Unhindered by winter weather, the home price recovery pressed on in January as CoreLogic’s home price index (HPI) rose nearly 10 percent year-over-year.
The top five states that led annual home price gains when including distressed sales were Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent), California (+14.1 percent) and Hawaii (+14.0 percent).
Check the whole article here.
Wednesday, March 6, 2013
Tuesday, March 5, 2013
Radar Logic Says National Home Price Gains Are Unsustainable
While some read recent home price gains as a sign of an improving market, Radar Logic warns the recent gains are “unsustainable” and may actually be dampening market recovery.
Radar Logic attributes recent house price gains to anomalous factors it considers temporary, including low interest rates and elevated investor demand. “None of these drivers are likely to last, particularly as housing prices increase,”
Radar Logic anticipates prices will decline again as rising prices begin to repel investors while simultaneously leading to bursts in supply as homeowners and financial institutions feel encouraged to list properties for sale.
Already, home builders have begun to add to supply with a 23.6 percent rise in single-family housing starts year-over-year in January, according to data from the Census Bureau.
See the whole article here.
Radar Logic attributes recent house price gains to anomalous factors it considers temporary, including low interest rates and elevated investor demand. “None of these drivers are likely to last, particularly as housing prices increase,”
Radar Logic anticipates prices will decline again as rising prices begin to repel investors while simultaneously leading to bursts in supply as homeowners and financial institutions feel encouraged to list properties for sale.
Already, home builders have begun to add to supply with a 23.6 percent rise in single-family housing starts year-over-year in January, according to data from the Census Bureau.
See the whole article here.
Tuesday, February 26, 2013
Existing-Home Sales Inch Up; Inventory at Lowest Level Since 1999
The inventory of existing homes for sale fell 4.9 percent to 1.74 million, the lowest level since December 1999. Check the whole story here.
Also, the trustee sales (bank's foreclosure) is roughly half of last in January. The distressed inventory is coming down fast.
Also, the trustee sales (bank's foreclosure) is roughly half of last in January. The distressed inventory is coming down fast.
Wednesday, February 6, 2013
CoreLogic: Prices End 2012 with Biggest Annual Gain in Six Years
Please see the article here.
“We are heading into 2013 with home prices on the rebound,” said Anand Nallathambi, president and CEO of CoreLogic. “The upward trend in home prices in 2012 was broad based with 46 of 50 states registering gains for the year. All signals point to a continued improvement in the fundamentals underpinning the U.S. housing market recovery.”
The index also revealed all but four states saw prices improve on a yearly basis. The four states were Delaware (-3.4 percent), Illinois (-2.7 percent), New Jersey (-0.9 percent) and Pennsylvania (-0.5 percent).
Over a one-year period, Arizona experienced the biggest increase in prices—20.2 percent. The remaining states in the top five also saw double-digit gains: Nevada (+15.3 percent), Idaho (+14.6 percent), California (+12.6 percent), and Hawaii (+12.5 percent).
(Note: Bay area in Northern CA has gains more than 20%)
Friday, January 25, 2013
Bay Area Housing up 24% from Dec 2011 to Dec 2012
It's quite dramatic. The bay area housing still rose up to 2008 July level. See Mercury News on 1/16/2013 below or here.
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In a further sign of the housing market's revival, the median price of existing single-family Bay Area homes in December jumped nearly 24 percent from a year ago on modestly improved sales, according to a report Wednesday.
The median price paid in the nine-county Bay Area hit $470,000, up from $380,000 in December 2011. The last time it rose at a faster rate was in May 2010, when it increased nearly 29 percent, LePage said, adding that the median price in December was the highest it has been for any month since July 2008, when it was $485,000.
The median price rose about 22 percent to $650,000 in San Mateo County, 21 percent to $602,500 in Santa Clara County, 23 percent to $449,000 in Alameda County and 29 percent to $330,000 in Contra Costa County.
The most the Bay Area's median price has ever been was in July 2007, when it hit $738,500. That was just before the housing market collapsed, plunging the price to a low of $295,000 in March 2009.
