Source: The Business Journal
Distressed home sales were still fading in April, making way for a more stable market in the San Joaquin Valley.
According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, were down to 38 percent of all home sales in Fresno County in April.
That compares to 41 percent in March and 62 percent in April 2012.
In Tulare County, distressed sales fell to 34 percent in the month from 38 percent the prior month and 60 percent last year.
Kings County saw its distressed sales plummet to 40 percent compared to 54 percent in March. April 2012 percentages weren't available.
Distressed sales actually rose in Madera County, but not my much, going from 46 percent in March to 47 percent in April. Both are a significant improvement from 67 percent last year.
The statewide average was even lower than the San Joaquin Valley, with 24 percent of home sales considered distressed. That's down from 28 percent in March and 46 percent a year ago.
Of California's home sales, the share of short sales was 14.8 percent in April, down from 17.3 percent the prior month and 21.1 percent last year.
The share of real estate-owned sales, including bank-owned homes, dropped into single digits for the first time since late 2007, going from 10.2 percent in March and 24.3 percent last year to 9.2 percent in April.
Equity sales, or non-distressed property sales, climbed to 75.6 percent in the month compared to 72.1 percent in March and 54.2 percent in April 2012.
The available supply of homes remained tight. In April the unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, dipped from 1.8 months in March to 1.7 months in April.
The index for short sales stayed the same at 2.7 months, while equity sales dropped from three months to 2.9 months.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/6203-report-distressed-sales-still-falling-in-april
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, May 29, 2013
Wednesday, May 22, 2013
Number of Americans in foreclosure plummets: LPS
Source: Housingwire
By Kerri Ann Panchuk
The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April. The total delinquency rate for loans 30 days or more past due, but not yet in foreclosure, also fell below 6.5% for the first time since July of 2008. The total number of homeowners who are either delinquent or in foreclosure maintained its downward trajectory, reaching 4.7 million in April, LPS Applied Analytics noted. Currently, 6.21% of loans surveyed by LPS are classified as 30-days past due, but not in foreclosure. The delinquency rate is down 5.81% from the prior month and 9.61% from year ago levels. The total U.S. foreclosure pre-sale inventory rate hit 3.17% in April, down 24.55% from year ago levels. Overall, 3.1 million properties are more than 30 days delinquent. States with the highest percentage of non-current mortgages include Florida, New Jersey, Mississippi, Nevada and New York. Meanwhile, the list of states with the lowest percentage of non-current loans includes Montana, Wyoming, Alaska, South Dakota and North Dakota.
URL to original article: http://www.housingwire.com/news/2013/05/22/number-americans-foreclosure-plummets-lps
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April. The total delinquency rate for loans 30 days or more past due, but not yet in foreclosure, also fell below 6.5% for the first time since July of 2008. The total number of homeowners who are either delinquent or in foreclosure maintained its downward trajectory, reaching 4.7 million in April, LPS Applied Analytics noted. Currently, 6.21% of loans surveyed by LPS are classified as 30-days past due, but not in foreclosure. The delinquency rate is down 5.81% from the prior month and 9.61% from year ago levels. The total U.S. foreclosure pre-sale inventory rate hit 3.17% in April, down 24.55% from year ago levels. Overall, 3.1 million properties are more than 30 days delinquent. States with the highest percentage of non-current mortgages include Florida, New Jersey, Mississippi, Nevada and New York. Meanwhile, the list of states with the lowest percentage of non-current loans includes Montana, Wyoming, Alaska, South Dakota and North Dakota.
