Properties Selling At Near Record PaceWith demand far exceeding supply, properties sold in April faster at 39-days than at any time since July 2013 when it was 42-days and the second shortest time since tracking began in May 2011. Short sales were on the market the longest at a median of 180-days, while foreclosures sold in 50-days and non–distressed homes took 38-days. Fourty-six percent of homes sold in were on the market for less than a month.Properties Selling At Near Record PaceDistressed sale were 10% of sales last month, unchanged from the month before and below the 15% share a year ago. Seven percent of sales were foreclosures and 3% were short sales. Foreclosures sold for an average discount of 20% below market value, while short sales were discounted 14%. » [read more]

 

The Divide In Home Equity Between Underwater BorrowersThe number of borrowers who owe more on their mortgages than their homes are worth fell to the lowest level in eight years, but those who are still underwater are drowning faster than ever in foreclosure. By March, 1.6 million borrowers had crossed back into a positive equity position on their home loans compared to a year ago. The reason? Home values have sharply increased.The Divide In Home Equity Between Underwater BorrowersStill, more than 4 million borrowers, or 8% of all homeowners with a mortgage, remain underwater. While that is a 30% drop from a year ago, the numbers are considerably higher in states where values fell the most during the housing crash. Nevada and Florida have the highest rates of negative equity at 16 percent and 15 percent, respectively. » [read more]

 

Available Inventory Hits Two Million UnitsTotal housing inventory at the end of the month climbed 5.3% to 2.00 million existing homes available for sale, and is now 2.0% above a year ago. Unsold inventory is at a 4.6-month supply at the current sales pace, down from 4.7 months in February.Available Inventory Hits Two Million UnitsThe percent share of first-time buyers was 30% in March, marking the third time since last March that the first-time buyer share was at or above 30%. All-cash sales were 24% of transactions, down from 26% the previous month and down considerably from a year ago when they were at 33%. » [read more]