You are viewing our site as an Agent, switch your view below:

Agent | Broker     Reset Filters to Default
CoreLogic Reports U.S. Overall Delinquency Rate Remains Steady at 20-Year Low in May
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in May 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with May 2018, when it was 4.2%. This marks the second consecutive month the rate has been at its lowest point in more than 20 years. As of May 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from May 2018. The May 2019 foreclosure inventory rate tied the prior six months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.7% in May 2019, down from 1.8% in May 2018. The share of mortgages 60 to 89 days past due in May 2019 was 0.6%, unchanged from May 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in May 2019, down from 1.8% in May 2018. May's serious delinquency rate of 1.3% tied the April 2019 rate as the lowest for any month since August 2005 when it was also 1.3%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8% in May 2019, unchanged from May 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "Growth in family income and home prices continues to support low delinquency rates," said Dr. Frank Nothaft, chief economist at CoreLogic. "Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year's hurricanes and wildfires, and this spring's severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 17 consecutive months. In May 2019, 20 of the country's metropolitan areas posted at least a small annual increase in overall delinquency, with some of the highest gains occurring in the Midwest and parts of the Southeast. Specifically, areas impacted by flooding this spring in Kentucky, Ohio, Illinois and Indiana have experienced an increase in delinquency rates. "While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather," said Frank Martell, president and CEO of CoreLogic. "Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country." The next CoreLogic Loan Performance Insights Report will be released on September 10, 2019, featuring data for June 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
U.S. Housing Market Deja Vu
Increased demand spurred by lower interest rates and fewer homes coming to market reverse 10 months of inventory growth SANTA CLARA, Calif., Aug. 13, 2019 -- Lower interest rates are prompting more buyers to come into the market, putting pressure on an already tight U.S. housing market and reversing 10 months of national inventory growth, according to realtor.com's July 2019 Monthly Housing Trend report released today. The report, which tracks key trends across the market, including the national median home price, days on market and inventory, showed flat inventory growth, which could lead to inventory declines sooner than originally predicted. In July, active listings on realtor.com were flat, following slowing growth since the start of the year. Newly listed properties were down 7 percent from a year ago. The national median home price in July was $315,000, up 5.5 percent from a year ago and a decrease from last year's year-over-year growth of 8.7 percent. Additionally, July prices were down 0.2 percent from June, marking the earliest seasonal slowdown in home prices since 2012. The median number of days on market in July was 58, the same as a year ago. "July's data highlight tension in the housing markets between buyers eager to take advantage of lower mortgage rates and potential sellers concerned about slowing price growth," said George Ratiu, realtor.com's senior economist. "The decline in newly listed properties suggests that some would-be sellers are stepping back from the market, during the peak buying season, when most people are searching for their next home." Ratiu noted that although overall housing inventory had been growing, the number of homes in the entry-level segment declined. Now that trends are shifting for the market as a whole, he said challenges for entry-level and first-time buyers are mounting, including faster price growth ahead. The inventory of properties priced below $200,000 in July decreased 9.9 percent year-over-year, while at the same time, the inventory of homes priced above $750,000 increased 6.6 percent. Competition for entry-level homes continues to be tight -- homes priced below $200,000 only spent 56 days on the market, whereas properties priced over $750,000 spent 81 days on the market. Despite these challenges, some millennials are finding success. The share of millennial mortgage originations increased to 46 percent from 43 percent last year, according to realtor.com's second quarter Generational Propensity report. The report found the median home purchased by millennials was priced at $248,000, up 5 percent year-over-year, a bigger increase than either Gen X or boomers had in home purchase price. Looking across generational cohorts, the larger gains in the price of homes purchased by millennials reflect both the intense competition at the entry-level price point and the fact that some millennials have been delaying major life milestones (e.g. starting families, forming households, having children), and are skipping the starter home to purchase larger, trade-up homes. The report also found that while Gen X and boomers have increased their down payment percentages, millennials saw the average down payment slip to 8.2 percent from 8.9 percent a year ago. This increased the size of the typical millennial loan amount to $227,000 from $215,000. Lower mortgage rates are helping to cushion the impact of buying a higher-priced home and making additional debt more affordable. The monthly mortgage amount that millennials paid on a newly purchased home fell to $1,099 from $1,131 year-over-year. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Luxury Home Prices Up 1% Amid Falling Sales and Surging Supply in the Second Quarter
MORE >
296,458 U.S. Properties with Foreclosure Filings in First Six Months of 2019, Down 18 Percent from a Year Ago
Foreclosure Starts Decrease Nationwide, But Increase in 42 Percent of Local Markets; Q2 2019 Foreclosure Activity Below Pre-Recession Levels in 62 Percent of Markets IRVINE, Calif. – August 8, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Midyear 2019 U.S. Foreclosure Market Report, which shows a total of 296,458 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2019, down 18 percent from the same period a year ago and down 82 percent from a peak of 1,654,634 in the first six months of 2010. Counter to the national trend, 36 of the 220 metropolitan statistical areas analyzed in the report (16 percent) posted a year-over-year increase in foreclosure activity in the first six months of 2019, including Buffalo, New York (up 33 percent); Orlando, Florida (up 32 percent); Jacksonville, Florida (up 18 percent); Miami, Florida (up 7 percent); and Tampa-St. Petersburg, Florida (up 5 percent). "Our midyear 2019 foreclosure activity helps to show an overall view on how foreclosure activity is trending downward," said Todd Teta, chief product officer at ATTOM Data Solutions. "Of course, you still have pockets across the nation where foreclosure activity is seeing some flare-ups. Foreclosure starts is a good indication of markets to watch. For instance, in looking at the largest markets across the nation with the greatest annual increase in foreclosure starts, 4 out of the 5 markets were in Florida. " New Jersey, Delaware, Maryland post highest state foreclosure rates Nationwide 0.22 percent of all housing units (one in every 457) had a foreclosure filing in the first six months of 2019. States with the highest foreclosure rates in the first half of 2019 were New Jersey (0.54 percent); Delaware (0.46 percent); Maryland (0.43 percent); Florida (0.39 percent); and Illinois (0.38 percent). Other states with first-half 2019 foreclosure rates among the 10 highest nationwide were South Carolina (0.33 percent); Connecticut (0.32 percent); Ohio (0.30 percent); Nevada (0.26 percent); and New Mexico (0.26 percent). Atlantic City, Jacksonville, Trenton, with highest metro foreclosure rates Among 220 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in the first half of 2019 were Atlantic City, New Jersey (0.92 percent of all housing units with a foreclosure filing); Jacksonville, Florida (0.54 percent); Trenton, New Jersey (0.52 percent); Rockford, Illinois (0.51 percent); and Lakeland, Florida (0.51 percent). Other metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2019 were Columbia, South Carolina (0.49 percent); Ocala, Florida (0.49 percent); Philadelphia, Pennsylvania (.48 percent); Fayetteville, North Carolina (0.47 percent); and Baltimore, Maryland (0.44 percent). First-half foreclosure starts down nationwide, up in 42 percent of local markets A total of 177,015 U.S. properties started the foreclosure process in the first six months of 2019, down 8 percent from the first half of 2018 and down 84 percent from a peak of 1,074,471 in the first half of 2009. Counter to the national trend, 16 states posted a year-over-year increase in foreclosure starts in the first half of 2019, including Mississippi (up 56 percent); Florida (up 28 percent); Georgia (up 22 percent); Arkansas (up 21 percent); and Louisiana (up 19 percent). Also counter to the national trend, 92 of the 217 metro areas analyzed in the report (42 percent) posted year-over-year increases in foreclosure starts in the first half of 2019, including Miami, Florida (up 32 percent); Tampa-St. Petersburg, Florida (up 18 percent); Atlanta, Georgia (up 16 percent); Washington D.C. (up 8 percent); and Denver, Colorado (up 6 percent). Q2 2019 foreclosure activity below pre-recession levels in 62 percent of markets A total of 152,760 U.S. properties had a foreclosure filing in Q2 2019, down 6 percent from the previous quarter and down 19 percent from a year ago. The second quarter of 2019 was the eleventh consecutive quarter in which U.S. foreclosure activity was below the pre-recession average of 278,912 properties with foreclosure filings per quarter in 2006 and 2007. Foreclosure activity in the second quarter of 2019 was below pre-recession averages in 136 of the 220 metropolitan statistical areas analyzed in the report (62 percent), including Denver, Colorado (92 percent below); Detroit, Michigan (89 percent below); Dallas-Fort Worth, Texas (81 percent below); Atlanta, Georgia (80 percent below); and Memphis, Tennessee (80 percent below). Counter to the national trend, 84 of the 220 metropolitan statistical areas analyzed in the report (38 percent) posted Q2 2019 foreclosure activity totals above their pre-recession averages, including New Orleans, Louisiana (56 percent above); Birmingham, Alabama (26 percent above); Washington, D.C. (22 percent above); Philadelphia, Pennsylvania (6 percent above); New York-Newark-Jersey City (up 4 percent). Average foreclosure timeline drops to lowest level since Q3 2018 Properties foreclosed in the second quarter of 2019 took an average of 716 days from the first public foreclosure notice to complete the foreclosure process, down from 835 days in the previous quarter and down from 720 days in the second quarter of 2018. States with the longest average foreclosure timelines for foreclosures completed in Q2 2019 were Hawaii (1,611 days), Indiana (1,360 days), Florida (1,073 days), New York (1,057 days), and New Jersey (982 days). States with the shortest average foreclosure timelines for foreclosures completed in Q2 2019 were Mississippi (195 days), Minnesota (226 days), Virginia (228 days), Alaska (242 days), and Maine (277 days). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Metro Home Prices Increase in 91% of Metro Areas in Second Quarter of 2019
MORE >
CoreLogic Reports June Home Prices Increased by 3.4% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for June 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.4% from June 2018. On a month-over-month basis, prices increased by 0.4% in June 2019. (May 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Single-family home prices stand at an all-time high and continue to increase on an annual basis, with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.2% from June 2019 to June 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.5% from June 2019 to July 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Tepid home sales have caused home prices to rise at the slowest pace for the first half of a year since 2011," said Dr. Frank Nothaft, chief economist at CoreLogic. "Price growth continues to be faster for lower-priced homes, as first-time buyers and investors are both actively seeking entry-level homes. With incomes up and current mortgage rates about 0.8 percentage points below what they were one year ago, home sales should have a better sales pace in the second half of 2019 than a year earlier, leading to a quickening in price growth over the next year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 38% of metropolitan areas have an overvalued housing market as of June 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of June 2019, 24% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 42% were overvalued, 16% were undervalued and 42% were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among various millennial age cohorts. The study found home-price increases in lower-cost homes disproportionately impact older millennials (ages 30 - 39). Additionally, this cohort is significantly more active in searching for a new home than any other age group. Nearly half (45%) say they purchased a home in the past three years, while 25% say they will likely do so within the next year. While affordability concerns drive older millennials toward renting, they have more positive market perceptions than older generations and 37% say purchasing a home within their market is at least somewhat affordable. "Millennial homebuyers are no longer a trend on the industry horizon. In fact, they are the new, first-time homebuyers of today. However, only about half of recent millennial buyers were satisfied with the number of options of available homes in their market or price range," said Frank Martell, president and CEO of CoreLogic. "Affordable housing continues to be a growing issue. A deeper look at the data shows that 43% of those surveyed indicated they couldn't afford to buy a new home or are concerned they won't be able to." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 508 Millennial renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
New ATTOM Data Solutions Analysis Examines the Grocery Store Impact on the U.S. Housing Market
MORE >
Big City Metros Fall Off Realtor.com's 2019 Hottest ZIP Codes Report
ZIP code 49505 Grand Rapids, Mich., is ranked No. 1, followed by 68144 Omaha, Neb. and 83704, Boise, Idaho SANTA CLARA, Calif., July 31, 2019 -- The hottest ZIP codes in America are on the move from big cities like San Francisco and New York to quieter metros with a more suburban feel such as Omaha, Neb. and Goffstown, N.H., according to realtor.com's 2019 hottest ZIP codes ranking released today. In its fifth annual report, five ZIP codes in up and coming neighborhoods made their debut on the list boosted by extremely low home prices and even more millennial home buyers. The 2019 hottest ZIP codes America, in rank order, are: 49505 Grand Rapids, Mich.; 68144, Omaha, Neb.; 83704, Boise, Idaho; 66203 Shawnee, Kan.; 14609 Rochester, N.Y.; 48154 Livonia, Mich.; 02176 Melrose, Mass.; 76018 Arlington, Texas; 03045 Goffstown, N.H.; and 80916 Colorado Springs, Colo. Homes in this year's top 10 sell in an average of 17 days, 40 days faster than the rest of the country and 20 days faster than their respective metros, on average. Realtor.com® users view homes in these markets 3 times more often than homes in the rest of the country and 1.9 times more often than in their respective metro areas, on average. Affordability ignites even more demand in smaller, less dense locales As buyers continue to be priced out of big cities, demand is sparking up in smaller, less dense markets where housing is more affordable. Last year, the top 10 hottest ZIP codes in America included towns on the outskirts of some of the largest, most densely populated cities in the country such as New York and San Francisco. But these markets rotated off the list this year to make way for Omaha, Neb. and Manchester, N.H. Smaller metros from previous years such as: Boise, Idaho; Kansas City, Mo. and Colorado Springs, Colo. In fact, this year's top 10 hottest markets have half of the total number of households of the market's on last year's list and 7 percent fewer households per square mile. "Even though buyers are moving to smaller markets, they are looking to retain an urban lifestyle by living closer to the city center. This tells us that today's home buyers are trying to have it all -- proximity to downtown, room to grow, and affordability -- and they're finding it outside of the biggest cities in the U.S.," said Danielle Hale, chief economist for realtor.com®. "The average commute distance from this year's hottest 10 ZIPs to their downtown area is 9 miles, which is 31 percent or 4 miles closer compared to last year's top 10." Newbie ZIPs bring new trends to the top 10 Among the top 10 hottest ZIPs in America, five are making their debut on the list this year, including: No.1 Grand Rapids, Mich. (49505); No. 4 Shawnee, Kan. (66203); No. 5 Rochester, N.Y. (14609); No. 8 Arlington, Texas (76018); and No. 9 Goffstown, N.H. (03045). Although some of the traditional drivers of market hotness are represented in these areas, there are also some emerging trends of extremely low home prices, developing local economies, and even larger populations of millennials. Affordability has been a key factor driving realtor.com®'s hottest ZIP codes for the last five years. But among 2019's new ZIPs, the trend is even more extreme. When compared to the top 10 as a whole the average median listing price for the five new ZIPs is 36 percent less expensive. They are also 32 percent less expensive than both the metro and the national median home price. Although these areas are thriving in many ways, local economic indicators signal these up-and-coming neighborhoods still have a way to go. The median income of the five newbie ZIPs is $64,000, 9 percent lower than the median of the others on the list. But their average unemployment rate is strong at 3.2 percent, which is 0.2 percentage points lower than the average of the returning ZIPs, and 0.4 percentage points lower than the national rate of 3.6 percent. The number of households in these markets is projected to grow by 4.3 percent this year, faster than the national rate of 1.1 percent, but not quite as fast as expected in the returning ZIP codes, projected to grow at a rate of 7.6 percent. Millennials have played a critical part of market hotness for some time, but their role is even larger in these new ZIPs. In fact, on average, the millennial homeownership rate in these areas is 5 percent higher than their returning counterparts and exceeds the national rate by 13 percent. Overall trends driving hotness in the top 10 Among this year's top 10 hottest markets in America, there are some consistent factors driving their popularity, including: large numbers of high earning millennials scooping up homes, relatively affordable home prices and strong local job markets. In the top 10 ZIPs, millennials' salaries are on average, 13 percent greater than the national millennial median income. They also make up the greatest share of homebuyers taking on a mortgage, averaging 39 percent. Part of the appeal of these top 10 ZIPs is their relatively affordable average home price of $272,000, well below the current national median of $316,000. Another factor contributing to these hot housing market is residents have money to spend. On average, resident incomes in each of these areas are 6.5 percent higher than the national median. Additionally, jobs are expected to grow 1.3 percent this year, exceeding the projected national growth of 1.0 percent. 