $151,850 in the Chicago PMSA, down 3.9% compared to a year earlier when it was $158,000.

“Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago,” said Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.

“Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market,” Hewings added.

by Justin T Hilley Housingwire Apr 20, 2012


Illinois home prices halt 20-month price descent | HousingWire

Illinois home prices halt 20-month price descent | HousingWire


Median home prices in Illinois snapped a 20-month streak of price declines in March, a turnaround coinciding with the start of the spring selling season.

The statewide median price in March came in at $130,000, even with March 2011, according to the Illinois Association of Realtors. It’s the first time the state’s median price hasn’t decreased since June 2010.

“There’s no doubt that these are strong numbers to open the spring selling season,” said IAR President Loretta Alonzo. “To see such good sales numbers, coupled with a measure of price stability is encouraging news no matter what side of a real estate transaction you happen to be on.”

Illinois home sales posted the best March sales numbers since 2007. Home sales (including single-family homes and condominiums) in the month totaled 9,575, expanding 21.1% from 7,904 home sales a year earlier.

In the nine-county Chicago Primary Metropolitan Statistical Area, 6,590 homes were sold in March, up 23.8% from March 2011 sales of 5,323 homes. The median price in March was $151,850 in the Chicago PMSA, down 3.9% compared to a year earlier when it was $158,000.

“Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago,” said Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.

“Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market,” Hewings added.

by Justin T Hilley Housingwire Apr 20, 2012


Illinois home prices halt 20-month price descent | HousingWire

Prices Surge for Miami Homes, Condos

For the fourth consecutive month, Miami home prices posted strong gains in March with the median sales price of condominiums surging 46% compared to a year earlier, according to the latest figures from the Miami Association of Realtors.

The median condo price reached $141,700 in March while the median sales price of single family homes rose 13% to $180,000.
‘The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,’ said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.

‘We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating US residents,’ she added.

Statewide median sales prices in March increased 20.8% to $105,000 for condominiums and 10.3% to $139,000 for single family homes, according to the Florida Realtors Industry Data and Analysis department. The national median existing-home price for all housing types was $163,800 in March, a 2.5% increase from March 2011.

In March, the average sales price for single family homes in Miami-Dade County increased 21.8% from $279,608 in 2011 to $340,634 in 2012. The average sales prices for condominiums jumped 23% from $212,616 to $261,523.

Sales of existing homes decreased but remain at historically high levels. The sales of existing single family homes in Miami-Dade decreased 12% in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1% from 1,542 to 1,387, compared to March 2011.

Statewide sales of existing single family homes totalled 18,370 in March 2012, down 5.7% compared to a year ago. Statewide condominium sales totalled 10,012, down 12% from those sold in March 2011.

Nationally, sales of existing single family homes, town homes, condominiums, and co-ops decreased 2.6% from February but were 5.2% higher than they were in March 2011, according to the National Association of Realtors (NAR).


‘The Miami residential real estate market saw record demand that resulted in an all-time record for home sales. This consistent demand coupled with fewer distressed properties being transacted has logically resulted in notable price appreciation unlike anywhere else in the US,’ said Miami Association of Realtors residential president Patricia Delinois.

From March 2011, the inventory of residential listings in Miami-Dade County has decreased 34% from 18,883 to 12,379 in March 2012. Compared to the previous month, the total inventory of homes dropped 5.1%. Total housing inventory nationally declined 1.3% at the end of March but is 21.8% below a year ago.

Strong demand for bank owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In March, 49% of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 52% in March 2011 and 54% the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

In Miami-Dade County, 65% of total closed sales in March were all cash sales, compared to 66% a year earlier. Cash sales accounted for 47% of single family sales and 79% of condominium closings. Nearly 90% of international buyers in Florida purchase properties all cash.

Nationally, all cash sales were 32% of transactions in March, reflecting the stronger presence of international buyers in the Miami real estate market.

by Propertywire Apr 23, 2012



Prices Surge for Miami Homes, Condos

Prices Surge for Miami Homes, Condos

For the fourth consecutive month, Miami home prices posted strong gains in March with the median sales price of condominiums surging 46% compared to a year earlier, according to the latest figures from the Miami Association of Realtors.

