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» VISIT US ONLINE @ DSNEWS.COM 43 EXISTING-HOME SALES SLIP IN MARCH Existing-home sales slid back in March, and price improvements continued to moderate, according to recent transaction data. According to estimates from the National Association of Realtors (NAR), total existing- home sales in March came in at a seasonally adjusted annual rate of 4.59 million, a 0.2 percent slip from February's downwardly revised pace of 4.6 million and hitting a nearly two-year low. Compared to March 2013, the sales rate was down 7.5 percent. Removing figures for co-ops, condominiums, and townhouses, single-family existing-home sales were at a rate of 4.04 million in March, flat from February but down 7.3 percent compared to a year prior. ough the group remains optimistic for activity in the coming months, NAR chief economist Lawrence Yun admits sales at the moment are underperforming by historical standards. "ere really should be stronger levels of home sales given our population growth," Yun said. "In contrast, price growth is rising faster than historical norms because of inventory shortages." Still, Yun added, "With ongoing job creation and some weather-delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly." By NAR's measure, the median existing- home price for all housing types in March was $198,500, an increase of 7.9 percent year-over-year. While high in historical contexts, the increase is a step down from February's reported 9.1 percent annual gain. e rise may in part be attributed to a 4.7 percent improvement in total housing inventory, which was estimated at 1.99 million existing homes as of March 31. On the other hand, contributing to the ongoing—albeit slower—growth in home prices was a drop in distressed home sales, which accounted for 14 percent of total March transactions compared to 16 percent in February. With home equity on the rise, Yun expects distressed homes to decline to a single-digit market share by the end of the year. While the latest report showed continued softening in home sales, there were a few bright spots: According to NAR, first-time buyers accounted for 30 percent of home purchases in March, up from 28 percent in February, though still weak overall. "ere are indications that the stringent mortgage underwriting standards are beginning to ease a bit, particularly regarding credit score requirements, but they remain a headwind for entry-level and single-income homebuyers," said Steve Brown, NAR president. Meanwhile, all-cash sales—typically investors, though not always—comprised one- third of March transactions, down slightly from February. Individual investors made up 17 percent of purchases. PCV MURCOR JOINS SHARED ASSESSMENTS PROGRAM PCV Murcor, a provider of real estate val- uations for the mortgage industry's lenders, servicers, and insurers, has joined the Shared Assessments Program. e member-driven industry body aims to create standardization, consistency, efficiency, and cost savings in the vendor risk management process. PCV Murcor will help provide insight and expertise "to a collaborative industry effort aimed at creating sustainable solutions for the evolving regulatory environment," the company said in a release. "We think everyone can agree that a more streamlined compliance and oversight system is better for the entire industry," said Rus- sell Lewis, CIO of PCV Murcor. "We also believe everyone would agree that the ability to increase efficiencies and accuracy while reducing the resources required to meet or exceed regulatory obligations is, collectively, a good thing. is is a needed initiative and we're committed to doing our part to help create solutions that will benefit the entire industry." e Shared Assessments Program was created by leading financial institutions and accounting firms and is comprised of risk management experts focused on implement- ing efficient and effective industry standard practices. "We couldn't be happier to have PCV Murcor join the Shared Assessments Pro- gram, which demonstrates their commitment to help drive comprehensive third-party risk assessment and management standards," said Catherine Allen, chairman and CEO of the Santa Fe Group, the managing agent of the Shared Assessments Program. "Having an established leader of real es- tate valuations as champions for the program increases the breadth and depth of knowledge that keeps the Shared Assessments Program Tools on the leading edge of third-party risk assurance," Allen said. Data from February found that U.S. home prices are 13.5 percent off the June 2006 peak, according to Black Knight's Home Price Index Report. KNOW THIS

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