2019 Hottest ZIP Codes in America 1) 49505 - Grand Rapids, Mich. – Western Michigan has once again taken the top spot on realtor.com®'s hottest ZIP codes ranking, this time with ZIP 49505. Located just north of downtown Grand Rapids, this ZIP runs along the Grand River and includes plenty of green space with the Kent Country Club, and four large parks. Its strong school system, which includes City High Middle School (GreatSchools rating of 9/10), attracts many to the family-oriented area. Housing stats: Homes in this Grand Rapids ZIP sell in 10 days on average, with a median listing price of $178,050, which is up 11.3 percent year-over-year. Millennials make up the dominant buyer segment, where they account for 48 percent of new purchase mortgages. Millennials in this Grand Rapids ZIP make slightly less than the national median for millennials at $58,667 and $62,280, respectively. 2) 68144 - Omaha, Neb. – Coming in at No. 2, ZIP 68144 is centrally located just 12 miles west of downtown Omaha, with easy access to the interstate, and borders along Zorinsky Lake. Affordable housing and high-paying jobs at companies like Berkshire Hathaway, Union Pacific Railroad, and Werner Enterprises are attracting many "boomerang buyers" back to the area after living in other more expensive parts of the country. With a solid mix of both high-end and starter homes, access to downtown Omaha, and a strong school system, which includes Harvey Oaks Elementary School (GreatSchools rating of 8/10), this area has earned its spot as one of the hottest ZIPs in the nation. Housing Stats: Homes in 68144 sell in 21 days on average, with a median listing price of $238,950, which is up 6.2 percent over last year. Millennials make up the dominant buying segment in the area, where they account for 43 percent of new purchase mortgages. Millennials in 68144 make significantly more than the national median for millennials at $73,902 and $62,280, respectively. 3) 83704 Boise, Idaho – Boise is a vibrant, active city, with a mild four-season climate that allows residents to enjoy the local mountains, rivers, and lakes year-round, while also establishing itself as a new tech hotspot. ZIP code 83704 sits on Boise's western edge and runs along Route 20. As more Californians seek lower housing costs, many are buying homes in Idaho where the sunny climate and local tech employers, such as Micron Technology, are strong draws. Boise is no stranger to realtor.com®'s Hottest ZIP Codes list, this ZIP was No. 6 in 2018. Housing Stats: Homes in 83704 sell in an average of 14 days, with a median listing price of $289,950, which is up 5.5 percent year-over-year. The dominant buyer segment in the area is slightly older at 35- to 44-years-old. However, buyers aged 25- to 34-years old still make up 28 percent of new purchase mortgages. Millennials in 83704 earn significantly less than the national median for millennials at $50,581 and $63,174, respectively. 4) 66203 Shawnee, Kan. – Sitting southwest of downtown Kansas City, Mo., on the Kansas side, is ZIP 66203 a quintessential Midwestern suburb known as "Old Shawnee." This is 66203's first appearance on the hottest markets, and it offers a walkable downtown with local shops and restaurants as well as affordable home prices. Kansas City has grown in popularity over the years due to its alluring downtown that houses museums, dining, shopping, and extensive nightlife, and 66203 is an affordable alternative to last year's No. 8 ZIP in Overland Park with even easier access to the city. Housing Stats: Homes in 66203 sell in an average of 13 days and have a median listing price of $220,050, which is up 16.4 percent year-over-year. Millennials make up the dominant buyer segment in this area, where they account for 43 percent of new purchase mortgages. Millennials in 66203 earn slightly less than the national median for millennials at $61,582 and $62,280, respectively. 5) 14609 - Rochester, N.Y. – Nestled along the southern shore of Lake Ontario and split in half by the Genesee River is the pictorial city of Rochester, which is home to ZIP 14609 -- a first timer to the list. As a booming area for both medical and education industries, 14609 draws many young professionals with its tree-lined streets, high walkability, and access to nightlife. Rochester Regional Health and the University of Rochester are two of the metro area's largest employers, but Rochester is also home to the headquarters for Wegmans Food Markets, which was ranked No. 3 on Fortune's annual "Best Companies to Work For." Housing Stats: Homes in 14609 sell in 17 days on average and have a median listing price of $125,050, which is up 13.7 percent year-over-year. Millennials make up the dominant buyer segment in the area where they account for 43 percent of new purchase mortgages. However, millennials make significantly less than the national median millennial at $44,438 and $62,280, respectively. 6) 48154 - Livonia, Mich. – A western suburb of the Motor City, Livonia combines the best parts of suburban living with close proximity to the great attractions of Detroit. ZIP 48154 offers an easy 20 mile commute to downtown destinations such as the Detroit Institute of Art and the historic Eastern Market. Livonia also is equally close to many of the major employment centers scattered throughout the broader metro area, such as the headquarters of Ford Motor Company in Dearborn, Mich. Housing Stats: Homes in 48154 sell in an average of 17 days and have a median listing price of $254,950, which is up 6.2 percent year-over-year. Millennials are the dominant buyer segment in the area where they make up 36 percent of new purchase mortgages. Millennials in this Livonia ZIP make significantly more than the national median for millennials at $96,855 and $62,280, respectively. 7) 02176 - Melrose, Mass. – Located 10 miles north of Boston is the quaint gas-lamp lined city of Melrose. Boston's abundance of universities and colleges feed the area's demand for high-paying jobs, especially in pharmaceutical and medical industries where Hallmark Health System and Melrose-Wakefield Hospital are two of the area's largest employers. A strong school system, which includes Hoover Elementary School (GreatSchools rating of 7/10), draws many to the area, but the ZIP of 02176 is beyond most first-time home buyers' budgets, so many turn to renting until they are able to afford purchasing a home. Melrose is no stranger to realtor.com®'s Hottest ZIP Codes list, it was No. 7 in 2016. Housing stats: Homes in Melrose sell in an average of 18 days and have a median listing price of $629,050, down 1.7 percent year-over-year. The dominant buyer segment remains millennials who account for 43 percent of new purchase mortgages. Millennials in this ZIP have a median income of $98,803, which is $36,523 higher than the national median millennial income of $62,280. 8) 76018 - Arlington, Texas – Sitting cozy between Dallas and Fort Worth is the thriving city of Arlington, home to this year's No. 8 hottest ZIP, 76018. This is 76018's first time making it onto realtor.com®'s hottest ZIPs list. ZIP 76018 is seven miles from Globe Life Park - home of the Texas Rangers baseball team, as well as six miles from AT&T Stadium - home of the Dallas Cowboys football team, the most valuable sports franchise in the world. Arlington ISD and the University of Texas at Arlington are two of the area's largest employers. However, ZIP 76018 is only 19 miles from Fort Worth and 25 miles from Dallas, offering a plethora of employment options to those willing to commute. Housing Stats: Homes in this Arlington ZIP sell in 20 days on average and have a median listing price of $215,050, which is up 7.5 percent year-over-year. Millennials make up the dominant buyer segment in this area where they account for 34 percent of new purchase mortgages. Millennials in Arlington also make slightly more than the national median for millennials at $64,023 and $62,280, respectively. 9) 03045 - Goffstown, N.H. – Nestled an hour and a half north of Boston and just west of Manchester, N.H. is the historic, tree-lined town of Goffstown which is home to ZIP 03045. This is 03045's first time making it onto realtor.com®'s hottest ZIP codes list. The area offers residents a close-knit community, complete with parks and outdoors space, and a strong school system which includes Goffstown High School (GreatSchools rating of 7/10). Affordable homes with access to a walkable downtown that is lined with historic brick buildings that house many of the town's restaurants and shops, make it a quintessential New England town. Housing Stats: Homes in this Goffstown ZIP sell in 22 days on average and have a median listing price of $325,050, up 4.9 percent year-over-year. Millennials make up the dominant buyer segment in this area where they account for 43 percent of new purchase mortgages. Millennials in Goffstown earn significantly more than the national median for millenials at $105,449 and $62,280, respectively. 10) 80916 - Colorado Springs, Colo. – Located 70 miles south of Denver on the eastern side of the Rocky Mountains, lies the thriving outdoor-centric city of Colorado Springs with ZIP 80916 sitting on the southeastern portion of the city. This area draws a diverse nature-loving crowd with its affordable housing compared to its sister-city to the north, Denver. Colorado Springs is replete with local breweries and tasting rooms as well as many boutique restaurants that cater to the area's healthy living lifestyle. Major employers for the area include the United States Air Force Academy, Fort Carson, and nearby Peterson Air Force Base. Housing Stats: Homes in this Colorado Springs ZIP sell in an average of 21 days and have a median listing price of $245,050, which is up 2.5 percent year-over-year. Millennials make up the dominant buyer segment in the area, where they account for 34 percent of new purchase mortgages. Millennials in Colorado Springs make significantly less than the national median for millennials at $47,819 and $62,280, respectively. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Pending Home Sales Climb 2.8% in June
MORE >
June's Northeast Region Buyer Traffic Shows Modest Improvement as Demand in Other Areas Remains Sluggish, Consistent with Seasonal Patterns
Modest Year-Over-Year Dips in Buyer Traffic Seen in Three of Four U.S. Regions July 24, 2019 – For the second consecutive month, the Northeast Region reported a more modest year-over-year increase in buyer traffic while the rest of the U.S. saw signs of showing activity stabilizing, according to the latest ShowingTime Showing Index® report. The 0.9 percent year-over-year increase in the Northeast is a positive sign for the region that had, until May, seen a full year of slower activity. Though the West, South and Midwest regions each saw drops in year-over-year activity, the declines were more modest compared to prior months. The West Region's 5.8 percent decline is the smallest percentage decline in the region for more than a year, while the South's 1.5 percent dip is the lowest since September 2018 – the last time the region saw a year-over-year increase in buyer activity. "Year-over-year showing traffic continues to stabilize, as June's overall activity was in line with June 2018 while the Northeast Region recorded a modest increase," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Activity in the South and Midwest remains slightly slower than in 2018, though there is more buyer activity in the lower price quartiles of the market. Pricier homes continue to see less traffic compared to the same time last year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Existing-Home Sales Falter 1.7% in June
MORE >
U.S. Median Home Prices Reach a New Peak in Q2 2019
Annual Home Price Appreciation (HPA) Increases in 89 Percent of Local Markets; U.S. Average Homeownership Tenure Sees an Annual Increase of 4 Percent; Profit Margins Rose to 33.9 Percent with Dollar Gains Reaching $67,500 IRVINE, Calif. – July 18, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Sales Report, which shows that U.S. single family homes and condos sold for a median price of $266,000 in the second quarter, up 10.8 percent from the previous quarter and up 6.4 percent from a year ago — reaching a new median home price peak. Meanwhile, the report also shows that homeowners who sold in the second quarter had owned an average of 8.09 years, reaching a new peak, up 3 percent from last quarter and up 4 percent from Q2 2018. Homeownership tenure averaged 4.21 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession. "As warmer weather brings a rush of house hunters to the market, the latest spike in median home prices marked the largest quarterly increase since the second quarter of 2015 and the third biggest increase since the market started climbing out of the Great Recession in 2012," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, in looking at historical trends, the second quarter of every year has always shown a quarterly increase, going as far back as 2005. So, with mortgage rates dipping to new lows, it's no surprise that people were wanting to buy a home, even if prices were at their peak. We expect to see milder home prices in the coming quarters." Annual home price appreciations rising in Milwaukee, Boston and Salt Lake City Median home prices in 133 of the 149 metro areas analyzed in the report (89 percent) saw an annual home price appreciation in the second quarter of 2019, led by Atlantic City, New Jersey (16.0 percent increase); Boise City, Idaho (14.0 percent increase); Chattanooga, Tennessee (13.9 percent increase); Mobile, Alabama (11.2 percent increase); and Madison, Wisconsin (10.8 percent increase). Those major metros with at least 1 million people that saw annual home price appreciations occurring in the second quarter of 2019 included: Milwaukee, Wisconsin (9.0 percent increase); Boston, Massachusetts (9.0 percent increase); Salt Lake City, Utah (8.7 percent increase); Columbus, Ohio (8.1 percent increase); and Birmingham, Alabama (6.3 percent increase). Prices in Denver, Austin, Dallas and Nashville 50+ percent above pre-recession peaks Median home prices in 110 of the 149 metro areas analyzed in the report (74 percent) were above pre-recession peaks in the second quarter of 2019, led by Greeley, Colorado (87 percent above); Shreveport, Louisiana (81 percent above); Denver, Colorado (80 percent above); Austin, Texas (77 percent above); and Fort Collins, Colorado (76 percent above). Including Denver and Austin, other major metros with at least 1 million people and with Q2 2019 median home prices at least 40 percent above pre-recession peaks were Dallas-Fort Worth, Texas (72 percent above); Nashville, Tennessee (71 percent above); San Antonio, Texas (58 percent above); Houston, Texas (54 percent above); and San Jose, California (54 percent above). Average home seller gains increase quarterly and annually U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018. The average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of original purchase price. Among 149 metropolitan statistical areas analyzed in the report, those with the highest average home seller returns in Q2 2019 were San Jose, California (85.0 percent); San Francisco, California (71.6 percent); Seattle, Washington (65.6 percent); Salem, Oregon (62.3 percent); and Salt Lake City, Utah (60.7 percent). Average homeownership tenure drops annually in Tucson, Portland and Phoenix Counter to the national trend which saw the longest homeownership tenure to date, the average homeownership tenure in Q2 2019 decreased from a year ago in 28 of 108 metro areas analyzed in the report (26 percent), led by Merced, Colorado Springs, Vallejo, Springfield and Bremerton. Among major metropolitan areas that have a population of at least 1 million and where tenure decreased in the second quarter of 2019. The longest average times sellers lived in their homes were in Tucson, Arizona (8.88 years); Portland, Oregon (9.04 years); Phoenix, Arizona (8.17 years); San Francisco, California (10.26 years); and Tampa-St. Petersburg, Florida (7.85 years). Share of cash sales decrease annually All-cash sales represented 25.0 percent of all single family and condo sales in Q2 2019, down from 27.7 percent of all sales in the previous quarter, and down from 26.9 percent of all sales in Q2 2018. Among major metropolitan areas with a population of at least 1 million, those with the highest share of all-cash sales in Q2 2019 were; Miami, Florida (40.5 percent); Detroit, Michigan (36.7 percent); Birmingham, Alabama (34.9 percent); Tampa-St. Petersburg, Florida (34.2 percent); and Jacksonville, Florida (33.9 percent). Institutional investor sales highest in Atlanta, Charlotte, and Memphis The share of U.S. single family home and condo sales sold to institutional investors (entities buying at least 10 properties in a calendar year) was 2.2 percent in the second quarter of 2019, up from 1.9 percent in the previous quarter but down from 2.4 percent a year ago. Among the metropolitan statistical areas with a population of at least 1,000,000 and at least 50 institutional investor sales in Q2 2019, those with the highest share of institutional investor sales in the second quarter were; Atlanta, Georgia (7.9 percent); Charlotte, North Carolina (6.7 percent); Memphis, Tennessee (6.4 percent); Birmingham, Alabama (5.6 percent); and Raleigh, North Carolina (5.5 percent). Share of FHA buyers increase annually Sales to FHA buyers (typically first-time homebuyers or other buyers with a low-down payment) represented 11.6 percent of all U.S. single family and condo sales in Q2 2019, up from 11.1 percent of all sales in the previous quarter and up from 9.9 percent in Q2 2018. Among metro areas with a population of at least 1 million, those with the highest share of sales to FHA buyers were Riverside, California (18.6 percent); Indianapolis, Indiana (18.4 percent); San Antonio, Texas (18.2 percent); Providence, Rhode Island (17.8 percent); and Kansas City, Missouri (17.6 percent). Share of distressed sales continuing downward trend Total distressed sales — bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 11.4 percent of all single family and condo sales in Q2 2019, down from 14.0 percent in the previous quarter and up less than one percent from the same time last year. Among 149 metropolitan statistical areas with a population of at least 200,000 and at least 100 total distressed sales in Q2 2019, those with the highest share of total distressed sales were Atlantic City, New Jersey (27.6 percent); Trenton, New Jersey (25.3 percent); Norwich-New London, Connecticut (22.2 percent); Erie, Pennsylvania (22.1 percent); and Macon, Georgia (20.7 percent). Counter to the national trend of a slight annual uptick, 110 of the 150 metro areas (73 percent) posted year-over-year decreases in share of distressed sales. Those major metros with a population greater than 1 million that saw an annual decline were Dallas-Fort Worth, Texas (down 25.7 percent); Boston, Massachusetts (down 24 percent); Portland, Oregon (down 23.6 percent); Buffalo, New York (down 22.1 percent); and Tucson, Arizona (down 21.2 percent). Report methodology The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk property data licensing, Property Data APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
HUD and Census Bureau Report Residential Construction Activity in June 2019
MORE >
CoreLogic Reports Lowest Overall Delinquency Rate in More than 20 Years This April
