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Posts Tagged ‘reo sales’

Cash Home Sales Fall to Lowest Level in Nearly Six Years

September 10th, 2014 Comments off

foreclosure sign jillian berman  gettyCash sales comprised only 33 percent of total home sales in June, 2014, the lowest level since Sept. 2008, and a drop of 36.3 percent from June 2013, with the share falling year over year each month since Jan 2013. Before the housing crisis began, according to worldpropertychannel.com, cash home sales averaged 25 percent, peaking at 46.2 percent in Jan. 2011. In June, REO (real estate owned) sales comprised the largest cash sales portion at 55.3 percent, followed by re-sales at 32.5 percent, short sales at 31.8 percent and newly-built homes at 16.2 percent. REO sales comprised 7.2 percent of total June sales, a significant drop from the Jan. 2011 total of 24 percent. MHProNews understands cash sales often reflect investors buying inexpensive properties for resale or as rentals. ##

(Photo credit: Jillian Berman/Getty Images)

Cash Home Sales continue to Decline

August 15th, 2014 Comments off

housingwire creditRepresenting the lowest share of cash home sales since May 2010, 34.4 percent of total home sales in May 2014 were with cash, a drop from April’s 36.9 percent of all cash, according to housingwire.com. CoreLogic’s report says, “The share has fallen on a year-over-year basis each month since January 2013. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. The peak occurred in January 2011, when cash transactions made up 46.2% of total home sales.” MHProNews has learned real estate-owned (REO) transactions comprised 8.2 percent of sales in May, compared to Jan. 2011 when REO sales made up 24 percent of total sales. ##

(Image credit: housingwire.com–cash home sales fall)

Pending Sales Rise in Calif.

November 23rd, 2012 Comments off

According to the California Association of Realtors (CAR), the pending home sales index in Calif. rose 4.3 percent, to 120.2 last month, compared to 115.2 in Sept. 2012, while pending home sales are up 3.6 percent over the 116.1 index of last year, the first time in seven months both have risen. Non-distressed property sales rose 63.4 percent in Oct., up from 63 percent the previous month, the highest number since 2008. HousingWire tells MHProNews all distressed property sales fell 36.6 percent in Oct., a slight decrease from 37 percent the prior month, and a significant drop from 51 percent last year. CAR President Don Faught says, “Non-distressed sales – which are up nearly 50 percent from a year ago – are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs. The significant increase in non-distressed sales has driven the share of equity sales to its highest level in more than four years.”

(Photo credit: Paul Sakuma/AP Photo)

Long Strides in Short Sales

September 14th, 2012 Comments off

nationalmortgagenews says, according to a new government report, servicers that work on delinquent FHA (Federal Housing Administration)-insured mortgages are shoring up the agency’s losses on insurance claims because they are becoming more adept at dealing with short sales. The FHA says its servicers completed 27,150 short sales for the first three quarters of fiscal year 2012 ending June 30, a 65 percent spike from the same period last year. The loss rate on the sale of foreclosed properties or REOs (real estate owned) is 71 percent versus 47 percent on short sales. FHA completed 75,550 REO sales in the first three fiscal quarters of 2012, an increase of 11 percent over the same period last year. MHProNews has learned the year-to-date net loss rate declined by 1.5 percent from last quarter due to the increase in short sales.

(Image credit: Washington Post/istock)