Please check the whole article here.
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In a further sign of the housing market's revival, the median price of existing single-family Bay Area homes in December jumped nearly 24 percent from a year ago on modestly improved sales, according to a report Wednesday.
The median price paid in the nine-county Bay Area hit $470,000, up from $380,000 in December 2011. The last time it rose at a faster rate was in May 2010, when it increased nearly 29 percent, LePage said, adding that the median price in December was the highest it has been for any month since July 2008, when it was $485,000.
The median price rose about 22 percent to $650,000 in San Mateo County, 21 percent to $602,500 in Santa Clara County, 23 percent to $449,000 in Alameda County and 29 percent to $330,000 in Contra Costa County.
The most the Bay Area's median price has ever been was in July 2007, when it hit $738,500. That was just before the housing market collapsed, plunging the price to a low of $295,000 in March 2009.
Please check the whole article here.
Friday, November 2, 2012
Inventory of New Homes Down to Lowest Level in Nearly 50 Years
“In recent years, new housing supply has been running at the lowest
levels since the 1960’s due to the slow down in new home construction,
the size of homes being built, and the complicated process for
selling/buying distressed properties.”
See the whole article here.
See the whole article here.
Wednesday, October 31, 2012
Case-Shiller: August Home Prices at 2-Year High
U.S. home prices continued to increase in August as the Case Shiller 20-city Home Price Index increased 0.9 percent to its highest level since September 2010. The 20-city index is up 2.0 percent in the last year.
See the article here.
In bay area, it is absolutely a seller's market. 15 to 30 offers per house is not uncommon at this moment.
See the article here.
In bay area, it is absolutely a seller's market. 15 to 30 offers per house is not uncommon at this moment.
Tuesday, October 30, 2012
Home Prices rise due to Banks' Holding onto REOs ?
A sharp drop in distressed sales is one of the main drivers behind the
steady rise in home prices seen in certain areas throughout the country.
In September, the HousingPulse Distressed Property Index (DPI), which measures the proportion of purchase transactions involving distressed properties, hit a record low of 38.6 percent based on a three-month moving average.
The drop marks the fifth consecutive monthly decline and is more than 10 percentage points lower than the February’s near-record-high of 48.7 percent.
Please see the whole article here.
In September, the HousingPulse Distressed Property Index (DPI), which measures the proportion of purchase transactions involving distressed properties, hit a record low of 38.6 percent based on a three-month moving average.
The drop marks the fifth consecutive monthly decline and is more than 10 percentage points lower than the February’s near-record-high of 48.7 percent.
Please see the whole article here.
Thursday, August 16, 2012
Bay Area housing prices at four-year high on August 2012
The Bay Area's housing recovery showed increasing signs of strength in July, as eager buyers pushed prices to four-year highs.
The region logged its 13th consecutive month of yearly sales increases and the median price for all types of homes in the nine-county Bay Area was at its highest -- $421,000 -- since 2008, according to a report Wednesday from DataQuick. The median sale price has been rising for five months.
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Prices are still 37 percent off their 2007 peak for all types of homes in the Bay Area. Contra Costa County is down 51 percent from its peak price for single-family homes before the housing crash; Santa Clara County is 19 percent below the peak; San Mateo County almost 23 percent below and Alameda County 35 percent under its peak price.
Read more here.
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Prices are still 37 percent off their 2007 peak for all types of homes in the Bay Area. Contra Costa County is down 51 percent from its peak price for single-family homes before the housing crash; Santa Clara County is 19 percent below the peak; San Mateo County almost 23 percent below and Alameda County 35 percent under its peak price.
Read more here.
Wednesday, July 11, 2012
The U.S. Housing Bust Is Over
This is the consensus on the street. Check the WSJ article here.
The housing market has turned—at last.
The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing.
Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices," S&P's David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.
Economists aren't always right, but on this at least they agree: A new Wall Street Journal survey of forecasters found 44 believe the housing market has reached its bottom; only three don't.