U.S. serious delinquency rate this April was the lowest for any month in nearly 14 years CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in April 2019, representing a 0.7 percentage point decline in the overall delinquency rate compared with April 2018, when it was 4.3%. This was the lowest rate for any month in more than 20 years. As of April 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from April 2018. The April 2019 foreclosure inventory rate tied the prior five months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.7% in April 2019, down from 1.8% in April 2018. The share of mortgages 60 to 89 days past due in April 2019 was 0.6%, unchanged from April 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in April 2019, down from 1.9% in April 2018. April's serious delinquency rate of 1.3% was the lowest for any month since August 2005 when it was also 1.3%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.7% in April 2019, down from 0.8% in April 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 16 consecutive months. In April, Nebraska's overall delinquency rate was unchanged from a year earlier and all other states posted at least a small annual decline. "Thanks to a 50-year low in unemployment, rising home prices and responsible underwriting, the U.S. overall delinquency rate is the lowest in more than 20 years," said Dr. Frank Nothaft, chief economist at CoreLogic. "However, a number of metros that suffered a natural disaster or economic decline contradict this national trend. For example, in the wake of the 2018 California Camp Fire, the serious delinquency rate in the Chico, California metro area this April was 21% higher than one year ago." In April 2019, 10 metropolitan areas logged an increase in the serious delinquency rate. The highest gains continue to plague the hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California where the Camp Fire devastated communities in 2018. "The U.S. has experienced 16 consecutive months of falling overall delinquency rates, but it has not been a steady decline across all areas of the country," said Frank Martell, president and CEO of CoreLogic. "Recent flooding in the Midwest could elevate delinquency rates in hard-hit areas, similar to what we see after a hurricane." The next CoreLogic Loan Performance Insights Report will be released on August 13, 2019, featuring data for May 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Constellation Real Estate Group Acquires offrs.com
MORE >
Supply of Homes for Sale Down 0.3% in June, First Annual Decline in 10 Months
Some expensive markets like San Jose, Seattle, and Boston are still seeing big gains in for-sale home inventory, while affordable markets like Oklahoma City, Buffalo, and Memphis are already experiencing big declines SEATTLE, July 2, 2019 -- The number of homes for sale nationally fell 0.3 percent year over year in late June--the first annual decline since inventory started climbing in September, according to Redfin, a technology-powered real estate brokerage. This marks the end of a brief respite for buyers in this years-old seller's market. If supply growth continues falling at the rate it has been since April, by September the number of homes for sale will be down from a year earlier by more than 4 percent. The report is based on data on the number of homes for sale as of June 23 across 46 major markets Redfin tracks. However, the national numbers mask a huge amount of regional variation under the surface. As of late June, 32 of the 46 largest U.S. metro areas had fewer homes for sale compared to a year earlier. In fact, in some of the country's most affordable housing markets, the inventory crunch never subsided. For example, Oklahoma City, where the median price of homes sold in May was just $184,900, had 15.3 percent fewer homes for sale in late June compared to a year earlier and has not seen year-over-year growth since going negative in late 2016. Other affordable metro areas like Memphis and Pittsburgh have similar stories. Most of the big gains in the national count of homes for sale over the past year have been driven by expensive metro areas with median prices well above the national median. San Jose (up 43.6%, median price $1,175,000), Seattle (up 21.9%, median price $592,500), and Boston (up 21.3%, median price $517,000) were the three metro areas that gained the most homes for sale compared to a year earlier. However, even in those markets, the rate of growth has fallen off dramatically from where it was in late 2018, contributing to the decline in the national rate of inventory growth. With mortgage interest rates having dropped back to below 4 percent, demand is picking back up, which is likely to lead to renewed inventory shortages later this year, even in the more expensive markets. "Lower interest rates are bringing buyers back, but without enough homes for sale to meet demand, we expect to see more bidding wars, which will push prices up this summer," said Redfin chief economist Daryl Fairweather. "We expect small, inland markets where a typical home is still affordable for a middle-class family to heat up the most. Those markets, like Knoxville and Akron, are already experiencing double-digit annual price growth, and there is a lot of room for prices to continue to grow. Expensive metros like San Jose and Seattle may see moderate price growth this summer, but for the most part those markets have already peaked." In San Francisco, where a recent series of high-value tech IPOs has already led to a surge in bidding wars, the number of homes for sale was still up 12.0 percent from a year ago—far less than San Jose or Seattle. Supply growth is down from a high of over 60 percent in late December, indicating that San Francisco is transitioning from a sharp cooldown back to a hot market. To read the full report, complete with charts and a table with market-by-market data, please visit: https://www.redfin.com/blog/the-inventory-crunch-is-back/. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
CoreLogic Reports May Home Prices Increased by 3.6% Year Over Year
MORE >
Pending Home Sales Bounce Back 1.1% in May
WASHINGTON (June 27, 2019) – Pending home sales increased in May, a positive variation from the minor sales dip seen in the previous month, according to the National Association of Realtors. Three of the four major regions saw growth in contract activity, with the West experiencing a slight sales decline. The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 1.1% to 105.4 in May, up from 104.3 in April. Year-over-year contract signings declined 0.7%, marking the 17th straight month of annual decreases. Lawrence Yun, NAR chief economist, said lower-than-usual mortgage rates have led to the increase in pending sales for May. "Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates." Yun said consumer confidence about home buying has risen, and he expects more activity in the coming months. "The Federal Reserve may cut interest rates one more time this year, but there is no guarantee mortgage rates will fall from these already historically low points," he said. "Job creation and a rise in inventory will nonetheless drive more buyers to enter the market." Citing the hottest housing markets from data at realtor.com®, Yun says the year-over-year increases could be a sign of a rise in inventory. Rochester, N.Y., Fort Wayne, Ind., Lafayette-West Lafayette, Ind., Boston-Cambridge-Newton, Mass., and Midland, Texas, were the hottest housing markets in May. Yun said that while contract signings and mortgage applications have increased, there is still a great need for more inventory. "Home builders have not ramped up construction to the extent that is needed," he said. "Homes are selling swiftly, and more construction will help keep home prices manageable and thereby allow more middle-class families to attain ownership opportunities." May Pending Home Sales Regional Breakdown The PHSI in the Northeast rose 3.5% to 92.0 in May and is now 0.5% below a year ago. In the Midwest, the index grew 3.6% to 100.3 in May, 1.2% lower than May 2018. Pending home sales in the South inched up 0.1% to an index of 124.1 in May, which is 0.7% higher than last May. The index in the West dropped 1.8% in May to 91.8 and decreased 3.1% below a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports the Negative Equity Share Fell to 4.1% in the First Quarter of 2019
MORE >
Redfin Report: May Home Prices Up 3.6% in May, the Largest Year-over-Year Increase in 7 Months
Recent upticks in mortgage applications and home tours suggest that home price growth will strengthen this summer SEATTLE, June 20, 2019 -- U.S. home-sale prices edged up again in May, growing 3.6 percent from a year ago to a median of $315,700, according to a new report from Redfin, the technology-powered real estate brokerage. This was the biggest annual home price increase in seven months. Only six of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which were a 6 percent drop in San Jose, a 2.5 percent dip in New York, and a 2.2 percent decline in Honolulu. All three of the other metros that saw price drops were in California: Orange County (-1.4%), Los Angeles (-0.8%) and Oakland (-0.7%). "As mortgage rates have fallen this month, Redfin has seen upticks in the number of people wanting to talk with our agents about buying homes and the number going on home tours," said Redfin chief economist Daryl Fairweather. "Recent surges in mortgage applications also reflect the impact low rates are having on homebuyer demand nationwide. We haven't yet seen a commensurate increase in U.S. home sales, and I don't expect sales to increase substantially in the long run. That's because there still aren't enough homes for sale for all of the people who want to buy homes. In May, inventory posted its smallest increase in eight months, and fewer new listings came on the market than last year. Low rates and rising prices will likely lure sellers onto the market this summer, but the lack of new construction will continue to hold back sales growth." Home sales were essentially flat in May, up 0.2 percent year over year. Forty-eight of the 85 metros tracked by Redfin saw an increase in sales from a year earlier. The number of homes for sale as of the end of May was up 2.5 percent from the same time last year. This was the smallest year-over-year increase in home supply in eight months. The number of homes newly listed for sale last month fell 0.7 percent from a year earlier. Nationwide, measures of competition are mixed, with some pointing toward a hotter market than a year ago and others indicating that the market has cooled. One indicator of a hotter market is the median number of days on market, which dropped to 36 days in May from 37 days a year earlier. This is the lowest days on market measured in any month of May since at least 2010 (as far back as Redfin has recorded this measure nationally). An indicator pointing to a cooler market is the share of homes for sale that had a price drop, which rose to 25.9 percent, the highest rate since September's record high, and up from 23.4 percent last year. The share of homes sold above list price is also falling, down to 24.4 percent in May from 28 percent last year. Still, last month's rate of homes selling above list price was the highest since last August. To read the full report, including charts and metro-level data breakdowns, please visit: https://www.redfin.com/blog/may-2019-housing-market-tracker. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
May Residential Real Estate Traffic Down in 75% of Regions, but More Comparable to Prior Year
MORE >
U.S. Completed Foreclosures Decrease 50 Percent from a Year Ago
Foreclosure Starts Continue Upward Trend in Florida; New Jersey, Maryland and Florida Rank Highest in Foreclosure Rate; Overall Foreclosure Activity Decreases 22 Percent from a Year Ago IRVINE, Calif. – June 13, 2019 – ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its May 2019 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 56,152 U.S. properties in May 2019, up 1 percent from the previous month but down 22 percent from a year ago for the 11th consecutive month with an annual decline. "We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, in May 2019 we did see an uptick in the number of states increasing in foreclosure starts going from 17 to 23 states rising annually, and again Florida is bucking the national trend with a continuous annual increase." May 2019 Foreclosure Starts by County Foreclosure completions decline annually in every state except Vermont Lenders completed foreclosures (REO) on 10,634 U.S. properties in May 2019, down 4 percent from the previous month and down 50 percent from a year ago – a 7th consecutive annual decline. States across the nation, except for Vermont all saw annual declines in completed foreclosures. Those that saw an annual decline of more than 50 percent in REOs included Michigan (down 84 percent); Massachusetts (down 74 percent); Indiana (down 67 percent); Kentucky (down 66 percent); and New Jersey (down 64 percent). In looking at those greater metropolitan areas with a population of 200,000 or more and those that had at least 100 completed foreclosures in May 2019, with double-digit decreases were Birmingham, Alabama (down 67 percent); New York, New York (down 59 percent); Washington, DC (down 58 percent); Philadelphia, Pennsylvania (down 57 percent); and Detroit, Michigan (down 54 percent). Florida foreclosure starts continuing double-digit annual increase Lenders started the foreclosure process on 30,554 U.S. properties in May 2019, while slightly up (less than 1 percent) from last month they are down 9 percent from May 2018 –fourth consecutive month with an annual decline. Counter to the national trend states that saw an increase in foreclosure starts in May 2019 were Wisconsin (up 99 percent); Kentucky (up 64 percent); Louisiana (up 53 percent); Missouri (up 34 percent); and Florida (up 23 percent). This is the 12th consecutive month that Florida has seen double-digit annual increases in foreclosure starts. "To put the numbers in perspective, I would use a full year, perhaps 2006 as a "normal" benchmark number. That would be the last year before the real estate world crashed," said Bruce Norris, president of The Norris Group. "The total foreclosure starts for Florida in 2006 was 102,875. In 2018, there were 33,031 foreclosure starts. Even at a 25% increase over 2018, 2019 will still be less than 50% of 2006. An increase of some 8,000 foreclosure starts is not a game changer at this point." States that posted annual decreases in foreclosure starts in May 2019, included Texas (down 39 percent); Pennsylvania (down 38 percent); Massachusetts (down 34 percent); Oklahoma (down 29 percent); and New York (down 25 percent). Those major metropolitan statistical areas with a population greater than 1,000,000 that saw an annual decrease in foreclosure starts included Indianapolis, Indiana (down 82 percent); Houston, Texas (down 65 percent); San Jose, California (down 58 percent); Austin, Texas (down 41 percent); and Philadelphia, Pennsylvania (down 34 percent). New Jersey, Maryland and Florida rank top 3 in worst foreclosure rate Nationwide one in every 2,411 housing units had a foreclosure filing in May 2019. States with the highest foreclosure rates were New Jersey (one in every 1,117 housing units with a foreclosure filing); Maryland (one in every 1,127 housing units); Florida (one in every 1,238 housing units); Delaware (one in every 1,279 housing units); and Illinois (one in every 1,363 housing units). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2019 were Atlantic City, New Jersey (one in every 680 housing units with a foreclosure filing); Jacksonville, Florida (one in every 764 housing units); Fayetteville, North Carolina (one in every 777 housing units); Columbia, South Carolina (one in every 936 housing units); and Rockford, Illinois (one in every 941 housing units). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
CoreLogic Reports Lowest U.S. Foreclosure Rate for a March in at Least 20 Years; Overall and Serious Delinquency Rates for a March at 13 Year Lows
MORE >
U.S. Home Flipping Rate Reaches a Nine-Year High in Q1 2019
Total dollar volume of homes flipped with financing reaches 6.4 billion – a 12-year high Average flipping ROI continues to decline to an almost eight-year low, while gross flipping profits drop 12 percent from last year IRVINE, Calif. – June 6, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Home Flipping Report, which shows that 49,059 U.S. single family homes and condos were flipped in the first quarter of 2019, down 2 percent from the previous quarter and down 8 percent from a year ago to a three-year low. The 49,059 homes flipped in the first quarter represented 7.2 percent of all home sales during the quarter, up from 5.9 percent in the previous quarter and up from 6.7 percent a year ago — the highest home flipping rate since Q1 2010. Homes flipped in Q1 2019 sold at an average gross profit of $60,000, down from an average gross flipping profit of $62,000 in the previous quarter and down from $68,000 in Q1 2018 to the lowest average gross flipping profit since Q1 2016. The average gross flipping profit of $60,000 in Q1 2019 translated into an average 38.7 percent return on investment compared to the original acquisition price, down from a 42.5 percent average gross flipping ROI in Q4 2018 and down from an average gross flipping ROI of 48.6 percent in Q1 2018 to the lowest level since Q3 2011 — a nearly eight-year low. "With interest rates dropping and home price increases starting to ease, investors may be getting out while the getting is good, before the market softens further," said Todd Teta, chief product officer at ATTOM Data Solutions. "While the home flipping rate is increasing, gross profits and ROI are starting to weaken and the number of investors that are flipping is down 11 percent from last year. Therefore, if investors are seeing profit margins drop, they may be acting now and selling before price increases drop even more." Home flipping rate up from year ago in 62 percent of local markets Eighty-five of 138 metropolitan statistical analyzed in the report (62 percent) posted a year-over-year increase in their home flipping rate in Q1 2019, including Columbus, Georgia (up 83 percent); Raleigh, North Carolina (up 73 percent); Charlotte, North Carolina (up 65 percent); McAllen-Edinburg, Texas (up 55 percent); and Milwaukee, Wisconsin (up 49 percent). Along with Raleigh, Charlotte, and Milwaukee, other metro areas with a population of at least 1 million and a home flipping rate increasing in the double digits were San Antonio, Texas (up 47 percent); Houston, Texas (up 41 percent); Atlanta, Georgia (up 38 percent); Pittsburgh, Pennsylvania (up 36 percent); and Minneapolis, Minnesota (up 33 percent). The number of homes flipped reached new peaks in Q1 2019 for Raleigh, North Carolina and San Antonio, Texas in the first quarter of 2019. Home flip lending volume up 35 percent to 12-year high The total dollar volume of financed home flip purchases was $6.4 billion for homes flipped in the first quarter of 2019, up 35 percent from $4.7 billion in Q1 2018 to the highest level since Q2 2007 — over a 12-year high. Flipped homes originally purchased by the investor with financing represented 37.5 percent of homes flipped in Q1 2019, down from 39.5 percent in the previous quarter and down from 41.2 percent a year ago. Among 53 metropolitan statistical areas analyzed in the report with at least 1 million people, those with the highest percentage of Q1 2019 completed flips purchased with financing were San Diego, California (56.0 percent); Seattle, Washington (52.5 percent); San Francisco, California (51.7 percent); Denver, Colorado (51.6 percent); and Boston, Massachusetts (51.3 percent). 11 Markets where investors are doubling their ROI Among the 138 metropolitan statistical areas analyzed in the report with at least 50 home flips completed in Q1 2019, those with the highest average gross flipping ROI were Pittsburgh, Pennsylvania (131.2 percent); Flint, Michigan (127.6 percent); Shreveport, Louisiana (112.5 percent); Scranton, Pennsylvania (112.0 percent); and Knoxville, Tennessee (105.0 percent). Along with Pittsburgh, Pennsylvania metro areas with a population of at least 1 million and an average gross flipping ROI of at least 79 percent were Cleveland, Ohio (100.0 percent); Philadelphia, Pennsylvania (100.0 percent); Buffalo, New York (89.7 percent); and Memphis, Tennessee (79.2 percent). Average home flipping returns continue to slip Homes flipped in the first quarter of 2019 were sold for a median price of $215,000, a gross flipping profit of $60,000 above the median purchase price of $155,000, down from a gross flipping profit of $62,000 in the previous quarter and a gross flipping profit of $68,000 in Q1 2018 — to the lowest levels since Q1 2016. Of those 138 markets with at least 50 or more flips and a population greater than 200,000 in the first quarter of 2019, those that saw the lowest gross flipping profit were McAllen-Edinburg, Texas (profit of $8,752); Daphne, Alabama (profit of $15,761); Boise City, Idaho (profit of $18,332); Lexington, Kentucky (profit of $20,000); and San Antonio, Texas (profit of $23,596). Average time to flip nationwide at 180 days Homes flipped in Q1 2019 took an average of 180 days to complete the flip, up from an average 175 days for homes flipped in Q4 2018 but down from 182 days a year ago. Among the 138 metro areas analyzed in the report, those with the shortest average days to flip were McAllen-Edinburg, Texas (127 days); Memphis, Tennessee (136 days); Raleigh, North Carolina (142 days); Mobile, Alabama (144 days); and Phoenix, Arizona (151 days). Metro areas with the longest average days to flip were Naples, Florida (235 days); Bridgeport, Connecticut (230 days); New Haven, Connecticut (225 days); Provo, Utah (219 days); and Hartford, Connecticut (219 days). Flipped homes sold to FHA buyers increases from previous quarter Of the 49,059 U.S. homes flipped in Q1 2019, 14.2 percent were sold by the flipper to a buyer using a loan backed by the Federal Housing Administration (FHA), up from 13.2 percent in the previous quarter but down from 15.2 percent a year ago. Among the 138 metro areas analyzed in the report, those with the highest percentage of Q1 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Worcester, Massachusetts (30.0 percent); Shreveport, Louisiana (29.0 percent); Modesto, California (27.3 percent); Hartford, Connecticut (27.2 percent); and Springfield, Massachusetts (27.0 percent). Eight zip codes with a home flipping rate of more than 30 percent Among 1,433 U.S. zip codes with at least 10 home flips in Q1 2019, there were eight zip codes where home flips accounted for more than 30 percent of all home sales, here are the top five: 93212 in Kings county, California (48.0 percent); 11433 in Queens county, New York (35.7 percent); 33147 Miami-Dade county, Florida (32.7 percent); 38115 in Shelby county, Tennessee (32.4 percent); and 92802 in Orange county, California (32.1 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Homes Becoming More Affordable Despite Rising Prices
