DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/393310
39 ยป VISIT US ONLINE @ DSNEWS.COM ANNUAL RATE OF HOME SALES FALLING e nationwide annual rate of the sale of residential properties, which include single- family homes, condominiums, and townhomes, declined by 3 percent month- over-month and 12 percent year-over-year in July, according to RealtyTrac's July U.S. Residential & Foreclosure Sales Report. RealtyTrac reported residential properties sold at an annual rate of 4,634,513 in July, which marked the third straight month in which there was a year-over-year drop in annual home sales volume. Meanwhile, median prices of homes (both distressed and non-distressed properties) increased from June to July by 3-percent up to $191,000, its highest level since September 2008. e median price rose by 12-percent from June 2013, according to RealtyTrac. e median price of only distressed sales (sales of properties that are bank-owned or in some stage of foreclosure) stood at $128,000 for July, a 3 percent month- over-month increase and a gain of 11 percent year-over-year, according to RealtyTrac. at price still fell way below the median price of non-distressed properties, which was $204,000. RealtyTrac reports that the percentage of total residential property sales that were distressed sales and short sales (sales by a distressed borrower for less than the balance of the mortgage) increased month-over-month in July but declined year-over-year. Distressed sales and short sales made up 13.6 percent of all residential home sales in July, which is an increase of 12.8 percent from June but a drop of 15 percent from July 2013. e market with the highest percentage of combined distressed sales and short sales was Las Vegas, with 40.3 percent. "As distressed sales continue to decline, the share of sales is tilting toward more expensive homes, boosting the nationwide median sales price," said Daren Blomquist, VP of RealtyTrac. "e nationwide home price increase, however, masks slowing home price appreciation in the majority of housing markets across the country. is slowing appreciation was expected and provides another sign that the real estate recovery thus far is behaving rationally. Still, the housing market is entering a dicey transition phase where it is becoming much more reliant on first-time homebuyers and move-up buyers to sustain the recovery as investor involvement wanes." e percentage of total homes sold that were bank-owned (REO) was 8 percent in July, its lowest level since January 2011, according to RealtyTrac. at number marked an 8-percent decline from June and a 9.1-percent drop from July 2013. Foreclosure auctions made up 1.2 percent of all residential properties sold nationwide in July, according to RealtyTrac. is percentage represented a slight increase from 1.1 percent in June and from 0.8 percent from a year ago.