URL to original article: http://www.housingwire.com/news/2013/05/22/number-americans-foreclosure-plummets-lps
For further information on Fresno Real Estate check: http://www.londonproperties.com
The pace of the housing market has picked up
Source: Housingwire
Real Estate Market Speeds Up According to Redfin Fastest Real Estate Markets Report
by Rachel Musiker
Low Supply and High Demand are Largely Responsible, but Technology is also Creating a “New Normal” for the Expected Pace of Home Buying and Selling Ask a friend who’s trying to buy a home what the the real estate market is like, and she will surely describe it as “fast” or a synonym thereof. And your friend is right! To address this new reality, Redfin has developed a new monthly report focused solely on the speed of home sales. In April, the percentage of homes that went under contract within two weeks increased by 39 percent since the same time last year and by 3 percent from March. Homes going under contract in one week increased 54 percent from last year and by 2 percent since March. Both measures set a new record since at least January 2011, when Redfin began tracking this data. Several factors are contributing to the market’s need for speed these days. Demand is high and supply is low, which forces people to make decisions very quickly. Also, new technology is compressing the timeline from listing to tour and offer. Today, people can find out within minutes when a new listing has hit the market and to schedule an in-person home tour with real estate agent, all from a smartphone. While market conditions like supply and demand will fluctuate over time, changes brought about by technology are most likely creating a “new normal” for the overall pace of home buying and selling. “I’ve been seeing more homebuyers writing pre-emptive offers in an effort to get under contract before a bidding war erupts,” said Mia Simon, a Redfin agent in Silicon Valley. “Typically, these pre-emptive offers are well above asking price, non-contingent, and from homebuyers who have already lost out in several bidding wars.” The Redfin Fastest Real Estate Markets Report ranks 22 markets across the country measured by the percentage of homes that went under contract within two weeks of their debut in April 2013. The metrics include single-family homes, condos, and townhouses. Other key findings: •The fastest-moving market in April was San Jose (Silicon Valley), California, where nearly two-thirds of new listings were under contract within two weeks, and there was less than one month of supply. •The slowest-moving markets were Triangle, NC (Raleigh-Durham) and Philadelphia, each of which saw 10% of homes under contract within two weeks. •Denver is the only market among the five fastest that is not in California. •Atlanta and Philadelphia are the only metro areas considered buyer’s markets, with 6.9 and 8 months of supply respectively. •Miami has shown the most dramatic acceleration over the last year, with a 149% increase in the percentage of homes going under contract in two weeks, followed by Atlanta at 123%. •Miami also led the nation with the largest (45%) month-over-month increase in the rate of homes going under contract in 14 days, followed by Denver at 15%. •The Chicago and Phoenix markets slowed down in the last year, with 22% and 16% drops in their respective rates of homes going under contract within two weeks. •In the last month, four markets decelerated, seeing a month-over-month decline in the percentage of homes that went under contract in 14 days. They were Chicago (-23%), Las Vegas (-3%), Phoenix (-2%), and Dallas (-1%).
URL to original article: http://www.housingwire.com/fastnews/2013/05/22/pace-housing-market-has-picked
For further information on Fresno Real Estate check: http://www.londonproperties.com
Real Estate Market Speeds Up According to Redfin Fastest Real Estate Markets Report
by Rachel Musiker
Low Supply and High Demand are Largely Responsible, but Technology is also Creating a “New Normal” for the Expected Pace of Home Buying and Selling Ask a friend who’s trying to buy a home what the the real estate market is like, and she will surely describe it as “fast” or a synonym thereof. And your friend is right! To address this new reality, Redfin has developed a new monthly report focused solely on the speed of home sales. In April, the percentage of homes that went under contract within two weeks increased by 39 percent since the same time last year and by 3 percent from March. Homes going under contract in one week increased 54 percent from last year and by 2 percent since March. Both measures set a new record since at least January 2011, when Redfin began tracking this data. Several factors are contributing to the market’s need for speed these days. Demand is high and supply is low, which forces people to make decisions very quickly. Also, new technology is compressing the timeline from listing to tour and offer. Today, people can find out within minutes when a new listing has hit the market and to schedule an in-person home tour with real estate agent, all from a smartphone. While market conditions like supply and demand will fluctuate over time, changes brought about by technology are most likely creating a “new normal” for the overall pace of home buying and selling. “I’ve been seeing more homebuyers writing pre-emptive offers in an effort to get under contract before a bidding war erupts,” said Mia Simon, a Redfin agent in Silicon Valley. “Typically, these pre-emptive offers are well above asking price, non-contingent, and from homebuyers who have already lost out in several bidding wars.” The Redfin Fastest Real Estate Markets Report ranks 22 markets across the country measured by the percentage of homes that went under contract within two weeks of their debut in April 2013. The metrics include single-family homes, condos, and townhouses. Other key findings: •The fastest-moving market in April was San Jose (Silicon Valley), California, where nearly two-thirds of new listings were under contract within two weeks, and there was less than one month of supply. •The slowest-moving markets were Triangle, NC (Raleigh-Durham) and Philadelphia, each of which saw 10% of homes under contract within two weeks. •Denver is the only market among the five fastest that is not in California. •Atlanta and Philadelphia are the only metro areas considered buyer’s markets, with 6.9 and 8 months of supply respectively. •Miami has shown the most dramatic acceleration over the last year, with a 149% increase in the percentage of homes going under contract in two weeks, followed by Atlanta at 123%. •Miami also led the nation with the largest (45%) month-over-month increase in the rate of homes going under contract in 14 days, followed by Denver at 15%. •The Chicago and Phoenix markets slowed down in the last year, with 22% and 16% drops in their respective rates of homes going under contract within two weeks. •In the last month, four markets decelerated, seeing a month-over-month decline in the percentage of homes that went under contract in 14 days. They were Chicago (-23%), Las Vegas (-3%), Phoenix (-2%), and Dallas (-1%).