MORE >
CoreLogic Reports April Home Prices Increased by 3.6% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for April 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from April 2018. On a month-over-month basis, prices increased by 1% in April 2019. (March 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, after several months of moderation in early 2019, the CoreLogic HPI Forecast indicates home prices will begin to pick up and increase by 4.7% from April 2019 to April 2020. On a month-over-month basis, home prices are expected to decrease by 0.3% from April 2019 to May 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The pickup in sales between March and April, has helped to counter the recent slowing in annual home-price growth," said Dr. Frank Nothaft, chief economist at CoreLogic. "Mortgage rates are 0.6 percentage points below what they were one year ago and incomes are up, which has improved affordability for buyers. However, price growth has remained the highest for lower-priced homes, constraining housing choices for first-time buyers." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 37% of metropolitan areas have an overvalued housing market as of April 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of April 2019, 26% of the top 100 metropolitan areas were undervalued, and 37% were at value. When looking at only the top 50 markets based on housing stock, 42% were overvalued, 16% were undervalued and 42% were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. Eight in 10 residents in high-priced markets said home prices have continued to climb over the past three years and are still rising, although more moderately. The impact of continued price increases means new homeowners had to make compromises when purchasing. As many as 40% of respondents indicated they could not buy a home in their preferred area, and a third felt they had to purchase a smaller home than they desired. "According to our consumer research, buyers feel that high prices are forcing them to spend more than they'd expect on a home," said Frank Martell, president and CEO of CoreLogic. "As many as one-third of buyers admit they put down a higher down payment as well." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Inventory Pile Up Creates Top Markets for Home Buyers
MORE >
Pending Home Sales Trail Off 1.5% in April
WASHINGTON (May 30, 2019) – Pending home sales declined in April, a modest change from the growth seen a month before, according to the National Association of Realtors®. Only one of the four major regions – the Midwest – experienced growth, while the remaining three regions reported a drop in their respective contract activity. The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1.5% to 104.3 in April, down from 105.9 in March. Year-over-year contract signings declined 2.0%, making this the 16th straight month of annual decreases. Lawrence Yun, NAR chief economist, said the sales dip has yet to account for some of the more favorable trends toward homeownership, such as lower mortgage rates. "Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising," he said. "It's inevitable for sales to turn higher in a few months." "Home price appreciation has been the strongest on the lower-end as inventory conditions have been consistently tight on homes priced under $250,000. Price conditions are soft on the upper-end, especially in high tax states like Connecticut, New York and Illinois." The supply of inventory for homes priced under $250,000 stood at 3.3 months in April, and homes priced $1 million and above recorded an inventory of 8.9 months in April. Citing active listings from data at realtor.com®, Yun says the year-over-year increases could be a sign of a rise in inventory. San Jose-Sunnyvale-Santa Clara, Calif., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in April compared to a year ago. "We are seeing migration to more affordable regions, particularly in the South, where there has been recent job growth and homes are more affordable," Yun said. April Pending Home Sales Regional Breakdown The PHSI in the Northeast declined 1.8% to 88.9 in April and is now 2.1% below a year ago. In the Midwest, the index grew 1.3% to 96.8 in April, 2.4% lower than April 2018. Pending home sales in the South fell 2.5% to an index of 124.0 in April, which is 1.8% lower than last April. The index in the West dropped 1.8% in April to 93.5 and fell only 1.5% below a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
April showings sluggish as market sees ninth straight month of diminished YOY activity
MORE >
U.S. Foreclosure Activity Decreases 13 Percent in April 2019
Foreclosure Starts Spike in Washington, Florida, Oregon and Louisiana; New Jersey, Maryland and Delaware Rank Highest in Foreclosure Rate; Completed Foreclosures Decrease 22 Percent IRVINE, Calif. – May 16, 2019 – ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its April 2019 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 55,646 U.S. properties in April 2019, down 5 percent from the previous month and down 13 percent from a year ago for the 10th consecutive month with an annual decline. "While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on," said Todd Teta, chief product officer at ATTOM Data Solutions. "For instance, Florida is seeing a steady annual increase in total foreclosure activity for the 8th consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts." April 2019 County Foreclosure Heat Map Foreclosure starts increase annually in 17 states Lenders started the foreclosure process on 30,524 U.S. properties in April 2019, down 5 percent from last month and down 10 percent from April 2018 –third consecutive month with an annual decline. States that posted annual decreases in foreclosure starts in April 2019, included New York (down 43 percent); Nevada (down 36 percent); Colorado (down 34 percent); Maryland (down 31 percent); and Michigan (down 25 percent). Those major metropolitan statistical areas with a population greater than 500,000 that saw a large annual increase in foreclosure starts from last year included Orlando, Florida (up 90 percent); Miami, Florida (up 45 percent); Columbus, Ohio (up 35 percent); Portland, Oregon (up 31 percent); and El Paso, Texas (up 22 percent). Counter to the national trend 17 states had an annual increase in foreclosure starts. Those states included Washington (up 38 percent); Florida (up 34 percent); Oregon (up 22 percent); Louisiana (up 12 percent); and Georgia (up 11 percent). Highest foreclosure rates in New Jersey, Maryland and Delaware Nationwide one in every 2,433 housing units had a foreclosure filing in April 2019. States with the highest foreclosure rates were New Jersey (one in every 980 housing units with a foreclosure filing); Maryland (one in every 1,218 housing units); Delaware (one in every 1,249 housing units); Illinois (one in every 1,371 housing units); and Florida (one in every 1,415 housing units). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2019 were Atlantic City, New Jersey (one in every 702 housing units with a foreclosure filing); Fayetteville, North Carolina (one in every 732 housing units); Clarksville, Tennessee (one in every 853 housing units); Columbia, South Carolina (one in every 946 housing units); and Deltona-Daytona Beach, Florida (one in every 966 housing units). Foreclosure completions continue to decline Lenders completed foreclosures (REO) on 11,078 U.S. properties in April 2019, down 9 percent from the previous month and down 22 percent from a year ago – a 6th consecutive annual decline. States that saw a double-digit annual decline in REOs included Alabama (down 45 percent); Arizona (down 38 percent); North Carolina (down 32 percent); California (down 20 percent); and Nevada (down 14 percent). Counter to the national trend, 10 states posted year-over-year increases in REOs in April 2019, including Washington (up 53 percent); Connecticut (up 22 percent); Kentucky (up 19 percent); and New York (up 3 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Existing-Home Sales Inch Back 0.4% in April
MORE >
Redfin: Vacant Homes Fetch Less Money and Take Longer to Sell
SEATTLE, May 20, 2019 -- Nationwide, vacant homes sell for $11,306 less and spend six more days on the market than comparable occupied homes, according to an analysis from Redfin, the technology-powered real estate brokerage. The analysis looked at homes that were listed and sold in 2018, comparing the sale prices and time spent on the market for home listings that were marked 'vacant' at the time they were sold with those that were not flagged as vacant. "Although vacant homes are easy for buyers to tour at their convenience, the fact that the sellers have already moved on is often a signal that buyers can take their time making an offer," said Redfin chief economist Daryl Fairweather. "It's also likely that sellers who are in a comfortable enough financial situation to own a property that's sitting empty aren't as motivated to get the highest possible price for their home as sellers who need the cash from their first home in order to buy the next one." Though vacant homes sell for less money in every metro area included in the analysis, the amount varies by location. Vacant homes come with the biggest discount compared with occupied homes in relatively affordable inland areas. Vacant homes still sell for less than occupied homes in expensive West Coast metros, but the price differential is smaller. In both Omaha, Nebraska and Greenville, South Carolina, where vacant homes are associated with the biggest discount, vacant homes sell for 7.2 percent, or about $15,000, less on average than occupied homes. In San Jose, buyers get the smallest discount on vacant homes, which sell for just 0.9 percent less than homes that aren't vacant, followed by Las Vegas (-1.5%) and Orange County (-2.3%). Vacant homes take longer to go under contract in every metro except San Jose, where they spend an average of one and a half fewer days on the market than occupied homes. "Whether occupied homes sell faster and for more money depends on a lot of factors, as everyone's tastes and preferences are different," said Billie Jean Hemerson, a Redfin agent in Orange County. "If a home is occupied and the furniture is modern, up to date and fits the space, it has a positive impact on a potential buyer's perception of the home and they may pay more than if the home were vacant. But if a seller's furnishings are dated, dark or too large for the space, buyers may offer less." Staging Vacant Homes Redfin agents suggest that although vacant homes tend to sell for less money and spend more time on the market before going under contract, staging or virtual staging can help vacant homes make a better impression with buyers. Staging involves hiring a company to bring and arrange furniture in your home to showcase its potential to buyers. Staging can be particularly impactful for homes with open spaces or unusual layouts, where buyers most often need help to see how the furniture could be arranged. Professional staging can cost several thousand dollars, depending on the number of rooms staged and the length of time. "Staging a property can have a profound effect on both the sale price and days on the market, but the main challenge of physical staging is that it's cumbersome, costly and offers no flexibility to showcase various aesthetic stylings," said Pieter Aarts, CEO and co-founder of roOomy, a leading virtual staging, CGI and 3D modeling platform. Aarts added: "Virtual staging is a cost-efficient option that gives homebuyers an ultra-realistic view of what the vacant home will look like at its full potential. It caters to today's homebuyers who are increasingly demanding immersive services and mobile augmented and virtual reality tools that allow them to evaluate a property, often times without needing to physically set foot in the home." To read the full report, complete with market-level analysis, methodology and virtual staging photos, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a February in Nearly Two Decades
MORE >
Metro Home Prices See 3.9% Increase in 2019's First Quarter
WASHINGTON (May 14, 2019) – Inventory increased and metro market prices rose in the first quarter of 2019, but at a slower pace than the previous quarter, according to the latest quarterly report by the National Association of Realtors®. The national median existing single-family home price in the first quarter was $254,800, up 3.9% from the first quarter of 2018 ($245,300). Single-family home prices increased in 86% of measured markets last quarter, with 153 of 178 metropolitan statistical areas showing sales price gains compared to the first quarter of a year ago. Thirteen metro areas (7%) experienced double-digit increases, down from 14 in 2018"s fourth quarter. Lawrence Yun, NAR chief economist, says the first quarter has been beneficial to U.S. homeowners. "Homeowners in the majority of markets are continuing to enjoy price gains, albeit at a slower rate of growth. A typical homeowner accumulated $9,500 in wealth over the past year, he said. Total existing-home sales, including single family homes and condos, increased 1.2% to a seasonally adjusted annual rate of 5.207 million in the first quarter, up from 5.143 million in the fourth quarter of 2018. That is 5.4% lower than the 5.507 million-pace in the first quarter of 2018. At the end of 2019"s first quarter, 1.68 million existing homes were available for sale, 2.4% up from the 1.64 figure at the end of 2018"s first quarter. Average supply during the first quarter of 2019 was 3.8 months – up from 3.5 months in the first quarter of 2018. National family median income rose to $77,7524 in the first quarter, while higher home prices caused overall affordability to decrease from last year. A buyer making a 5% down payment would need an income of $60,143 to purchase a single-family home at the national median price, while a 10% down payment would require an income of $56,978, and $50,647 would be necessary for a 20% down payment. The five most expensive housing markets in the first quarter were the San Jose-Sunnyvale-Santa Clara, Calif., metro area, where the median existing single-family price was $1,220,000; San Francisco-Oakland-Hayward, Calif., $930,000; Anaheim-Santa Ana-Irvine, Calif., $800,000; Urban Honolulu, Hawaii $794,100; and San Diego-Carlsbad, Calif., $620,000. "There are vast home price differences among metro markets, Yun says. "The condition of extremely high home prices may not be sustainable in light of many alternative metro markets that are much more affordable. Therefore, a shift in job search and residential relocations into more affordable regions of the country is likely in the future." The five lowest-cost metro areas in the fourth quarter were Decatur, Ill., $80,800; Youngstown-Warren-Boardman, Ohio, $89,200; Elmira, N.Y., $90,400; Cumberland, Md., $99,300; and Binghamton, N.Y., $107,200. Yun continues to call on the construction industry to develop more affordable housing units, which he says will combat slower price gains and buyer pullback. "More supply is needed to provide better homeownership opportunities, taming home price growth and widening the inventory choices for consumers. Housing Opportunity Zones could provide the necessary financial benefits for homebuilders to construct moderately priced-homes," Yun said. Regional Breakdown Total existing-home sales in the Northeast sat at an annual rate of 683,000 (down 1.4% from last quarter) and are down only 1.0% from a year ago. The median existing single-family home price in the Northeast was $277,200 in the first quarter, up 3.7% from a year ago. In the Midwest, existing-home sales fell 4.0% in the first quarter and are 5.5% below a year ago. The median existing single-family home price in the Midwest sat at $194,100, a 3.9% increase from the first quarter of 2018. Existing-home sales in the South increased 4.3% in the first quarter but were 4.0% lower than the first quarter of 2018. The median existing single-family home price in the South was $225,700 in the fourth quarter, 2.5% above a year ago. In the West, existing-home sales in the first quarter grew by 2.8% and are 10.7% below a year ago. The median existing single-family home price in the West increased 3.5% year-over-year to $384,300. The National Association of Realtors® is America"s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports March Home Prices Increased by 3.7% Year Over Year
MORE >
Pending Home Sales Climb 3.8% in March