The median condo price reached $141,700 in March while the median sales price of single family homes rose 13% to $180,000.
‘The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,’ said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.

‘We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating US residents,’ she added.

Statewide median sales prices in March increased 20.8% to $105,000 for condominiums and 10.3% to $139,000 for single family homes, according to the Florida Realtors Industry Data and Analysis department. The national median existing-home price for all housing types was $163,800 in March, a 2.5% increase from March 2011.

In March, the average sales price for single family homes in Miami-Dade County increased 21.8% from $279,608 in 2011 to $340,634 in 2012. The average sales prices for condominiums jumped 23% from $212,616 to $261,523.

Sales of existing homes decreased but remain at historically high levels. The sales of existing single family homes in Miami-Dade decreased 12% in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1% from 1,542 to 1,387, compared to March 2011.

Statewide sales of existing single family homes totalled 18,370 in March 2012, down 5.7% compared to a year ago. Statewide condominium sales totalled 10,012, down 12% from those sold in March 2011.

Nationally, sales of existing single family homes, town homes, condominiums, and co-ops decreased 2.6% from February but were 5.2% higher than they were in March 2011, according to the National Association of Realtors (NAR).


‘The Miami residential real estate market saw record demand that resulted in an all-time record for home sales. This consistent demand coupled with fewer distressed properties being transacted has logically resulted in notable price appreciation unlike anywhere else in the US,’ said Miami Association of Realtors residential president Patricia Delinois.

From March 2011, the inventory of residential listings in Miami-Dade County has decreased 34% from 18,883 to 12,379 in March 2012. Compared to the previous month, the total inventory of homes dropped 5.1%. Total housing inventory nationally declined 1.3% at the end of March but is 21.8% below a year ago.

Strong demand for bank owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In March, 49% of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 52% in March 2011 and 54% the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

In Miami-Dade County, 65% of total closed sales in March were all cash sales, compared to 66% a year earlier. Cash sales accounted for 47% of single family sales and 79% of condominium closings. Nearly 90% of international buyers in Florida purchase properties all cash.

Nationally, all cash sales were 32% of transactions in March, reflecting the stronger presence of international buyers in the Miami real estate market.

by Propertywire Apr 23, 2012



Prices Surge for Miami Homes, Condos

Prices Surge for Miami Homes, Condos

For the fourth consecutive month, Miami home prices posted strong gains in March with the median sales price of condominiums surging 46% compared to a year earlier, according to the latest figures from the Miami Association of Realtors.

The median condo price reached $141,700 in March while the median sales price of single family homes rose 13% to $180,000.
‘The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,’ said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.

‘We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating US residents,’ she added.

Statewide median sales prices in March increased 20.8% to $105,000 for condominiums and 10.3% to $139,000 for single family homes, according to the Florida Realtors Industry Data and Analysis department. The national median existing-home price for all housing types was $163,800 in March, a 2.5% increase from March 2011.

In March, the average sales price for single family homes in Miami-Dade County increased 21.8% from $279,608 in 2011 to $340,634 in 2012. The average sales prices for condominiums jumped 23% from $212,616 to $261,523.

Sales of existing homes decreased but remain at historically high levels. The sales of existing single family homes in Miami-Dade decreased 12% in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1% from 1,542 to 1,387, compared to March 2011.

Statewide sales of existing single family homes totalled 18,370 in March 2012, down 5.7% compared to a year ago. Statewide condominium sales totalled 10,012, down 12% from those sold in March 2011.

Nationally, sales of existing single family homes, town homes, condominiums, and co-ops decreased 2.6% from February but were 5.2% higher than they were in March 2011, according to the National Association of Realtors (NAR).


‘The Miami residential real estate market saw record demand that resulted in an all-time record for home sales. This consistent demand coupled with fewer distressed properties being transacted has logically resulted in notable price appreciation unlike anywhere else in the US,’ said Miami Association of Realtors residential president Patricia Delinois.