URL to original article: http://www.housingwire.com/fastnews/2013/05/22/pace-housing-market-has-picked
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, May 13, 2013
Monday Morning Cup of Coffee: California housing market tightens, FDIC closes 2 banks
Source: Housingwire
By Brena Swanson
Monday Morning Cup of Coffee is a quick look at the news coming across the HousingWire weekend desk, with more coverage to come on bigger issues. Rep. Maxine Waters' disconnected feelings toward the financial industry have eased up, The New York Times reports. Not long ago, Waters became the ranking Democrat on the House Financial Services Committee, replacing Barney Frank, D-Mass. Waters developed the nickname "kerosene Maxine," for her tendency to hurl flammable remarks. But after a meeting in March with community bankers, participants said they were taken aback by Waters' concern and interest in what they had to say. "We’ve heard [regulators] chase down silly stuff," Waters said in the article. "I’m willing to take a hit to help lower the capital requirements." Waters is open to modifying, revisiting and clarifying the Dodd-Frank Act, but she is still firmly opposed to wholesale revisions. Cities choosing to cut back on police forces are unintentionally impacting property values, according to a study by John Burns Real Estate Consulting. The company surveyed almost 20,000 home shoppers and found that safety ranked above price when it came to important characteristics in purchasing a home. According to the real estate firm, demand is declining in certain cities and rising in neighboring cities due to deteriorating services such as police, fire and school quality. Cities that are pulling back on police forces tend to have a higher crime rate, which in turn causes people to choose neighboring communities. The California housing market is drastically tightening from a year ago, with house prices rising and affordability going down, an article in the Huffington Post said. For the first quarter of 2013, only 44% of buyers could afford a median-priced home costing $350,490 in California, down 56% from a year ago, the report said. Meanwhile, in the Los Angeles metro, 46% of buyers could afford the median-priced home costing $333,380, falling 56% from a year ago and from 50% in the fourth quarter. The Federal Advisory Council, which is made up of 12 bankers, warned the Federal Reserve that the student debt crisis is starting to mimic the housing bubble, according to an article in USA Today. Fed Chairman Ben Bernanke has dismissed continuously parallels between student lending and the subprime mortgage crisis. However, bankers cautioned that just as the mortgage-lending boom pushed home prices upward, student loan lending has put upward pressure on tuition, the article claims. Student loan debt has nearly reached $1 trillion, due to a significant growth in subsidized lending in pursuit of a social good—higher education. The Federal Deposit Insurance Corp. shut down two banks at the end of last week Sunrise Bank, located in Valdosta, Ga., was closed by the Georgia Department of Banking and Finance, which named the FDIC as the receiver. To ensure the depositors have a place to access their accounts, the FDIC entered into an agreement with Synovus Bank in Columbus, Ga. Additionally, Pisgah Community Bank in Asheville, N.C., was closed by the North Carolina Office of the Commissioner of Banks, which appointed the FDIC as the receiver. All deposits will be transferred to Capital Bank, National Association, located in Rockville, Md.