WASHINGTON (April 30, 2019) – Pending home sales rose in March, reversing course from a month prior, according to the National Association of Realtors®. Three of the four major regions saw growth last month, as the Northeast reported a minor slip in contract activity. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.8% to 105.8 in March, up from 101.9 in February. Year-over-year contract signings declined 1.2%, making this the 15th straight month of annual decreases. Lawrence Yun, NAR chief economist, noted that pending home sales data has been exceptionally fluid over the past several months but predicted that numbers will begin to climb more consistently. "We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable." Yun noted that sales activity in the West had increased at a relatively stable rate for five consecutive months before the region saw a significant spike in activity in March. "Despite some affordability issues in the West, the numbers indicate that there is a reason for optimism. Inventory has increased, too. These are great conditions for the region." Pointing to active listings from data at realtor.com®, Yun says the year-over-year increases indicate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in March compared to a year ago. Although pending contracts appear to be on an overall upswing, Yun says current sales activity is underperforming. "In the year 2000, we had 5 million home sales. Today, we are close to that same number, but there are 50 million more people in the country," he said. "There is a pent-up demand in the market, and we should see a better performing market in the coming quarters and years." March Pending Home Sales Regional Breakdown The PHSI in the Northeast declined 1.7% to 90.5 in March and is now 0.4% below a year ago. In the Midwest, the index grew 2.3% to 95.3 in March, 5.0% lower than March 2018. Pending home sales in the South jumped up 4.4% to an index of 127.2 in March, which is 0.7% higher than last March. The index in the West ascended 8.7% in March to 95.1 and fell only 1.6% below a year ago. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
U.S. Home Prices Continue Upward Trajectory
MORE >
Updated Realtor.com Forecast Paints Rosier Picture for 2019 Homebuyers
Lower mortgage rates increase purchasing power; home prices exceed original predictions and sales stronger than originally forecasted SANTA CLARA, Calif., April 23, 2019 -- Realtor.com, the Home of Home Search, today released a revised 2019 housing forecast, which shows the outlook for the real estate market this year is somewhat stronger than originally forecasted. Based on a shift in the economic outlook and slower pace of monetary tightening, the online real estate destination is now expecting lower mortgage rates of 4.5 percent by the end of the year, higher home price growth of near 3 percent and stronger homes sales. "The 2019 housing market is different than what we predicted in fall 2018, primarily due to an unexpected drop in mortgage rates in January 2019," said Danielle Hale, realtor.com®'s chief economist. "We believe 2019 will be characterized by lower, but still increasing mortgage rates that will buoy home prices and sales by boosting buyers' purchasing power beyond what we initially projected. This will create a slightly hotter, but still cooling housing market relative to the initial forecast five months ago." Mortgage rates will end the year lower than originally expected At the end of 2018, mortgage rates approached 5 percent and this upward momentum was anticipated to continue well into 2019 due to continued economic growth and monetary policy tightening. However, after an unfavorable reaction to the December rate hike, the Fed pledged "patience" ahead of future monetary policy moves. The change in economic outlook paired with a pledge of patience has brought long term rates down to just over 4 percent, levels last seen in January 2018. Realtor.com® now expects rates to begin drifting upward as data suggests continued economic growth. Due to their lower 2019 starting point, mortgage rates are expected to approach 4.5 percent by the end of the year -- nearly a percentage point lower than originally expected. 2019 home prices forecasted to be higher than expected Falling mortgage rates have given home buyers more purchasing power to balance rising home prices, but that in turn is allowing for more home price growth than was expected in November. As a result, realtor.com® now anticipates home prices in 2019 to be 2.9 percent higher than in 2018 -- a 0.7 percent increase over its original prediction. Although home prices are currently growing at 3.5 to 4.0 percent year-over-year, the rate of growth is far slower than the past few years of 5 to 7 percent growth, indicating prices are softening. Home sales will fare better than originally predicted After a 10-year high in 2017, home sales slipped in 2018 and are on track to end 2019 with 5.3 million homes sold, essentially flat with 2018. Initially, realtor.com® projected home sales to slip 2 percent further in 2019, but the combination of lower mortgages rates and an influx of inventory have spurred sales. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for January in at Least 20 Years
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows, nationally, 4 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in January 2019, representing a 0.9 percentage point decline in the overall delinquency rate compared with January 2018, when it was 4.9 percent. This was the lowest for the month of January in at least 20 years. As of January 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from January 2018. The January 2019 foreclosure inventory rate tied the November and December 2018 rates as the lowest for any month during the 2000s. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.9 percent in January 2019, down from 2 percent in January 2018. The share of mortgages 60 to 89 days past due in January 2019 was 0.7 percent, down from 0.8 percent in January 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4 percent in January 2019, down from 2.1 percent in January 2018. The serious delinquency rate of 1.4 percent this January was the lowest for that month since 2001 when it was also 1.4 percent and was the lowest for any month since September 2006 when it was also 1.4 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8 percent in January 2019, unchanged from January 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Income growth, home appreciation and sound underwriting combined have pushed delinquency rates to their lowest level in 20 years," said Dr. Frank Nothaft, chief economist for CoreLogic. "The low delinquency rates on home mortgages are a contrast to the rising delinquency rates on consumer credit. While home mortgage delinquency rates are at, or are near, their lowest levels in two decades, delinquency rates for auto and student loans are higher now than they were during the early and mid-2000s." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 13 consecutive months. Fewer delinquencies attribute to the strength of loan vintages in the years since the residential lending market has recovered following the housing crisis. In January, 13 metropolitan areas experienced annual gains – mostly very small – in their serious delinquency rates. The largest gains were in five Southeast metros affected by natural disasters in 2018. "As the economic expansion continues to create jobs and low mortgage rates support home buying this spring, delinquency rates are likely to trend lower during the coming year," said Frank Martell, president and CEO of CoreLogic. "The decline in delinquency rates has occurred in nearly all parts of the nation." The next CoreLogic Loan Performance Insights Report will be released on May 14, 2019, featuring data for February 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
U.S. Median Home List Price Hits $300,000 for the First Time Ever
MORE >
Pending Home Sales Dip 1.0 Percent in February
WASHINGTON (March 28, 2019) – Pending home sales endured a minor drop in February, according to the National Association of Realtors®. The four major regions were split last month, as the South and West saw a bump in contract activity and the Northeast and Midwest reported slight declines. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.0 percent to 101.9 in February, down from 102.9 in January. Year-over-year contract signings declined 4.9 percent, making this the fourteenth straight month of annual decreases. Lawrence Yun, NAR chief economist, said February's pending home sales decline is coming off a solid gain in the prior month. "In January, pending contracts were up close to 5 percent, so this month's 1 percent drop is not a significant concern," he said. "As a whole, these numbers indicate that a cyclical low in sales is in the past but activity is not matching the frenzied pace of last spring." Yun said despite the growth in the West, the region's current sales are well below the sales activity from 2018. "There is a lack of inventory in the West and prices have risen too fast. Job creation in the West is solid, but there is still a desperate need for more home construction." Yun pointed to year-over-year increases in active listings from data at realtor.com® to illustrate the potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Diego-Carlsbad, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in February compared to a year ago. Yun added that he does not anticipate any interest rate increases from the Federal Reserve in 2019. "If there is a change at all, I would say the Fed will lower interest rates in 2019 or 2020. That would stimulate the economy and the housing market," he said. "But the expectation is no change at all in the current monetary policy, which will help mortgage rates stay at attractive levels." February Pending Home Sales Regional Breakdown Yun expects existing-home sales this year to decrease 0.7 percent to 5.30 million, and the national median existing-home price to increase around 2.7 percent. Looking ahead to 2020, existing sales are forecast to increase 3 percent and home prices also around 3 percent. The PHSI in the Northeast declined 0.8 percent to 92.1 in February, and is now 2.6 percent below a year ago. In the Midwest, the index fell 7.2 percent to 93.2 in February, 6.1 percent lower than February 2018. Pending home sales in the South inched up 1.7 percent to an index of 121.8 in February, which is 2.9 percent lower than this time last year. The index in the West increased 0.5 percent in February to 87.5 and fell 9.6 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports February Home Prices Increased by 4 Percent Year Over Year
MORE >
Home Shoppers Remain Optimistic but Believe a Recession is on the Horizon
Survey finds home shoppers expect a recession in the next three years, but 41 percent remain optimistic that housing will fare better than 2008 SANTA CLARA, Calif., March 29, 2019 -- Nearly 70 percent of home shoppers this spring think the U.S. will enter a recession in the next three years, but that hasn't stopped them from trying to close on a home, according to new survey data released today from realtor.com®. Despite the fact that they foresee an economic downturn, they generally expressed confidence that a future recession will be better than 2008 for the housing market. Overall, nearly 30 percent of the 1,015 consumers who are active home shoppers* surveyed expect the next recession to begin sometime in 2020. Twelve percent expect the recession to begin sometime in 2019, 16 percent expect sometime in 2021, and 12 percent expect 2022. Nearly 10 percent expect a recession in 2024 or later, and 21 percent reported that they didn't know. The online survey was conducted earlier this month with Toluna Research. According to the survey, even though 63 percent of shoppers report that home prices are increasing compared to last year, 56 percent of shoppers believe home prices have hit their peak. The feeling that home prices have topped out could be a reflection of shopper beliefs that a recession is in the not too distant future. In fact, those expecting the recession sooner were more likely to report that home prices had peaked, Hale noted. "The U.S. economy has been on a hot streak for the last seven years, producing steady economic growth and low unemployment rates. Historically, this type of growth hasn't continued indefinitely, and U.S. home shoppers think it will come to an end sooner rather than later," said Danielle Hale, realtor.com® 's chief economist. When asked if the U.S. housing market would fare better or worse than the 2008 economic recession, 41 percent responded with better. Thirty six percent expect it would be worse, while 23 percent expect it to be the same. Hale noted, the fact that some home shoppers expect the next recession to be harder on the housing market than the last recession suggests that they are buying homes with eyes wide-open and very sober, if not slightly pessimistic, views of the housing market. This is a stark contrast to the years leading up to the last recession when 'irrational exuberance' was more common and yet another reason to expect that the next downturn will be very different for the housing market than the last. "When the U.S. enters its next recession, it is unlikely that the housing market will see a sharp nationwide downturn. The same record low inventory levels that have made buying a home so difficult recently, will likely protect home prices in the next recession," Hale added. According to the survey, 45 percent of home shoppers feel at least slightly more optimistic about homeownership after the 2008 recession. Less than a quarter - 22 percent - feel at least slightly more pessimistic about homeownership, while 33 percent reported no impact on their feelings about homeownership. The duration of the recovery from the last recession could explain the optimism reported by some buyers. Since 2010, home prices across the U.S. have grown by 49 percent, the U.S. economy has grown by $3 trillion and 18.7 million more jobs have been created. This persistent optimism toward homeownership is likely a key reason that home shoppers are confident and looking to buy, even as they expect a recession is approaching. *Active home shoppers are those consumers who responded that they plan to purchase their next home in 1 year or less. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Median-Priced Homes Not Affordable for Average Wage Earners in 71 Percent of U.S. Housing Markets
MORE >
Sellers Hope for a Spring Thaw as Sluggish February Real Estate Showing Activity Continues Seven-Month Decline Foretelling a Buyer's Market
March 26, 2019 – The traditionally busy spring home buying season can't come soon enough for home sellers across the country as February continued the trend of year-over-year declines in showing activity, according to data from the ShowingTime Showing Index®. Marking the seventh consecutive month of year-over-year decreases, February saw national showing activity drop 9.3 percent, with the West Region reporting the biggest decline at 16.8 percent. The West's 12-month average percentage change was -11.7 percent. The South Region saw an 11.3 percent year-over-year decline, followed by the Midwest Region (-10.5 percent) and Northeast Region (-5.5). "Showing activity remained slow in February, furthering the notion that the historically busy spring selling season may see less traffic than is typical," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "These conditions may prove to be beneficial for home buyers, however, as the greater available inventory signals a strong buyer's market." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Existing-Home Sales Surge 11.8 Percent in February
MORE >
Redfin Determines the Value of a Swimming Pool in 20 Major U.S. Metros
Pools are worth the most in Los Angeles, where they add nearly $100,000 to a typical home's valueIn Boston, homes with pools sell for about $15,000 less than homes without them SEATTLE, March 12, 2019 -- In Los Angeles, homes with pools sell for $95,393 more than comparable homes without them, according to a report from Redfin, the technology-powered real estate brokerage. Swimming pools are worth more in Los Angeles than they are in any other major U.S. metro area, followed by Austin and Orange County, California, where a pool adds more than $50,000 to a typical home's value. For this analysis, Redfin calculated the value of a private pool as a premium to a home's per-square-foot sale price. For instance, a home with a pool in the Houston metro area can be expected to sell for $16.42 more per square foot than a home without a pool. The ranking is limited to metro areas with at least 5,000 homes sold in 2018 where at least 2 percent of homes sold had pools, and where the results were statistically significant. "A pool definitely adds value for Los Angeles homebuyers, especially in the Valley because it's hot outside most of the time," said Redfin agent Lindsay Katz. "People use their pools all year round; we have pool parties in the summer and go swimming on Christmas day. It's ingrained in our culture." "In some parts of Los Angeles, particularly in the San Fernando Valley, it's almost a given that a house will have a pool and the lack of a pool can make it harder to sell," Katz continued. "Nearly half of my listings have pools, and when they don't, potential buyers are constantly asking whether they can add a pool to the property. It's important to people." In Phoenix, the story is a bit different. A pool adds $11,591 to the value of the typical home in the metro area, the lowest on the list of places where a pool provides a premium. Redfin agent Katie Shook said there are some parts of the Phoenix area where a pool is highly valuable—but in other places, it could detract from the value of a home. "In affordable parts of the Phoenix area like South Glendale and Tolleson, homebuyers don't want to pay to maintain a pool. I often find that in homes that sell for less than $200,000, a pool is a negative because it adds so many extra costs for the homeowner," Shook said. "But the reverse is true in the luxury market," Shook continued. "In the $700,000 to $1 million price range, especially in remote areas with more yard space, homebuyers expect a pool and they'll pay a premium for it." Boston was the only metro that both met the criteria to be included in this analysis and has cold, snowy winters. It's also the only place where a pool meaningfully subtracts from the value of a home. A home in the Boston area with a pool is worth $15,484 less than a comparable home without a pool. The full report includes an analysis of the value of pools of homes currently for sale in various metros, which range in value from a $18,836 pool in Phoenix to a $285,806 pool in LA's Studio City. To read more and view photos, please click here. About Redfin Redfin is the technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for December Since at Least 2000
MORE >
U.S. Home Flipping Returns Drop to Seven-Year Low in 2018