From March 2011, the inventory of residential listings in Miami-Dade County has decreased 34% from 18,883 to 12,379 in March 2012. Compared to the previous month, the total inventory of homes dropped 5.1%. Total housing inventory nationally declined 1.3% at the end of March but is 21.8% below a year ago.

Strong demand for bank owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In March, 49% of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 52% in March 2011 and 54% the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

In Miami-Dade County, 65% of total closed sales in March were all cash sales, compared to 66% a year earlier. Cash sales accounted for 47% of single family sales and 79% of condominium closings. Nearly 90% of international buyers in Florida purchase properties all cash.

Nationally, all cash sales were 32% of transactions in March, reflecting the stronger presence of international buyers in the Miami real estate market.

by Propertywire Apr 23, 2012



Prices Surge for Miami Homes, Condos

Prices Surge for Miami Homes, Condos

For the fourth consecutive month, Miami home prices posted strong gains in March with the median sales price of condominiums surging 46% compared to a year earlier, according to the latest figures from the Miami Association of Realtors.

The median condo price reached $141,700 in March while the median sales price of single family homes rose 13% to $180,000.
‘The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,’ said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.

‘We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating US residents,’ she added.

Statewide median sales prices in March increased 20.8% to $105,000 for condominiums and 10.3% to $139,000 for single family homes, according to the Florida Realtors Industry Data and Analysis department. The national median existing-home price for all housing types was $163,800 in March, a 2.5% increase from March 2011.

In March, the average sales price for single family homes in Miami-Dade County increased 21.8% from $279,608 in 2011 to $340,634 in 2012. The average sales prices for condominiums jumped 23% from $212,616 to $261,523.

Sales of existing homes decreased but remain at historically high levels. The sales of existing single family homes in Miami-Dade decreased 12% in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1% from 1,542 to 1,387, compared to March 2011.

Statewide sales of existing single family homes totalled 18,370 in March 2012, down 5.7% compared to a year ago. Statewide condominium sales totalled 10,012, down 12% from those sold in March 2011.

Nationally, sales of existing single family homes, town homes, condominiums, and co-ops decreased 2.6% from February but were 5.2% higher than they were in March 2011, according to the National Association of Realtors (NAR).


‘The Miami residential real estate market saw record demand that resulted in an all-time record for home sales. This consistent demand coupled with fewer distressed properties being transacted has logically resulted in notable price appreciation unlike anywhere else in the US,’ said Miami Association of Realtors residential president Patricia Delinois.

From March 2011, the inventory of residential listings in Miami-Dade County has decreased 34% from 18,883 to 12,379 in March 2012. Compared to the previous month, the total inventory of homes dropped 5.1%. Total housing inventory nationally declined 1.3% at the end of March but is 21.8% below a year ago.

Strong demand for bank owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In March, 49% of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 52% in March 2011 and 54% the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

In Miami-Dade County, 65% of total closed sales in March were all cash sales, compared to 66% a year earlier. Cash sales accounted for 47% of single family sales and 79% of condominium closings. Nearly 90% of international buyers in Florida purchase properties all cash.

Nationally, all cash sales were 32% of transactions in March, reflecting the stronger presence of international buyers in the Miami real estate market.

by Propertywire Apr 23, 2012



Prices Surge for Miami Homes, Condos

Prices Surge for Miami Homes, Condos

For the fourth consecutive month, Miami home prices posted strong gains in March with the median sales price of condominiums surging 46% compared to a year earlier, according to the latest figures from the Miami Association of Realtors.

The median condo price reached $141,700 in March while the median sales price of single family homes rose 13% to $180,000.
‘The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,’ said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.

‘We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating US residents,’ she added.

Statewide median sales prices in March increased 20.8% to $105,000 for condominiums and 10.3% to $139,000 for single family homes, according to the Florida Realtors Industry Data and Analysis department. The national median existing-home price for all housing types was $163,800 in March, a 2.5% increase from March 2011.

In March, the average sales price for single family homes in Miami-Dade County increased 21.8% from $279,608 in 2011 to $340,634 in 2012. The average sales prices for condominiums jumped 23% from $212,616 to $261,523.

Sales of existing homes decreased but remain at historically high levels. The sales of existing single family homes in Miami-Dade decreased 12% in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1% from 1,542 to 1,387, compared to March 2011.

