Percentage Of First time Buyers Continue To Under-PerformThe percent share of first-time buyers continued to under-perform, representing less than one-third of all buyers at 27% down from 29% last month and last year respectively. Homeownership has seen the greatest decline among the age groups which usually generate the most activity in the first-time buyer market.All Cash Sales Rise Even As Distressed Homes Trend Downward

Between 2004 and 2013 homeownership among 25-to-34 year olds slipped by nearly 8% and by 9% for the next older group, 35-to-44 year olds. Rates for all age groups between 25-to-54 are at their lowest point in the 39
years» [read more]

 

Mortgage Numbers Suggest Slower Summer SalesAfter a recent steep dive in volume, applications for mortgage refinances and home purchase loans were little changed. Applications for mortgage refinances and home purchase loans fell 1.00% on a seasonally adjusted basis. While reports showed an increase in new and existing homes sales in May, the mortgage numbers portend a late summer slowdown.Mortgage Numbers Suggest Slower Summer Sales


Mortgage rates are lower than they were a year ago—the first time that's happened since last June, when rates spiked a full percentage point on fears of the Federal Reserve would begin to "taper" its mortgage bond buying program. Now, months into the Fed's taper, rates have stabilized at low levels» [read more]

 

All Cash Sales Rise Even As Distressed Homes Trend DownwardEarlier this month, the market share of all-cash purchases rose despite a downtrend in distressed home sales and investor activity. Distressed homes – foreclosures and short sales – accounted for 15% of April sales, down from 18% in April 2013. Ten percent of sales were foreclosures, and 5% were short sales. Foreclosures sold for an average discount of 16% below market value, while short sales were discounted 10%.All Cash Sales Rise Even As Distressed Homes Trend DownwardThere was some heating of the market last month. The typical time on market shrunk last month with four out of 10 homes selling in less than a month. Homes that show well and are properly priced tend to sell the fastest.» [read more]

 

The Most Sought After Homes Still UnderwaterBuyers looking for affordable homes aren't finding much in today's housing market. While investors snatched up most foreclosures, another after effect of the crash is keeping supply short: negative equity. Nearly 10 million borrowers still owe more on mortgages than their homes are currently worth, that has kept them stuck in place.The Most Sought After Homes Still UnderwaterAs home prices rise, the nation's negative equity or "underwater" rate is falling overall, but affordable homes are still drowning disproportionately. They are three times more likely to be underwater than expensive homes. Thirty percent of mortgaged homes in the bottom price tier ($98,400 and below) are in negative equity, compared with 18 percent in middle tier ($98,400 to $306,700) and 10.7 percent in top tier ($306,700-plus).» [read more]

 

Distressed Home Down More Than 20% from 2013Distressed homes accounted for 14% of monthly sales, down from 16% the month previous and 21% in 2013. With rising home equity, we expect distressed homes to decline to a single-digit market share later this year. Ten percent of monthly sales were foreclosures, and 4% were short sales. Foreclosures sold for an average discount of 18% below market value while short sales were discounted 12%.Character Of The MarketTotal housing inventory at the end of March rose 4.7% to 1.99 million existing homes available for sale, which represents a 5.2-month supply at the current sales pace, up from 5.0-months the month before. Unsold inventory is 3.1% above a year ago, when there was a 4.7-month supply[...] More >