Top Major Market Flipping Rates in Memphis, Phoenix, Las Vegas, Tampa, Birmingham; Almost $20 Billion In Financed Flips in 2018, Up 8 Percent From 2017 to 11-Year High IRVINE, Calif. – February, 28 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q4 and Year-End 2018 U.S. Home Flipping Report, which shows that 207,957 U.S. single family homes and condos were flipped in 2018, down 4 percent from the 216,537 home flips in 2017. The 207,957 homes flipped in 2018 represented 5.6 percent of all single-family home and condo sales during the year, stagnant from 5.6 percent of all sales in 2017 but up from 5.1 percent of all sales back in 2008. A total of 146,020 entities (individuals and institutions) flipped homes in 2018, down .4 percent from the 146,623 entities that flipped in 2017 but up 63.1 percent from 89,539 entities that flipped 10-years ago. "With mortgage rates remaining strong and people staying in their homes longer, we have started to see a bit of a flipping rate slowdown," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, this isn't to say home flipping is going away. The market is still ripe with investors flipping and bargains still await, especially in the lowest-priced areas of the country, where levels of financial distress remain highest." Home flip lending volume up 8 percent to 11-year high The total dollar volume of financed home flip purchases was $19.9 billion for homes flipped in 2018, up 8 percent from $18.5 billion in 2017 to the highest level since 2007 — an 11-year high. 2018 Year-End Home Flipping Financing Trends Flipped homes originally purchased by the investor with financing represented 39.1 percent of homes flipped in 2018, down from 39.4 percent in 2017 and down from 41.0 percent in 2008. Among 53 metropolitan statistical areas analyzed in the report with at least 1 million people, those with the highest percentage of 2018 completed flips purchased with financing were Denver, Colorado (53.7 percent); Providence, Rhode Island (51.8 percent); Seattle, Washington (51.8 percent); San Diego, California (51.6 percent); and San Francisco, California (50.8 percent). Share of flips sold to FHA buyers at an 11-year low Of the homes flipped in 2018, 13.8 percent were sold to FHA borrowers — likely first-time homebuyers — down from 17 percent in 2017 to an 11-year low. Among 53 metro areas analyzed in the report with at least 1 million people, those with the smallest share of completed flips sold to FHA buyers in 2018 were San Jose, California (1.3 percent); Raleigh, North Carolina (4.3 percent); San Francisco, California (6.0 percent); Memphis, Tennessee (6.5 percent); and San Diego, California (7.2 percent). Among the 53 metro areas analyzed in the report with at least 1 million people, those with the highest share of completed flips sold to all-cash buyers — often other real estate investors — in 2018 were Detroit, Michigan (48.8 percent); Birmingham, Alabama (42.4 percent); Jacksonville, Florida (39.8 percent); Miami, Florida (38.3 percent); and Buffalo, New York (38.0 percent). Average home flipping returns drop to a four-year low Completed home flips in 2018 yielded an average gross profit of $65,000 (difference between median purchase price and median flipped sale price), down 3 percent from an average gross flipping profit of $66,900 in 2017. 2018 Year-End Home Flipping Gross Profits and Returns The average gross flipping profit of $65,000 in 2018 represented an average 44.8 percent return on investment (percentage of original purchase price), down from 50.3 percent in 2017 and down from an all-time high average gross flipping ROI of 51.0 percent in 2016. Among 176 metro areas with a population of at least 200,000 and at least 100 home flips in 2018, those with the highest average gross flipping ROI were Pittsburgh, Pennsylvania (144.2 percent); Scranton, Pennsylvania (131.7 percent); Atlantic City, New Jersey (113.2 percent); Cleveland, Ohio (112.1 percent); and Erie, Pennsylvania (109.3 percent). Along with Pittsburgh and Cleveland, other major metro areas with at least 1 million people and gross flipping ROI of at least 80 percent were Philadelphia (109.0 percent); Baltimore (103.5 percent); Buffalo (96.2 percent); Memphis (86.5 percent); and Cincinnati (84.2 percent). Highest home flipping rates in Memphis, Phoenix, Las Vegas, Tampa, Birmingham Among 53 metro areas analyzed in the report with at least 1 million people, those with the highest home flipping rate in 2018 were Memphis, Tennessee (11.7 percent); Phoenix, Arizona (9.1 percent); Las Vegas, Nevada (8.7 percent); Tampa-St. Petersburg, Florida (8.2 percent); Birmingham, Alabama (7.6 percent). Other major markets in the top 10 for highest 2018 home flipping rate were Baltimore, Maryland; St. Louis, Missouri; Philadelphia, Pennsylvania; Orlando, Florida; and Nashville, Tennessee. Among 6,015 zip codes with at least 10 home flips completed in 2018 and a population greater than 5,000, the highest home flipping rate was in 38141 in Memphis where home flips represented 29.5 percent of all home sales for the year. Other zip codes in the top 20 for highest 2018 home flipping rate included zip codes in Donna, Texas; Miami, Florida; Washington, D.C.; Jamaica, New York; Baton Rouge, Louisiana; Compton, California; and Phoenix, Arizona. Biggest increase in home flipping rates in Boston, Tucson, Raleigh, Columbus, Hartford Among metro areas with at least 1 million people, those with the biggest annual increase in home flipping rate in 2018 were Boston, Massachusetts (up 33.3 percent); Tucson, Arizona (up 27.3 percent); Raleigh, North Carolina (up 24.5 percent); Columbus, Ohio (up 13.1 percent); and Hartford, Connecticut (up 12.8 percent). Other major markets in the top 10 for biggest increase in home flipping rate in 2018 were New York, New York; Charlotte, North Carolina; Grand Rapids, Michigan, Pittsburgh, Pennsylvania and Milwaukee, Wisconsin. While 20 out of the 53 metro areas with at least 1 million people saw an increase in the home flipping rate in 2018, those that saw a decrease, included Kansas City, Missouri (down 25.2 percent); Buffalo, New York (down 17.5 percent); Indianapolis, Indiana (down 16.3 percent); Seattle, Washington (down 15.9 percent) and Salt Lake City, Utah (down 14.0 percent). Average time to flip down slightly from 2017 Homes flipped in 2018 took an average of 180 days to complete the flip, down from 181 days in 2017 but up from 159 average days to flip 10-years ago. Among 176 metro areas with a population of at least 200,000 and at least 100 home flips in 2018, those with the longest average time to flip were Provo, Utah (219 days); Boise, Idaho (215 days); Erie, Pennsylvania (213 days); Gainesville, Florida (213 days); and Kalamazoo, Michigan (212 days). High-level takeaways from Q4 2018 dataset: The 47,071 home flips in Q4 2018 were completed by 37,379 investors, a ratio of 1.26 flips per investor. The share of homes flipped in Q4 2018 that were purchased by the flipper with financing represented 36.4 percent of all homes flipped in the quarter, down from 39.1 percent in the previous quarter and down from 39.5 percent in Q4 2017, to a two-year low. The average gross flipping profit of home flips in Q4 2018 was $62,000, which represented an average 41.9 percent return on investment (percentage of original purchase price), down from 42.9 percent last quarter and down from 49.6 percent in Q4 2017, to a seven-year low. The average square footage of homes flipped in Q4 2018 was 1,408, down from 1,412 in the previous quarter to the smallest average square footage on record for the report, going back to Q1 2005. Homes flips completed in Q4 2018 took an average of 175 days, down from 177 days in the previous quarter and down from 178 days in Q4 2017. About ATTOM Data Solutions ATTOM Data Solutions blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties multi-sourced from more than 3,000 U.S. counties. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. With more than 29.6 billion rows of transactional-level data and more than 7,200 discrete data attributes, the 9TB ATTOM data warehouse powers real estate transparency for innovators, entrepreneurs, disrupters, developers, marketers, policymakers, and analysts through flexible delivery solutions, including bulk file licenses, APIs and customized reports.
MORE >
CoreLogic Reports January Home Prices Increased by 4.4 Percent Year Over Year
MORE >
Pending Home Sales Jump 4.6 Percent in January
WASHINGTON (February 27, 2019) – Pending home sales rebounded strongly in January, according to the National Association of Realtors®. All four major regions saw growth last month, including the largest surge in the South. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.6 percent to 103.2 in January, up from 98.7 in December. Year-over-year contract signings, however, declined 2.3 percent, making this the thirteenth straight month of annual decreases. Lawrence Yun, NAR chief economist, had expected an increase in January home sales. "A change in Federal Reserve policy and the reopening of the government were very beneficial to the market," he said. Of the four major regions, three areas experienced a decline compared to one year ago, while the Northeast enjoyed a slight growth spurt. Yun also said higher rates discouraged many would-be buyers in 2018. "Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers." Additionally, Yun noted year-over-year increases in active listings from data at realtor.com® to illustrate the potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Diego-Carlsbad, Calif., Los Angeles-Long Beach-Anaheim, and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in January compared to a year ago. Yun says positive pending home sales figures in January will likely continue. "Income is rising faster than home prices in many areas and mortgage rates look to remain steady. Furthermore, job creation will help lift home buying." January Pending Home Sales Regional Breakdown In 2019, Yun forecasts for existing-home sales to be around 5.28 million – down 1.1 percent from 2018 (5.34 million). The national median existing-home price this year is expected to increase around 2.2 percent. In 2018, existing sales declined 3.1 percent and prices rose 4.9 percent. The PHSI in the Northeast rose 1.6 percent to 94.0 in January, and is now 7.6 percent above a year ago. In the Midwest, the index rose 2.8 percent to 100.2 in January, 0.3 percent lower than January 2018. Pending home sales in the South jumped 8.9 percent to an index of 119.8 in January, which is 3.1 percent lower than this time last year. The index in the West increased 0.3 percent in January to 87.3 and fell 10.1 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Inventory Growth Points to Cooler Spring Market
MORE >
January's 9% Drop in Real Estate Showing Activity Marks 6th Consecutive Month of Year-Over-Year Declines
Sluggishness portends slower spring showing and sales activity in key markets across U.S. Feb. 21, 2019 – If January is any indication, home sellers are bracing themselves for a tenuous start to 2019, as the first month of the year saw a nine percent drop across the U.S. in year-over-year residential showing activity, according to data from the ShowingTime Showing Index®. In a notable contrast to January 2018, when the 12-month average year-over-year increase in showing traffic nationwide was 7.7 percent, January 2019 saw the 12-month average decline to almost one percent. The decrease in showing activity has been felt throughout the country but most noticeably in the West Region, which experienced an 18.8 percent year-over-year drop last month. The Midwest Region recorded a year-over-year decline of 12.4 percent in January, with the South Region not far behind with a year-over-year drop of 11.5 percent. The Northeast Region saw a more modest drop of 2.4 percent in January. "Showing traffic continues to subside from last year's impressive heights," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "In January, we did not see an influx of home shoppers to reverse year-over-year declines in showings, which suggests that we may see slower traffic this spring compared to last year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released during the third week every month, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Introducing Secrets to Success Using Market Analytics
MORE >
Existing-Home Sales Drop 1.2 Percent in January
WASHINGTON (February 21, 2019) – Existing-home sales experienced a minor drop for the third consecutive month in January, according to the National Association of Realtors®. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.2 percent from December to a seasonally adjusted annual rate of 4.94 million in January. Sales are now down 8.5 percent from a year ago (5.40 million in January 2018). Lawrence Yun, NAR's chief economist, says last month's home sales of 4.94 million were the lowest since November 2015, but that he does not expect the numbers to decline further going forward. "Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months." The median existing-home price for all housing types in January was $247,500, up 2.8 percent from January 2018 ($240,800). January's price increase marks the 83rd straight month of year-over-year gains. Yun notes that this median home price growth is the slowest since February 2012, and is cautions that the figures do not yet tell the full story for the month of January. "Lower mortgage rates from December 2018 had little impact on January sales, however, the lower rates will inevitably lead to more home sales." Total housing inventory at the end of January increased to 1.59 million, up from 1.53 million existing homes available for sale in December, and represents an increase from 1.52 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.7 months in December and from 3.4 months in January 2018. Properties remained on the market for an average of 49 days in January, up from 46 days in December and 42 days a year ago. Thirty-eight percent of homes sold in January were on the market for less than a month. While total inventory grew (on a year-over-year basis) for the sixth straight month, Yun says the market is still suffering from an inventory shortage. "In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed," says Yun. "Taking steps to lower construction costs would be a tremendous help. Local zoning ordinances should also be reformed, while the housing permitting process must be expedited; these simple acts would immediately increase homeownership opportunities and boost local economies." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in January were Midland, Texas; Chico, California; San Francisco-Oakland-Hayward, California; Fort Wayne, Indiana; and Colorado Springs, Colorado. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.46 percent in January from 4.64 percent in December. The average commitment rate for all of 2018 was 4.54 percent. "Decelerated sales and the increases in inventory will work in favor of potential homebuyers, putting them in a better negotiating position heading into the spring months," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "On top of that, low-interest rates will bring an additional $80 per month savings compared to the rates of just a few months ago." First-time buyers were responsible for 29 percent of sales in January, down from last month (32 percent), but the same as a year ago. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent. All-cash sales accounted for 23 percent of transactions in January, up from December and a year ago (22 percent in both cases). Individual investors, who account for many cash sales, purchased 16 percent of homes in January, up from 15 percent in December, but down from a year ago (17 percent). Distressed sales – foreclosures and short sales – represented 4 percent of sales in January, up from 2 percent last month and down from 5 percent a year ago. One percent of January sales were short sales. Single-family and Condo/Co-op Sales Single-family home sales sit at a seasonally adjusted annual rate of 4.37 million in January, down from 4.45 million in December and 8.4 percent below the 4.77 million sales pace from a year ago. The median existing single-family home price was $249,400 in January, up 3.1 percent from January 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in January, up 3.6 percent from last month and down 9.5 percent from a year ago. The median existing condo price was $233,000 in January, which is up 0.1 percent from a year ago. Regional Breakdown January existing-home sales in the Northeast increased 2.9 percent to an annual rate of 700,000, 1.4 percent below a year ago. The median price in the Northeast was $270,000, which is up 0.4 percent from January 2018. the Midwest, existing-home sales fell 2.5 percent from last month to an annual rate of 1.16 million in January, down 7.9 percent overall from a year ago. The median price in the Midwest was $189,700, which is up 1.4 percent from last year. Existing-home sales in the South dropped 1.0 percent to an annual rate of 2.08 million in January, down 8.4 percent from last year. The median price in the South was $214,800, up 2.5 percent from a year ago. Existing-home sales in the West dipped 2.9 percent to an annual rate of 1.00 million in January, 13.8 percent below a year ago. The median price in the West was $374,600, up 2.9 percent from January 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Millennials Now Taking on More Mortgages than Any Other Generation
MORE >
Redfin Report: Home Price Growth Edged Up Nationally in January While the West Coast Began Seeing Red
Homebuyers are in the strongest position in years as the supply of homes for sale grows at fastest rate since May 2015 SEATTLE, Feb. 19, 2019 -- The housing market started off 2019 with buyers in a much better position than they were a year earlier, according to a report from Redfin, the next-generation real estate brokerage. U.S. home-sale prices increased 2.9 percent in January compared to a year ago, to a median of $285,900 across the metros Redfin tracks. Albeit slight, last month's price jump represents a rebound from December's 1.5 percent increase, the smallest year-over-year price increase recorded since March 2012. "Things are looking good for buyers in 2019. The supply of homes for sale is increasing faster than it has in nearly four years," said Redfin chief economist Daryl Fairweather. "December was a rough month for home sales, but homeowners appear to be undeterred in the new year as more are listing their homes for sale. We predicted price growth would slow down and that prices would drop in coastal cities like San Francisco and Seattle, but we didn't know how sellers would react to a cooler market. It's encouraging to see that listings are up--it means that sellers aren't taking the ball and going home." Home prices fell year over year in 10 of the 81 largest metro areas Redfin tracks, including San Francisco (-5.0%) and Portland, Oregon (-1.3%). This is a major shift for two markets that consistently posted strong price growth throughout most of 2018 and where prices haven't declined significantly since 2012. In Seattle, prices were still growing last month, but barely, up just 0.6 percent year over year, and seem to be following a similar trajectory as their West Coast counterparts. Completed home sales nationally fell for the sixth consecutive month in January, down 7.6 percent from a year earlier. Home sales declined in 57 of the 81 largest metro areas that Redfin tracks. The number of homes newly listed for sale in January rose from a year earlier (+4.4%), helping to push the total number of homes for sale up 6.3 percent, the biggest supply increase since May of 2015. "We expect the supply of homes for sale to increase, giving buyers more homes to buy, but not so many that prices drop broadly," said CEO Glenn Kelman during Redfin's earnings call last week. To read the full report, complete with graphs, charts and market-level data, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Are Lowest for November Since at Least 2000
MORE >
Metro Home Prices Jump 4 Percent in 2018's Fourth Quarter