Statewide sales of existing single family homes totalled 18,370 in March 2012, down 5.7% compared to a year ago. Statewide condominium sales totalled 10,012, down 12% from those sold in March 2011.

Nationally, sales of existing single family homes, town homes, condominiums, and co-ops decreased 2.6% from February but were 5.2% higher than they were in March 2011, according to the National Association of Realtors (NAR).


‘The Miami residential real estate market saw record demand that resulted in an all-time record for home sales. This consistent demand coupled with fewer distressed properties being transacted has logically resulted in notable price appreciation unlike anywhere else in the US,’ said Miami Association of Realtors residential president Patricia Delinois.

From March 2011, the inventory of residential listings in Miami-Dade County has decreased 34% from 18,883 to 12,379 in March 2012. Compared to the previous month, the total inventory of homes dropped 5.1%. Total housing inventory nationally declined 1.3% at the end of March but is 21.8% below a year ago.

Strong demand for bank owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In March, 49% of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 52% in March 2011 and 54% the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

In Miami-Dade County, 65% of total closed sales in March were all cash sales, compared to 66% a year earlier. Cash sales accounted for 47% of single family sales and 79% of condominium closings. Nearly 90% of international buyers in Florida purchase properties all cash.

Nationally, all cash sales were 32% of transactions in March, reflecting the stronger presence of international buyers in the Miami real estate market.

by Propertywire Apr 23, 2012



Prices Surge for Miami Homes, Condos

Prices Surge for Miami Homes, Condos

For the fourth consecutive month, Miami home prices posted strong gains in March with the median sales price of condominiums surging 46% compared to a year earlier, according to the latest figures from the Miami Association of Realtors.

The median condo price reached $141,700 in March while the median sales price of single family homes rose 13% to $180,000.
‘The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,’ said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.

‘We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating US residents,’ she added.

Statewide median sales prices in March increased 20.8% to $105,000 for condominiums and 10.3% to $139,000 for single family homes, according to the Florida Realtors Industry Data and Analysis department. The national median existing-home price for all housing types was $163,800 in March, a 2.5% increase from March 2011.

In March, the average sales price for single family homes in Miami-Dade County increased 21.8% from $279,608 in 2011 to $340,634 in 2012. The average sales prices for condominiums jumped 23% from $212,616 to $261,523.

Sales of existing homes decreased but remain at historically high levels. The sales of existing single family homes in Miami-Dade decreased 12% in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1% from 1,542 to 1,387, compared to March 2011.

Statewide sales of existing single family homes totalled 18,370 in March 2012, down 5.7% compared to a year ago. Statewide condominium sales totalled 10,012, down 12% from those sold in March 2011.

Nationally, sales of existing single family homes, town homes, condominiums, and co-ops decreased 2.6% from February but were 5.2% higher than they were in March 2011, according to the National Association of Realtors (NAR).


‘The Miami residential real estate market saw record demand that resulted in an all-time record for home sales. This consistent demand coupled with fewer distressed properties being transacted has logically resulted in notable price appreciation unlike anywhere else in the US,’ said Miami Association of Realtors residential president Patricia Delinois.

From March 2011, the inventory of residential listings in Miami-Dade County has decreased 34% from 18,883 to 12,379 in March 2012. Compared to the previous month, the total inventory of homes dropped 5.1%. Total housing inventory nationally declined 1.3% at the end of March but is 21.8% below a year ago.

Strong demand for bank owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In March, 49% of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 52% in March 2011 and 54% the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

In Miami-Dade County, 65% of total closed sales in March were all cash sales, compared to 66% a year earlier. Cash sales accounted for 47% of single family sales and 79% of condominium closings. Nearly 90% of international buyers in Florida purchase properties all cash.

Nationally, all cash sales were 32% of transactions in March, reflecting the stronger presence of international buyers in the Miami real estate market.

by Propertywire Apr 23, 2012



Prices Surge for Miami Homes, Condos

Moody's predicts tougher times for some homebuilders | HousingWire


Homebuilders with good liquidity can expect double-digit growth rates in 2012.

