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State of Affairs PRESENTS TOP NEWS Out of 163 metro areas across the country, the National Association of Realtors (NAR) found 50, or 31 percent, experienced double- digit annual gains in home prices during the April-to-June period. In last year's second quarter, only 14 percent of markets showed double-digit yearly increases. Overall, 142 (87 percent) of the metro areas tracked by NAR saw median prices for existing homes rise compared to last year. NAR's chief economist, Lawrence Yun, says areas with tight housing inventory are seeing the strongest price growth, including markets such as Sacramento, Naples, San Francisco, and Los Angeles in California, as well as Atlanta and Las Vegas. At the same time, 20 metro areas (12 percent) surveyed by the industry trade group experienced declines in median home prices while one metro posted no change. Yun explained that in judicial states where foreclosed inventory still looms because distressed properties are mired in a slow process, lender and market uncertainty are holding back price growth. Areas like New York City; Hartford, Connecticut; and some markets in New Jersey are faced with this challenge. The national median home price in Q2 rose 12.2 percent compared to last year to $203,500. The annual increase represents the strongest gain in more than seven years. NAR says a shrinking market share of lower priced homes accounts for some of the price growth. Distressed homes—foreclosures and short sales generally sold at a discount— accounted for 17 percent of the nation's second-quarter home sales, down from 26 percent a year earlier. Note: The state-by-state trends are based on a compilation of June 2013 real estate public records data and proprietary mortgage loan performance transactions provided by LPS Applied Analytics as well as a preliminary unemployment rate for June 2013 based upon public information from the Bureau of Labor Statistics. LPS Applied Analytics is a trusted resource for mortgage lenders, servicers, and investors—providing market-leading data and analytics solutions to help them succeed. These offerings allow professionals to improve performance, proactively identify risk, create mitigation strategies, and accurately estimate collateral value. An integral part of parent company Lender Processing Services' (LPS) end-to-end solution suite, LPS Applied Analytics products include: property, MLS, and mortgage performance data; mortgage and real estate analytics; lead generation; portfolio monitoring and analytics; valuations; and property tax reporting. To learn more about LPS visit LPSvcs.com.