URL to original article: http://www.housingwire.com/news/2013/05/12/monday-morning-cup-coffee-california-housing-market-tightens-fdic-closes-2-banks
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Brena Swanson
Monday Morning Cup of Coffee is a quick look at the news coming across the HousingWire weekend desk, with more coverage to come on bigger issues. Rep. Maxine Waters' disconnected feelings toward the financial industry have eased up, The New York Times reports. Not long ago, Waters became the ranking Democrat on the House Financial Services Committee, replacing Barney Frank, D-Mass. Waters developed the nickname "kerosene Maxine," for her tendency to hurl flammable remarks. But after a meeting in March with community bankers, participants said they were taken aback by Waters' concern and interest in what they had to say. "We’ve heard [regulators] chase down silly stuff," Waters said in the article. "I’m willing to take a hit to help lower the capital requirements." Waters is open to modifying, revisiting and clarifying the Dodd-Frank Act, but she is still firmly opposed to wholesale revisions. Cities choosing to cut back on police forces are unintentionally impacting property values, according to a study by John Burns Real Estate Consulting. The company surveyed almost 20,000 home shoppers and found that safety ranked above price when it came to important characteristics in purchasing a home. According to the real estate firm, demand is declining in certain cities and rising in neighboring cities due to deteriorating services such as police, fire and school quality. Cities that are pulling back on police forces tend to have a higher crime rate, which in turn causes people to choose neighboring communities. The California housing market is drastically tightening from a year ago, with house prices rising and affordability going down, an article in the Huffington Post said. For the first quarter of 2013, only 44% of buyers could afford a median-priced home costing $350,490 in California, down 56% from a year ago, the report said. Meanwhile, in the Los Angeles metro, 46% of buyers could afford the median-priced home costing $333,380, falling 56% from a year ago and from 50% in the fourth quarter. The Federal Advisory Council, which is made up of 12 bankers, warned the Federal Reserve that the student debt crisis is starting to mimic the housing bubble, according to an article in USA Today. Fed Chairman Ben Bernanke has dismissed continuously parallels between student lending and the subprime mortgage crisis. However, bankers cautioned that just as the mortgage-lending boom pushed home prices upward, student loan lending has put upward pressure on tuition, the article claims. Student loan debt has nearly reached $1 trillion, due to a significant growth in subsidized lending in pursuit of a social good—higher education. The Federal Deposit Insurance Corp. shut down two banks at the end of last week Sunrise Bank, located in Valdosta, Ga., was closed by the Georgia Department of Banking and Finance, which named the FDIC as the receiver. To ensure the depositors have a place to access their accounts, the FDIC entered into an agreement with Synovus Bank in Columbus, Ga. Additionally, Pisgah Community Bank in Asheville, N.C., was closed by the North Carolina Office of the Commissioner of Banks, which appointed the FDIC as the receiver. All deposits will be transferred to Capital Bank, National Association, located in Rockville, Md.
URL to original article: http://www.housingwire.com/news/2013/05/12/monday-morning-cup-coffee-california-housing-market-tightens-fdic-closes-2-banks
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, May 1, 2013
Vacancy rates drop alongside homeownership rates
Source: Housingwire
By Megan Hopkins
Vacancy rates across the U.S. suggest more Americans are slowly coming back into the housing and rental markets, but at a very controlled and deliberate pace. Rental vacancy rates in the U.S. slowly inched down to 8.6% in the first quarter of 2013, down 0.2 percentage points from the first quarter of 2012 and decreasing 0.1 percentage point from the last quarter, according to data from the U.S. Census Bureau. For homeowners, the vacancy rate was a much lower 2.1%, dropping 0.1 percentage point from the first quarter of 2012, but rising 0.2 percentage points from the last quarter. It is important to note that these vacancy rates do not include units held off the market — those not for sale or rent. According to Trulia, homes held off the market now account for 54.5% of all year-round vacant units, remaining unchanged from 2012. However, Trulia ($32.94 3.88%) Chief Economist Jed Kolko notes that as prices continue to appreciate, some of these held-off market vacant units will come onto the market and improve the skin-and-bones inventory buyers are currently facing. Among regions, the rental vacancy was higher