Not that the housing market is particularly robust, but larger companies are taking market share from less-prepared homebuilders, according to a report from Moody's Investors Service.

Homebuilders MDC Holdings ($26.07 0.43%), Toll Brothers ($23.50 0.44%), D.R. Horton ($15.66 0.6%) and Lennar ($25.55 0.83%) will likely grow at a rate above the 7% expectation Moody's holds for the industry. Hovnanian Enterprises ($1.92 0.0405%), Beazer Homes ($2.79 0.06%) and Orleans Homebuilders could struggle, the report states.

"Given recent builder commentary, we believe builders implementing pricing actions through a combination of price increases and incentive reductions can emerge as one of the single most important trends this earnings season," said Stephen Kim, homebuilder analyst at Barclays Capital.

The outlook for homebuilding remains stable, with revenue set to continue to grow on stronger deliveries during the next 12 to 18 months. Increased foreclosure rates will grow supply and depress home prices, on the downside.

"Although homebuilder revenues are expected to rise by more than 10% in 2012 on the back of bigger volumes, Moody's still maintains a stable outlook," said Moody's Credit Analyst Joseph Snider. "Pressures from a rise in foreclosures and declining house prices will dampen homebuilder operating profits even as homebuilders sell more units."

Housing starts dropped 5.8% in March from February, according to the Commerce Department, but rose 10.3% from a year earlier. Building permits also jumped 4.5% month-to-month.

by Jacob Gaffney Housingwire Apr 20, 2012


Moody's predicts tougher times for some homebuilders | HousingWire

Moody's predicts tougher times for some homebuilders | HousingWire


Homebuilders with good liquidity can expect double-digit growth rates in 2012.

Not that the housing market is particularly robust, but larger companies are taking market share from less-prepared homebuilders, according to a report from Moody's Investors Service.

Homebuilders MDC Holdings ($26.07 0.43%), Toll Brothers ($23.50 0.44%), D.R. Horton ($15.66 0.6%) and Lennar ($25.55 0.83%) will likely grow at a rate above the 7% expectation Moody's holds for the industry. Hovnanian Enterprises ($1.92 0.0405%), Beazer Homes ($2.79 0.06%) and Orleans Homebuilders could struggle, the report states.

"Given recent builder commentary, we believe builders implementing pricing actions through a combination of price increases and incentive reductions can emerge as one of the single most important trends this earnings season," said Stephen Kim, homebuilder analyst at Barclays Capital.

The outlook for homebuilding remains stable, with revenue set to continue to grow on stronger deliveries during the next 12 to 18 months. Increased foreclosure rates will grow supply and depress home prices, on the downside.

"Although homebuilder revenues are expected to rise by more than 10% in 2012 on the back of bigger volumes, Moody's still maintains a stable outlook," said Moody's Credit Analyst Joseph Snider. "Pressures from a rise in foreclosures and declining house prices will dampen homebuilder operating profits even as homebuilders sell more units."

Housing starts dropped 5.8% in March from February, according to the Commerce Department, but rose 10.3% from a year earlier. Building permits also jumped 4.5% month-to-month.

by Jacob Gaffney Housingwire Apr 20, 2012


Moody's predicts tougher times for some homebuilders | HousingWire

Moody's predicts tougher times for some homebuilders | HousingWire


Homebuilders with good liquidity can expect double-digit growth rates in 2012.

Not that the housing market is particularly robust, but larger companies are taking market share from less-prepared homebuilders, according to a report from Moody's Investors Service.

Homebuilders MDC Holdings ($26.07 0.43%), Toll Brothers ($23.50 0.44%), D.R. Horton ($15.66 0.6%) and Lennar ($25.55 0.83%) will likely grow at a rate above the 7% expectation Moody's holds for the industry. Hovnanian Enterprises ($1.92 0.0405%), Beazer Homes ($2.79 0.06%) and Orleans Homebuilders could struggle, the report states.

"Given recent builder commentary, we believe builders implementing pricing actions through a combination of price increases and incentive reductions can emerge as one of the single most important trends this earnings season," said Stephen Kim, homebuilder analyst at Barclays Capital.