WASHINGTON (February 12, 2019) – Inventory increased and metro market prices rose at a slower pace in the fourth quarter of 2018, according to the latest quarterly report by the National Association of Realtors®. The national median existing single-family home price in the quarter was $257,600, up 4.0 percent from the fourth quarter of 2017 ($247,800). Single-family home prices increased in 92 percent of measured markets last quarter, with 163 out of 178 metropolitan statistical areas (MSAs) showing sales price gains in the fourth quarter compared to a year ago. Fourteen metro areas (8 percent) experienced double-digit increases, down from 18 in the third quarter. Lawrence Yun, NAR chief economist, says in light of the various hurdles for 2018, the close of the fourth quarter was promising. "Home prices continued to rise in the vast majority of markets but with inventory steadily increasing, home prices are, on average, rising at a slower and healthier pace," he said. Total existing-home sales, including single family homes and condos, decreased 1.8 percent to a seasonally adjusted annual rate of 5.180 million in the fourth quarter, down from 5.273 million in the third quarter. That number is 7.4 percent lower than the 5.593 million-pace during the fourth quarter of 2017. Yun said the West Coast needs more homes built. "The West region, where home prices have nearly doubled in six years, is undergoing the biggest shift with the slowest price gain and large buyer pullback." At the end of the fourth quarter, there were 1.55 million existing homes available for sale, 6.2 percent above the 1.46 million homes for sale at the end of the fourth quarter in 2017. The average supply during the fourth quarter was 4.0 months – up from 3.5 months in the fourth quarter of 2017. National family median income rose to $77,392 in the fourth quarter, while overall affordability decreased from a year ago due to higher mortgage rates and home prices. To purchase a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $62,954, while a 10 percent down payment would require an income of $59,640, and $53,013 would be necessary for a 20 percent down payment. The five most expensive housing markets in the fourth quarter were the San Jose-Sunnyvale-Santa Clara, California metro area, where the median existing single-family price was $1,250,000; San Francisco-Oakland-Hayward, California, $952,400; Urban Honolulu, $812,900; Anaheim-Santa Ana-Irvine, California, $799,000; and San Diego-Carlsbad, $626,000. The five lowest-cost metro areas in the fourth quarter were Decatur, Illinois, $89,300; Youngstown-Warren-Boardman, Ohio, $97,200; Cumberland, Maryland, $109,100; Elmira, New York, $111,400; and Erie, Pennsylvania, $113,300. Metro area condominium and cooperative prices – covering changes in 61 metro areas – showed the national median existing-condo price was $237,900 in the fourth quarter, up 0.3 percent from the fourth quarter of 2017 ($237,100). Seventy-five percent of metro areas showed gains in median condo prices from a year ago. "Housing affordability will be the key to sustained healthy growth in the housing market in the upcoming years. That requires more homebuilding of moderately priced homes," Yun said. "Housing starts fell far short of historically normal levels, with only 9.6 million new housing units added in the past decade; compared to 15 to 16 million that would have been needed to meet our growing population and 20 million new job additions. "Local zoning law changes, expanding construction worker training programs at trade schools and promoting the use of tax breaks for developers in the designated Opportunity Zones will all play an important role in assuring an adequate future supply of housing," Yun said. Regional Breakdown Total existing-home sales in the Northeast sat at an annual rate of 707,000 (up 3.9 percent from last quarter) and are down 5.4 percent from a year ago. The median existing single-family home price in the Northeast was $286,000 in the fourth quarter, up 6.5 percent from a year ago. In the Midwest, existing-home sales fell 0.3 percent in the fourth quarter and are 5.9 percent below a year ago. The median existing single-family home price in the Midwest set at $196,900, a 1.6 percent increase from the fourth quarter of 2017. Existing-home sales in the South declined 2 percent in the fourth quarter and were 5.4 percent lower than the fourth quarter of 2017. The median existing single-family home price in the South was $228,200 in the fourth quarter, 3.3 percent above a year ago. In the West, existing-home sales in the fourth quarter decreased by 6.5 percent and are 13.9 percent below a year ago. The median existing single-family home price in the West increased 1.8 percent year over year to $383,100. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Sales of $2 Million-Plus Homes Decline for First Time in 2 Years as Prices Tick Up
MORE >
Equity Rich U.S. Properties Increase to New High in 2018
Equity Rich Properties Represent 25.6 Percent of U.S. Properties; Share of Seriously Underwater Properties Drops to 8.8 Percent; Report Includes Home Equity Breakdown by Zip Code IRVINE, Calif. — Feb. 7, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2018 U.S. Home Equity & Underwater Report, which shows that in the fourth quarter of 2018, over 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property's estimated market value — up by more than 834,000 from a year ago to a new high as far back as data is available, Q4 2013. The 14.5 million equity rich properties in Q4 2018 represented 25.6 percent of all properties with a mortgage, down slightly from 25.7 percent in the previous quarter but up from 25.4 percent in Q4 2017. The report also shows more than 5 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25 percent higher than the property's estimated market value, representing 8.8 percent of all U.S. properties with a mortgage. That 8.8 percent share of seriously underwater homes remained unchanged from the previous quarter and down from 9.3 percent in Q4 2017. "With homeowners staying put longer, homeownership equity will most likely continue to strengthen. Those that are seriously underwater may find themselves coming up for air as they continue to pay off excessive legacy mortgages or sell," said Todd Teta, chief product officer with ATTOM Data Solutions. "This report helps to showcase a story of the West coast markets having the highest share of equity rich homeowners versus the South and Midwest markets, who continue to have stubbornly high rates of seriously underwater homeowners." Historical U.S. Underwater & Equity Rich Trends Highest seriously underwater share in Louisiana, Mississippi, Arkansas, Illinois, Iowa States with the highest share of mortgages that were seriously underwater included; Louisiana (20.8 percent); Mississippi (16.9 percent); Arkansas (15.9 percent); Illinois (15.6 percent); and Iowa (15.2 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of mortgages that were seriously underwater included; Baton Rouge, Louisiana (20.7 percent); Youngstown, Ohio (19.0 percent); New Orleans, Louisiana (19.0 percent); Toledo, Ohio (18.0 percent); and Scranton, Pennsylvania (17.7 percent). 27 zip codes where more than half of all properties are seriously underwater Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 27 zip codes where more than half of all properties with a mortgage were seriously underwater, including zip codes in the Chicago, Cleveland, Saint Louis, Atlantic City, Detroit and Virginia Beach metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 08611 in Trenton, New Jersey (70.3 percent seriously underwater); 63137 in Saint Louis, Missouri (64.8 percent); 60426 in Harvey, Illinois (62.3 percent); 38106 in Memphis, Tennessee (60.5 percent); and 61104 in Rockford, Illinois (59.6 percent). Q4 2018 Underwater Properties Heat Map by ZIP Highest equity rich share in California, Hawaii, New York, Washington, Oregon States with the highest share of equity rich properties were California (43.6 percent); Hawaii (39.3 percent); New York (34.2 percent); Washington (34.2 percent); and Oregon (32.9 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (72.0 percent); San Francisco, California (60.7 percent); Los Angeles, California (48.5 percent); Honolulu, Hawaii (40.2 percent); and Oxnard, California (39.2 percent). 7 Out of the top 10 equity rich counties resided in California Among the 1,479 counties with at least 2,500 properties with mortgages, those top 10 counties with the highest percent of equity rich properties resided mainly in California counties. The top five counties with the highest share of equity rich properties were San Mateo, California (75.9 percent); Santa Clara, California (73.0 percent); San Francisco, California (71.4 percent); Pasquotank, North Carolina (65.7 percent); and Alameda, California (62.7 percent). 427 zip codes where more than half of all properties are equity rich Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 427 zip codes where more than half of all properties with a mortgage were equity rich. The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94116 in San Francisco (85.0 percent); 94087 in Sunnyvale (84.6 percent equity rich); 94040 in Mountain View (83.5 percent equity rich); 94043 in Mountain View (83.0 percent equity rich); and 95051 in Santa Clara (82.7 percent equity rich). Q4 2018 Equity Rich Properties Heat Map by ZIP About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
Pending Home Sales Dip 2.2 Percent in December
MORE >
Average U.S. Home Seller Profits at 12-Year High of $61,000 in 2018
Median Home Sale Prices Hit an All-Time High at $248,000 in 2018; Homeowners Staying Put Longer as Average Homeownership Tenure Rises to New High IRVINE, Calif. – Jan. 31, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2018 U.S. Home Sales Report, which shows that home sellers in 2018 realized an average home price gain since purchase of $61,000, up from $50,000 last year and up from $39,500 two years ago in 2016 to the highest level since 2006 — a 12-year high. That $61,000 average home seller profit represented an average 32.6 percent return on investment compared to the original purchase price, up from 27.0 percent last year and up from 21.9 percent in 2016 to the highest average home seller ROI since 2006. "While 2018 was the most profitable time to sell a home in more than 12 years, those along the coasts, reaped the most gains. However, those are the same areas where homeowners are staying put longer," said Todd Teta, chief product officer at ATTOM Data Solutions. "The economy is still going strong and home loan rates remain historically low. But there are potential clouds on the horizon. The effects of last year's tax cuts are wearing off as limits on homeowner tax deductions are in place and mortgage rates are ticking up ever so slowly, so this could dampen the potential for home price gains in 2019." Among 217 metropolitan statistical areas with a population greater than 200,000 and sufficient historical data, the highest returns on investment were almost exclusively in western states, with concentrations along areas of the west coast. Those with the highest average home seller ROI were San Jose, California (108.8 percent); San Francisco, California (78.6 percent); Seattle, Washington (70.7 percent); Merced, California (66.4 percent); and Santa Rosa, California (66.1 percent). "Home price growth in the Seattle area has started to soften, something that home buyers have been waiting for, and a trend that we can expect to continue in the coming year," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "Seattle is still benefitting from buyers moving here from more expensive markets, such as California, but the market cannot solely depend on this demographic. My forecast for 2019 is that it will be a year of movement back to balance, which is a very positive thing." Historical U.S. Home Seller Gains San Jose and Las Vegas lead major metros in home price appreciation The U.S. median home price in 2018 was $248,000, up 5.5 percent from 2017 to a new all-time high. Annual home price appreciation in 2018 slowed slightly compared to the 7.1 percent in 2017. Among 127 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data, those with the biggest year-over-year increase in home prices were Mobile, Alabama (up 21 percent); Flint, Michigan (up 19 percent); San Jose, California (up 18.9 percent); Atlantic City, New Jersey (up 16.4 percent) and Las Vegas, Nevada (up 13.5 percent). Along with San Jose and Las Vegas, other major metro areas with a population of at least 1 million with a double-digit percentage increase in home prices in 2018 were Grand Rapids, Michigan (up 10.6 percent); San Francisco, California (up 10.3 percent); Columbus, Ohio (up 10.1 percent); and Atlanta, Georgia (up 10.1 percent). 88 of the 127 metros (69 percent) reached new record home price peaks in 2018, including Los Angeles, Dallas-Fort Worth, Houston, Atlanta, and Boston. Homeownership tenure at new record high nationwide, down in Vallejo, Reno, Tucson Homeowners who sold in the fourth quarter of 2018 had owned their homes an average of 8.30 years, up from 8.13 years in the previous quarter and up from 7.95 years in Q4 2017 to the longest average home seller tenure as far back as data is available, Q1 2000. Average U.S. Homeownership Tenure Counter to the national trend, 16 of the 108 metro areas analyzed in the report posted a year-over-year decrease in average home seller tenure including: Vallejo-Fairfield, California (down 5 percent); Reno, Nevada (down 3 percent); Redding, California (down 2 percent); Panama City, Florida (down 2 percent); Chattanooga, Tennessee (down 2 percent); Eugene, Oregon (down 2 percent); Crestview-Fort Walton Beach, Florida (down 1 percent); Tucson, Arizona (down 1 percent), Punta Gorda, Florida (down less than 1 percent); Manchester-Nashua, New Hampshire (down less than 1 percent); and Truckee, California (down less than 1 percent). Nearly three in 10 home buyers made all-cash purchases in 2018 Nationwide all-cash purchases accounted for 27.8 percent of single-family home and condo sales in 2018, unchanged from 2017 but down from its peak in 2011 at 38.4 percent. However, this is still well above the pre-recession average of 18.7 percent between 2000 and 2007. Among 200 metropolitan statistical areas with a population of at least 200,000 and sufficient cash sales data, those with the highest share of all-cash purchases in 2018 were Montgomery, Alabama (53.6 percent); Naples, Florida (52.5 percent); Macon, Georgia (50.8 percent); Cape Coral-Fort Myers, Florida (45.4 percent); and North Port-Sarasota, Florida (45.4 percent). U.S. distressed sales share drops to 11-year low, up in 8 states Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 12.4 percent of all U.S. single family home and condo sales in 2018, down from 14.0 percent in 2017 and down from a peak of 38.6 percent in 2011. Counter to the national trend, the share of distressed sales increased in 2018 in Kansas (up 13 percent); Louisiana (up 13 percent); Wisconsin (up 2 percent); Kentucky (up 2 percent); Maine (up 1 percent); Colorado (up 1 percent); Indiana (up 1 percent); and West Virginia (up 1 percent). Among 209 metropolitan statistical areas with a population of at least 200,000 those with the highest share of distressed sales in 2018 were Atlantic City, New Jersey (37.2 percent); Montgomery, Alabama (25.2 percent); Trenton, New Jersey (23.8 percent); Youngstown, Ohio (23.6 percent); and Rockford, Illinois (22.1 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest share of distressed sales in 2018 were Philadelphia, Pennsylvania (20.7 percent); Baltimore, Maryland (19.9 percent); Cleveland, Ohio (19.4 percent); Memphis, Tennessee (19.1 percent); and Providence, Rhode Island (18.3 percent). U.S. Total Distressed Sales Institutional investors dropped for the fifth straight year Institutional investors nationwide accounted for 2.7 percent of all single-family home and condo sales in 2018, down from 3.0 percent in 2017. Among 200 metropolitan statistical areas with a population of at least 200,000 and sufficient institutional investor sales data, those with the highest share of institutional investor sales in 2018 were Montgomery, Alabama (9.6 percent); Memphis, Tennessee (8.1 percent); Columbia, South Carolina (7.6 percent); Birmingham, Alabama (7.1 percent); Atlanta, Georgia (7.0 percent); and Charlotte, North Carolina (6.5 percent). Historical U.S. Home Sales By Type Texas metro areas dominated list with the most FHA sales in 2018 Nationwide buyers using Federal Housing Administration (FHA) loans accounted for 10.6 percent of all single-family home and condo purchases in 2018, down from 13.6 percent in 2017 to the lowest level since 2007. Among 200 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA buyer data, 6 out of the top 10 metro areas with the highest share of FHA sales were in Texas. Those with the highest share of FHA buyers in 2018 were McAllen, Texas (26.3 percent); El Paso, Texas (25.3 percent); Amarillo, Texas (23.0 percent); Beaumont-Port Arthur, Texas (22.7 percent); and Elkhart, Indiana (21.5 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
January Housing Data Shows Uptick in Seller Price Cuts
MORE >
Number of Homes for Sale Is Up, But Fewer Homes Are Affordable to Middle Class Buyers
Affordability Keeps Many Homes Out of Reach for the Average Homebuyer, Even As Inventory Rises SEATTLE, Jan. 23, 2019 -- Although the supply of homes for sale is up in many markets, both the number and share of homes that are affordable to a typical household has decreased from a year ago, according to a new report from Redfin, the next-generation real estate brokerage. The report considers all homes that were active on the market at any point in 2018 and 2017 and calculates the share of homes in each metro area that were affordable during each year to a household making the median income in that metro area. Just 14 percent of homes that were on the market in 2018 in the San Jose metro area were affordable on the median household income in the area of $117,000. This is a big drop from 2017, when 26 percent of homes that were for sale were affordable. In Los Angeles, 16 percent of homes for sale were affordable in 2018, down from 20 percent in 2017. In Seattle the share of affordable homes for sale dropped from 58 percent in 2017 to 46 percent in 2018. Home price gains and interest rate increases through 2018 combined to considerably reduce home affordability. Although the number of homes for sale is increasing, the number of affordable homes on the market has decreased in most metro areas. "Homeownership is increasingly out of reach for the typical American," said Redfin chief economist Daryl Fairweather. "Over the last few years builders have focused on luxury homes, and there hasn't been enough construction of affordable starter homes." In many metro areas, even as the number of homes for sale has increased, the number of affordable homes for sale has shrunk over the past year. In the San Diego area, there were 10 percent more homes for sale during 2018 than 2017, but the number of affordable homes for sale fell 16 percent. In the Seattle metro, there were 4 percent more homes for sale, but the number of affordable homes for sale fell 17 percent. Although the share of homes for sale that were affordable on a median income fell from 2017 to 2018 in all 49 of the metro areas we analyzed, there were a few metro areas where the number of affordable homes for sale increased, including Hartford, CT (+19%), Jacksonville, FL (+9%) and Nashville, TN (+4%). Homebuyers looking for affordable options still have plenty of choices in metro areas like St. Louis (84%), Minneapolis (82%) and Pittsburgh (82%). Strong growth in jobs and wages may also help buyers make up some lost ground as well. "We expect builders to shift their attention to more affordable homes during 2019," added Fairweather, "which along with rezoning efforts by local governments should reduce this pressure to some degree over time." To read the full report, including a table of the number and share of affordable homes for sale in each major metro area, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
Existing-Home Sales See 6.4 Percent Drop in December
MORE >
Frosty December Real Estate Showing Activity Results in Fifth Consecutive Month of Year-Over-Year Declines Nationwide
Flagging showing numbers point to a potentially favorable 2019 market for would-be homebuyers across the U.S. Jan. 21, 2019 – Home sellers across the country are happy to leave 2018 behind as December marked the fifth consecutive month of year-over-year declines in real estate showing activity nationwide, a 7.2 percent drop, according to data from the ShowingTime Showing Index®. Continuing a nearly year-long span of decreasing demand for available residential real estate, the West Region saw a 20.1 percent drop in showing traffic year-over-year in December. The South Region followed that trend, recording a 10.9 percent decline in activity. The Midwest Region also experienced a decline with a 7.9 percent year-over-year drop, as did the Northeast Region, which had a modest 1.5 percent drop compared to showing activity in December 2017. The news is not all dour, however; as ShowingTime Chief Analytics Officer Daniil Cherkasskiy noted, falling showing activity could make for appealing conditions for prospective buyers in 2019. "Buyer traffic continues to subside across all regions of the U.S. compared to the record numbers recorded at the same time last year," said Cherkasskiy. "In some markets this is happening despite a stabilization of prices, but this is potentially good news for buyers, who are seeing less competition in the market when trying to buy a home." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released during the third week every month, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Redfin Ranks the 10 Hottest Affordable Neighborhoods of 2019