in the South, reaching 9.9%, and 9.5% in the Midwest. In the Northeast, the rental vacancy was at 7.2%, while the West saw a 6.9% vacancy rate. Homeowner vacancy rates in the South were 2.5%, 2.1% in the Midwest, 1.9% in the Northeast and 1.5% in the West. The West is the only region that dropped from one-year ago. Dropping 0.4 percentage points from both the first quarter of 2012 and the rate last quarter, the homeownership rate stood at 65%. Analysts at Capital Economics noted, "Some 14 months after the trough in house prices, the homeownership rate is still declining. In other words, although there are some signs that conventional, mortgage-dependent buyers are playing more of a role in the housing recovery, investors remain the dominant force behind the house price bounce-back." According to Trulia’s Kolko, the homeownership rate is back to the 1996 level. "Tight credit, tight for-sale inventory, the challenge of saving for a downpayment and more rental single-family supply all helped lower the homeownership rate," said Kolko. Trulia also adds that household formation slowed in the first quarter. The increase in households was 520,000 units in Q1 compared to one year earlier. That’s a drop from the six previous quarters, when household formation grew at a faster rate, notes Kolko, who says this is likely due to more young people being slow to form new households in the past year. In a report sent to HousingWire, Kolko writes, "The share of Millennials —18 to 34 year-olds — who headed their own household fell slightly from 37.1% in March 2012 to 37.0% in March 2013, according to Current Population Survey monthly data, after rising between 2011 and 2012."
URL to original article: http://www.housingwire.com/news/2013/04/30/vacancy-rates-drop-alongside-homeownership-rates
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
Vacancy rates across the U.S. suggest more Americans are slowly coming back into the housing and rental markets, but at a very controlled and deliberate pace. Rental vacancy rates in the U.S. slowly inched down to 8.6% in the first quarter of 2013, down 0.2 percentage points from the first quarter of 2012 and decreasing 0.1 percentage point from the last quarter, according to data from the U.S. Census Bureau. For homeowners, the vacancy rate was a much lower 2.1%, dropping 0.1 percentage point from the first quarter of 2012, but rising 0.2 percentage points from the last quarter. It is important to note that these vacancy rates do not include units held off the market — those not for sale or rent. According to Trulia, homes held off the market now account for 54.5% of all year-round vacant units, remaining unchanged from 2012. However, Trulia ($32.94 3.88%) Chief Economist Jed Kolko notes that as prices continue to appreciate, some of these held-off market vacant units will come onto the market and improve the skin-and-bones inventory buyers are currently facing. Among regions, the rental vacancy was higher in the South, reaching 9.9%, and 9.5% in the Midwest. In the Northeast, the rental vacancy was at 7.2%, while the West saw a 6.9% vacancy rate. Homeowner vacancy rates in the South were 2.5%, 2.1% in the Midwest, 1.9% in the Northeast and 1.5% in the West. The West is the only region that dropped from one-year ago. Dropping 0.4 percentage points from both the first quarter of 2012 and the rate last quarter, the homeownership rate stood at 65%. Analysts at Capital Economics noted, "Some 14 months after the trough in house prices, the homeownership rate is still declining. In other words, although there are some signs that conventional, mortgage-dependent buyers are playing more of a role in the housing recovery, investors remain the dominant force behind the house price bounce-back." According to Trulia’s Kolko, the homeownership rate is back to the 1996 level. "Tight credit, tight for-sale inventory, the challenge of saving for a downpayment and more rental single-family supply all helped lower the homeownership rate," said Kolko. Trulia also adds that household formation slowed in the first quarter. The increase in households was 520,000 units in Q1 compared to one year earlier. That’s a drop from the six previous quarters, when household formation grew at a faster rate, notes Kolko, who says this is likely due to more young people being slow to form new households in the past year. In a report sent to HousingWire, Kolko writes, "The share of Millennials —18 to 34 year-olds — who headed their own household fell slightly from 37.1% in March 2012 to 37.0% in March 2013, according to Current Population Survey monthly data, after rising between 2011 and 2012."
URL to original article: http://www.housingwire.com/news/2013/04/30/vacancy-rates-drop-alongside-homeownership-rates
For further information on Fresno Real Estate check: http://www.londonproperties.com
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