The outlook for homebuilding remains stable, with revenue set to continue to grow on stronger deliveries during the next 12 to 18 months. Increased foreclosure rates will grow supply and depress home prices, on the downside.

"Although homebuilder revenues are expected to rise by more than 10% in 2012 on the back of bigger volumes, Moody's still maintains a stable outlook," said Moody's Credit Analyst Joseph Snider. "Pressures from a rise in foreclosures and declining house prices will dampen homebuilder operating profits even as homebuilders sell more units."

Housing starts dropped 5.8% in March from February, according to the Commerce Department, but rose 10.3% from a year earlier. Building permits also jumped 4.5% month-to-month.

by Jacob Gaffney Housingwire Apr 20, 2012


Moody's predicts tougher times for some homebuilders | HousingWire

Moody's predicts tougher times for some homebuilders | HousingWire


Homebuilders with good liquidity can expect double-digit growth rates in 2012.

Not that the housing market is particularly robust, but larger companies are taking market share from less-prepared homebuilders, according to a report from Moody's Investors Service.

Homebuilders MDC Holdings ($26.07 0.43%), Toll Brothers ($23.50 0.44%), D.R. Horton ($15.66 0.6%) and Lennar ($25.55 0.83%) will likely grow at a rate above the 7% expectation Moody's holds for the industry. Hovnanian Enterprises ($1.92 0.0405%), Beazer Homes ($2.79 0.06%) and Orleans Homebuilders could struggle, the report states.

"Given recent builder commentary, we believe builders implementing pricing actions through a combination of price increases and incentive reductions can emerge as one of the single most important trends this earnings season," said Stephen Kim, homebuilder analyst at Barclays Capital.

The outlook for homebuilding remains stable, with revenue set to continue to grow on stronger deliveries during the next 12 to 18 months. Increased foreclosure rates will grow supply and depress home prices, on the downside.

"Although homebuilder revenues are expected to rise by more than 10% in 2012 on the back of bigger volumes, Moody's still maintains a stable outlook," said Moody's Credit Analyst Joseph Snider. "Pressures from a rise in foreclosures and declining house prices will dampen homebuilder operating profits even as homebuilders sell more units."

Housing starts dropped 5.8% in March from February, according to the Commerce Department, but rose 10.3% from a year earlier. Building permits also jumped 4.5% month-to-month.

by Jacob Gaffney Housingwire Apr 20, 2012


Moody's predicts tougher times for some homebuilders | HousingWire

Moody's predicts tougher times for some homebuilders | HousingWire


Homebuilders with good liquidity can expect double-digit growth rates in 2012.

Not that the housing market is particularly robust, but larger companies are taking market share from less-prepared homebuilders, according to a report from Moody's Investors Service.

Homebuilders MDC Holdings ($26.07 0.43%), Toll Brothers ($23.50 0.44%), D.R. Horton ($15.66 0.6%) and Lennar ($25.55 0.83%) will likely grow at a rate above the 7% expectation Moody's holds for the industry. Hovnanian Enterprises ($1.92 0.0405%), Beazer Homes ($2.79 0.06%) and Orleans Homebuilders could struggle, the report states.

"Given recent builder commentary, we believe builders implementing pricing actions through a combination of price increases and incentive reductions can emerge as one of the single most important trends this earnings season," said Stephen Kim, homebuilder analyst at Barclays Capital.

The outlook for homebuilding remains stable, with revenue set to continue to grow on stronger deliveries during the next 12 to 18 months. Increased foreclosure rates will grow supply and depress home prices, on the downside.

"Although homebuilder revenues are expected to rise by more than 10% in 2012 on the back of bigger volumes, Moody's still maintains a stable outlook," said Moody's Credit Analyst Joseph Snider. "Pressures from a rise in foreclosures and declining house prices will dampen homebuilder operating profits even as homebuilders sell more units."

Housing starts dropped 5.8% in March from February, according to the Commerce Department, but rose 10.3% from a year earlier. Building permits also jumped 4.5% month-to-month.

by Jacob Gaffney Housingwire Apr 20, 2012


Moody's predicts tougher times for some homebuilders | HousingWire

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