Tuesday, July 3, 2012
CMBS Delinquencies Hit All-Time High
The delinquency rate for commercial mortgage-backed securities (CMBS) moved up 12 basis points in June to 10.16 percent, reaching an all-time high, according to a report from Trepp.
There was one positive side to the report. Trepp stated that most five-year loans originated in 2007 were made in the first six months of that year, and so now that we are halfway into 2012, this means the number of five-year loans from 2007 are reaching their maturity dates and will fall off over the next six months.
Read the whole article here.
JC: This may mark the peak of the CMBS delinquency. Will the trend get better from here?
There was one positive side to the report. Trepp stated that most five-year loans originated in 2007 were made in the first six months of that year, and so now that we are halfway into 2012, this means the number of five-year loans from 2007 are reaching their maturity dates and will fall off over the next six months.
Read the whole article here.
JC: This may mark the peak of the CMBS delinquency. Will the trend get better from here?
Tuesday, June 12, 2012
Why Aren’t There More Homes for Sale?
It’s no secret to anyone who has watched the real-estate market over the past year that the number of homes for sale has dropped sharply, especially in hard-hit markets such as Miami, Orlando and Phoenix.
Economists at CoreLogic have new evidence showing how big price declines are keeping many home sellers on the sidelines. They found that the supply of homes for sale declines as the rate of negative equity — or the share of borrowers who owe more than their homes are worth — rises.
Many hard-hit markets have seen an influx of well-funded investors scooping up foreclosures that can be rented out, meaning inventory is being taken off the market, at least for now.
Meanwhile, banks have sharply slowed down their foreclosure processes after being caught fraudulently processing the paperwork required to take back those properties two years ago.
Read more on WSJ 6/11/2012 here.
Economists at CoreLogic have new evidence showing how big price declines are keeping many home sellers on the sidelines. They found that the supply of homes for sale declines as the rate of negative equity — or the share of borrowers who owe more than their homes are worth — rises.
Many hard-hit markets have seen an influx of well-funded investors scooping up foreclosures that can be rented out, meaning inventory is being taken off the market, at least for now.
Meanwhile, banks have sharply slowed down their foreclosure processes after being caught fraudulently processing the paperwork required to take back those properties two years ago.
Read more on WSJ 6/11/2012 here.
Monday, June 11, 2012
Foreign Purchases of U.S. Homes Rise Strongly
WSJ June 11, 2012,
A survey released Monday showed that the six-year slide in U.S. housing prices, coupled with the rising value of some foreign currencies and continued instability in Europe, is fueling a property-buying binge in the U.S. by wealthy foreigners.
The survey showed that around 55% of all buyers came from five countries: Canada, China, Mexico, India and the United Kingdom. Canadians accounted for nearly one quarter of all foreign sales.
See the whole article here.
A survey released Monday showed that the six-year slide in U.S. housing prices, coupled with the rising value of some foreign currencies and continued instability in Europe, is fueling a property-buying binge in the U.S. by wealthy foreigners.
The survey showed that around 55% of all buyers came from five countries: Canada, China, Mexico, India and the United Kingdom. Canadians accounted for nearly one quarter of all foreign sales.
See the whole article here.
Monday, May 28, 2012
Many Home Owners still way underwater
Here is the complete list of metropolitan areas and their underwater mortgage rates from Zillow’s report:
- Las Vegas: 71%
- Phoenix: 55.5%
- Atlanta: 55.2%
- Orlando: 53.9%
- Riverside, Calif.: 53.4%
- Sacramento, Calif.: 51.2%
- Detroit: 49.8%
- Tampa, Fla.: 48.3%
- Miami - Fort Lauderdale, Fla.: 46.4%
- Chicago: 41.1%
- Minneapolis - St. Paul, Minn.: 39.9%
- Seattle: 39.6%
- Charlotte, N.C.: 36.6%
- San Diego: 35.6%
- Portland: 34.3%
- Columbus, Ohio: 34.2%
- Cleveland: 33.9%
- Virginia Beach, Fla.: 33.2%
- Washington D.C.: 32.4%
- Baltimore: 31.4%
- Dallas - Fort Worth, Texas: 30.7%
- San Francisco: 30.7%
- St. Louis: 30.7%
- Los Angeles: 30%
- Denver: 29%
- Philadelphia: 25%
- San Jose, Calif.: 22.7%
- Boston: 22%
- New York: 21.3%
- Pittsburgh: 16.7%
- U.S. average: 31.4%
Read the whole article here.
Thursday, May 17, 2012
Shadow Inventory: 46 Months to Clear Distressed Housing Supply
It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data.
Read the whole article here.
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It is 4 years away to clear all of them. I think the end of bank foreclosure is near. The impact from bank distressed properties will lesson in 1 - 2 years.
Read the whole article here.
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It is 4 years away to clear all of them. I think the end of bank foreclosure is near. The impact from bank distressed properties will lesson in 1 - 2 years.
Monday, May 14, 2012
LPS: Home Prices Increased, but We've Been Down This Road Before
For the first time since March 2010, data from Lender Processing Services (LPS) showed an increase in home prices.
“Reasons for caution are clear, as we’ve been here before. Non-seasonally adjusted prices increased for a few months in early 2009, 2010 and 2011 – trends that all ended by summer, after which all the gains – and then some – were lost,” said Raj Dosaj, VP of LPS Applied Analytics.
Read the whole article here.
“Reasons for caution are clear, as we’ve been here before. Non-seasonally adjusted prices increased for a few months in early 2009, 2010 and 2011 – trends that all ended by summer, after which all the gains – and then some – were lost,” said Raj Dosaj, VP of LPS Applied Analytics.
Read the whole article here.
Thursday, April 26, 2012
California Sees Fewer Homes Going into Foreclosure
California may have some rough patches in it, but overall, with the worst part of the housing crises appearing to be over.
A total of 56,258 Notices of Default (NODs) were recorded at county recorders offices in California during the first quarter of 2012, the lowest level since the second quarter of 2007 when 53,943 NODs were recorded, according to DataQuick.
Read more here.
A total of 56,258 Notices of Default (NODs) were recorded at county recorders offices in California during the first quarter of 2012, the lowest level since the second quarter of 2007 when 53,943 NODs were recorded, according to DataQuick.
Read more here.
Monday, April 23, 2012
Lenders that Sell Short Sales Faster and for Less
Fannie Mae, Freddie Mac, and FHA had the
shortest timelines at 193 days in January 2012, a decrease compared to a
year ago in January 2011, when short sales averaged 248 days. Ally
Financial came in second at 321 days, reducing its timeline as well from
393 days a year ago.
As for the number of short sales, Bank of America completed the most in January 2012, with 5,276, followed by Chase (2,967), Wells Fargo (2,788), MERS (1,429), and Bank of New York Mellon (1,401).
Read more here.
As for the number of short sales, Bank of America completed the most in January 2012, with 5,276, followed by Chase (2,967), Wells Fargo (2,788), MERS (1,429), and Bank of New York Mellon (1,401).
Read more here.
Friday, April 20, 2012
RealtyTrac: Short Sales Up 33% in January, Outpace REO Sales in 12 States
Short Sales has replaced REO and becomes the dominating theme in foreclosure market since 2nd half of 2011.
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Short sales even outpaced bank-owned REO sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey.
Read more here.
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Short sales even outpaced bank-owned REO sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey.
Read more here.
Tuesday, April 17, 2012
California Home Prices Going Up, Inventory Down, C.A.R. Reports
The median price of a single-family home for March 2012 was $291,080, a 1.6 percent increase compared to a revised $286,550 for March 2011, and a 9.2 percent increase compared to February’s median price of $266,660. The month-over-month increase was the largest since March 2004.
When breaking up prices by specific regions, the San Francisco Bay area was an exception, seeing a year-over-year decrease of 1.6 percent, but a 9.1 percent month-over-month increase.
Read more here.
When breaking up prices by specific regions, the San Francisco Bay area was an exception, seeing a year-over-year decrease of 1.6 percent, but a 9.1 percent month-over-month increase.
Read more here.
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