MORE >
CoreLogic Loan Performance Insights Find Delinquency Rates in October Dropped to the Lowest Level in at Least 18 Years
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in October 2018, representing a 1 percentage point decline in the overall delinquency rate compared with October 2017, when it was 5.1 percent. This was the lowest for the month of October in at least 18 years. As of October 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.5 percent, down 0.1 percentage point since October 2017. The October 2018 foreclosure inventory rate tied with the April, May, June, July, August and September rates this year as the lowest for any month since September 2006 and also marked the lowest rate for an October since 2005. In both instances, the foreclosure inventory rate was 0.5 percent. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.9 percent in October 2018, down from 2.3 percent in October 2017. The share of mortgages that were 60 to 89 days past due in October 2018 was 0.7 percent, down from 0.9 percent in October 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in October 2018, down from 1.9 percent in October 2017. This serious delinquency rate was the lowest for an October since 2006 when it was 1.5 percent. It ties August and September 2018 as the lowest for any month since March 2007 when it was also 1.5 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8 percent in October 2018, down from 1.1 percent in October 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "While the strong economy has helped families stay current and push overall delinquency rates lower, areas that were hit hard by natural disasters have seen a rise in loan defaults," said Dr. Frank Nothaft, chief economist for CoreLogic. "The 30-day delinquency rate in the Panama City, Florida metro area tripled between September and October 2018 as a result of Hurricane Michael. Two months after Hurricane Florence made landfall in the Carolinas, 60-day delinquency rates doubled in the Jacksonville, Wilmington, New Bern and Myrtle Beach metro areas. And buffeted by Kilauea's eruption in the Hawaiian Islands, serious delinquency rates jumped on the Big Island by 9 percent between June and October 2018, while falling by 4 percent in the rest of Hawaii." Hurricane Irma and Hurricane Florence (2017 and 2018, respectively) continue to impact some metropolitan areas, with mortgages transitioning from current to 30 days past due. This October, 18 metropolitan areas posted an annual increase in overall delinquency rate, seven of which were either in North or South Carolina. In the coming months, CoreLogic will continue to monitor these and other metros struck by natural disaster for potential increase in delinquencies. "Despite some regional spikes related to hurricane and fire impacted areas, overall delinquency rates are near or at historic lows," said Frank Martell, president and CEO of CoreLogic. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through October 2018. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Housing Market Cooldown Continues as Inventory Increases in December
MORE >
CoreLogic Reports November Home Prices Increased by 5.1 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for November 2018, which shows home prices rose both year over year and month over month. Home prices increased nationally by 5.1 percent year over year from November 2017. On a month-over-month basis, prices increased by 0.4 percent in November 2018. (October 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, the CoreLogic HPI Forecast indicates home prices will increase by 4.8 percent on a year-over-year basis from November 2018 to November 2019. On a month-over-month basis, home prices are expected to decrease by 0.8 percent from November to December 2018. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The rise in mortgage rates has dampened buyer demand and slowed home-price growth," said Dr. Frank Nothaft, chief economist for CoreLogic. "Interest rates for new 30-year fixed-rate loans averaged 4.9 percent during November, the highest monthly average since February 2011. These higher rates and home prices have reduced buyer affordability. Home sellers are responding by lowering their asking price, which is reflected in the slowing growth of the CoreLogic Home Price Index." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of November 2018. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of November 2018, 27 percent of the top 100 metropolitan areas were undervalued, and 38 percent were at value. When looking at only the top 50 markets based on housing stock, 44 percent were overvalued, 18 percent were undervalued and 38 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. In 2018, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment, combining consumer and property insights. The study assessed attitudes toward homeownership and the driving force behind the decision to buy or rent a home. When homeowners were asked why they felt their home was increasing in value, they cited desirable location and improving local and national economies. As the country enters a new year, the state of these economic conditions will continue to impact attitudes toward homeownership and perceived property values. "A strong economy helps homeowners feel confident about the value of their property," said Frank Martell, president and CEO of CoreLogic. "If recent declines in the stock market shakes consumer confidence in the national economy, we may see homeowners' perception of home value change and a subsequent buyers' market emerge in 2019." The next CoreLogic HPI press release, featuring December 2018 data, will be issued on Tuesday, February 5, 2019 at 8:00 a.m. ET. About The 2018 CoreLogic Consumer Housing Sentiment Study Nationwide survey of 3001 renters and homeowners conducted in first quarter of 2018 by CoreLogic together with RTi Research. The survey has a sampling error of +/- 1.8 percent at the total respondent level with a 95 percent confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Housing Inventory Up 5% in November--Fastest Growth in 3 Years--as Sales Decline 8%
MORE >
Residential Mortgage Originations Drop 21 Percent in Q3 2018
Dollar Volume of Refinance Originations Falls to 4.5-Year Low; Purchase Originations Down 2 Percent, HELOC Originations Down 11 Percent; Median Down Payment Percent Increases to Nearly 15-Year High IRVINE, Calif. — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Residential Property Mortgage Origination Report, which shows that 681,455 refinance mortgages secured by residential property (1 to 4 units) were originated in the third quarter, down 15 percent from the previous quarter and down 21 percent from a year ago to the lowest level as far back as data is available — Q1 2000. The refinance mortgages originated in Q3 2018 represented an estimated $175.1 billion in total dollar volume, down 14 percent from the previous quarter and down 21 percent from a year ago to the lowest level since Q1 2014 — a 4.5-year low. "Rising mortgage rates continued to dampen demand for mortgages in the third quarter, particularly refinance mortgages," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "There were some notable exceptions to that trend, primarily in markets affected by the hurricanes in the third quarter of 2017." Refinance originations increase in Houston, Miami, Tampa Residential refinance mortgage originations decreased from a year ago in 197 of the 225 metropolitan statistical areas analyzed in the report (88 percent), including Los Angeles (down 31 percent); New York (down 11 percent); Dallas-Fort Worth (down 5 percent); Phoenix (down 14 percent); and Atlanta (down 33 percent). Counter to the national trend, residential refinance mortgage originations increased from a year ago in 28 of the 225 metro areas analyzed in the report (12 percent), including Houston (up 69 percent); Miami (up 29 percent); Tampa-St. Petersburg (up 33 percent); San Antonio (up 3 percent); and Orlando (up 30 percent). Purchase mortgage originations down 2 percent from year ago Lenders originated 892,760 residential purchase mortgages in Q3 2018, down 5 percent from the previous quarter and down 2 percent from a year ago. Residential purchase mortgage originations decreased from a year ago in 121 of the 225 metropolitan statistical areas analyzed in the report (54 percent), including New York (down 6 percent); Dallas-Fort Worth (down 5 percent); Chicago (down 14 percent); Phoenix (down 2 percent); and Los Angeles (down 14 percent). Counter to the national trend, residential purchase mortgage originations increased from a year ago in 104 of the 225 metro areas analyzed in the report (46 percent), including Atlanta (up 12 percent); Houston (up 3 percent); Miami (up 2 percent); Tampa-St. Petersburg (up 3 percent); and Nashville (up 1 percent). HELOC originations down 11 percent from year ago A total of 313,744 Home Equity Lines of Credit (HELOCs) were originated on residential properties in Q3 2018, down 14 percent from the previous quarter and down 11 percent from a year ago. Residential HELOC mortgage originations decreased from a year ago in 150 of the 225 metropolitan statistical areas analyzed in the report (67 percent), including New York (down 14 percent); Los Angeles (down 18 percent); Seattle (down 3 percent); Chicago (down 27 percent); and Philadelphia (down 16 percent). Counter to the national trend, residential HELOC mortgage originations increased from a year ago in 73 of the 225 metro areas analyzed in the report (32 percent), including Miami (up 4 percent); Tampa-St. Petersburg (up 22 percent); Kansas City (up 20 percent); Orlando (up 3 percent); and Omaha (up 11 percent). Median down payment percentage at nearly 15-year high The median down payment on single family homes and condos purchased with financing in Q3 2018 was $20,250, up 7 percent from the previous quarter and up 16 percent from a year ago to a record high as far back as data is available, Q1 2000. The median down payment as a percentage of the median home sales price in Q3 2018 was 7.6 percent, up from 7.2 percent in the previous quarter and up from 6.8 percent in Q3 2017 to the highest since Q4 2003 — a nearly 15-year high. Among 96 metropolitan statistical areas analyzed in the report for down payments, those with the highest median down payment as a percentage of median home sales price in Q3 2018 were San Jose, California (24.7 percent); San Francisco, California (23.3 percent); Los Angeles, California (20.6 percent); Oxnard-Thousand Oaks-Ventura, California (19.0 percent); and Fort Collins, Colorado (18.6 percent). FHA loan share increases from more than 10-year low in previous quarter Residential loans backed by the Federal Housing Administration (FHA) accounted for 10.5 percent of all residential property loans originated in Q3 2018, up from a more than 10-year low of 10.2 percent in the previous quarter but still down from 12.5 percent a year ago. Residential loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 5.5 percent of all residential property loans originated in Q3 2018, up from 5.4 percent in the previous quarter but still down from 6.6 percent a year ago. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
Pending Home Sales See 0.7 Percent Drop in November
MORE >
CoreLogic Reports Homeowners with Negative Equity Declines by Only 81,000 in the Third Quarter of 2018
CoreLogic Reports Homeowners with Negative Equity Declines by Only 81,000 in the Third Quarter of 2018 CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the third quarter of 2018. The report shows that U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) have seen their equity increase by 9.4 percent year over year, representing a gain of nearly $775.2 billion since the third quarter of 2017. Additionally, the average homeowner gained $12,400 in home equity between the third quarter of 2017 and the third quarter of 2018. While home equity grew in almost every state in the nation, western states experienced the most significant increases. California homeowners gained an average of approximately $36,500 in home equity, and Nevada homeowners experienced an average increase of approximately $32,600 in home equity (Figure 1). From the second quarter of 2018 to the third quarter of 2018, the total number of mortgaged homes in negative equity decreased 4 percent to 2.2 million homes or 4.1 percent of all mortgaged properties. Year over year, the number of mortgaged properties in negative equity fell 16 percent from 2.6 million homes – or 5 percent of all mortgaged properties – in the third quarter of 2018. "On average, homeowners saw their home equity increase again this quarter but not nearly as much as in previous quarters," said Dr. Frank Nothaft, chief economist for CoreLogic. "During the third quarter, homeowners gained an average of $12,400 compared to the second quarter when the average home equity wealth increase was more than $16,000. This lower year-over-year gain reflects the slowing in appreciation we've seen in the CoreLogic Home Price Index." Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home's value, an increase in mortgage debt or both. Negative equity peaked at 26 percent of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis which began in the third quarter of 2009. The national aggregate value of negative equity was approximately $281.6 billion at the end of the third quarter of 2018. This is down quarter over quarter by approximately $1.1 billion, from $280.5 billion in the second quarter of 2018 and down year over year by approximately $2.7 billion, from $279 billion in the third quarter of 2017. "The number of homes in a negative equity position have remained around 2.2 million for two consecutive quarters this year," said Frank Martell, president and CEO of CoreLogic. "Without equity, those homeowners are unable to sell their homes and are more likely to transition from delinquency to foreclosure if they face financial distress." For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Existing-Home Sales Increase for Second Consecutive Month
MORE >
U.S. Home Affordability Drops to More Than 10-Year Low in Q4 2018
But Affordability Improves From Previous Quarter in 58 Percent of Local Housing Markets; Wage Growth Outpacing Home Price Growth in 22 Percent of Markets, Including San Diego, Brooklyn, Seattle, San Jose and Manhattan IRVINE, Calif. – Dec. 20, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q4 2018 U.S. Home Affordability Report, which shows that the U.S. median home price in the fourth quarter was at the least affordable level since Q3 2008 — a more than 10-year low. The report calculates an affordability index based on percentage of income needed to buy a median-priced home relative to historic averages, with an index above 100 indicating median home prices are more affordable than the historic average, and an index below 100 indicating median home prices are less affordable than the historic average. (See full methodology below.) Nationwide, the Q4 2018 home affordability index of 91 was down from an index of 94 in the previous quarter and an index of 106 in Q4 2017 to the lowest level since Q3 2008, when the index was 87. Among 469 U.S. counties analyzed in the report, 357 (76 percent) posted a Q4 2018 affordability index below 100, meaning homes were less affordable than the long-term affordability averages for the county. That was down from a 10-year high of 78 percent of counties posting an affordability index below 100 in Q3 2018. "While poor home affordability continues to cloud the U.S. housing market, there are silver linings in the local data as home price appreciation falls more in line with wage growth," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Affordability improved from the previous quarter in more than half of all local markets, and one in five local markets saw annual wage growth outpace annual home price appreciation, including high-priced areas such as San Diego, Brooklyn and Seattle." Q4 2018 Home Price Appreciation & Wage Growth Heat Map Home affordability improves from previous quarter in 58 percent of local markets Counter to the national trend, home affordability improved from the previous quarter in 272 of the 469 counties analyzed in the report (58 percent), including Cook County (Chicago), Illinois; Harris County (Houston), Texas; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. Home affordability worsened compared to the previous quarter in 197 of the 469 counties analyzed in the report (42 percent), including Los Angeles County, California; Maricopa County (Phoenix), Arizona; Riverside County, California; San Bernardino County, California; and Clark County (Las Vegas), Nevada. Wages rising faster than home prices in 22 percent of markets Nationwide the median home sales price in Q4 2018 was $241,250, up 9 percent from a year ago, while the annualized average weekly wage of $56,381 was up 3 percent from a year ago. Annual home price appreciation in Q4 2018 outpaced annual average wage growth in 366 of the 469 counties analyzed in the report (78 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and Orange County, California. Counter to the national trend, annual average wage growth outpaced annual home price appreciation in 103 of the 469 counties analyzed in the report (22 percent), including San Diego County, California; Kings County (Brooklyn), New York; King County (Seattle), Washington; Santa Clara County (San Jose), California; and New York County (Manhattan), New York. Highest share of income needed to buy a home in Brooklyn and Bay Area Nationwide, buying a median-priced home in Q4 2018 would require 35.0 percent of an average wage earner's income, above the historical average of 32.0 percent. Counties with the highest share of wages needed to buy a median priced home in Q4 2018 were Kings County (Brooklyn), New York (128.8 percent); Marin County, California (124.1 percent); Santa Cruz County, California (118.2 percent); Monterey County, California (96.9 percent); and San Luis Obispo County, California (94.4 percent). Counties with the lowest share of wages needed to buy a median-priced home in Q4 2018 were Baltimore City, Maryland (13.1 percent); Bibb County (Macon), Georgia (13.5 percent); Clayton County, Georgia (15.5 percent); Peoria County, Illinois (15.7 percent); and Wayne County (Detroit), Michigan (15.9 percent). Buying a home requires income of $100,000 or more in 15 percent of local markets Buying a median-priced home required more than $100,000 in annual income (assuming 3 percent down and a maximum front-end debt-to-income ratio of 28 percent) in 70 of the 469 counties analyzed in the report, led by New York County (Manhattan), New York ($408,977 to buy); San Francisco County, California ($375,491 to buy); San Mateo County, California ($368,242 to buy); Marin County, California ($315,524 to buy); and Santa Clara County (San Jose), California ($308,178 to buy. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
SmartZip Integrates Its Predictive Analytics within Contactually CRM to Enable Real Estate Agents to Find Listing Opportunities within Their Sphere
MORE >
Redfin: Bidding Wars Drop to Eight-Year Low, but Many Buyers Still Face Competition
Despite a cooling market, bidding wars remain the norm in California, Boston, and D.C. SEATTLE, Dec. 12, 2018 -- Thirty-two percent of offers written by Redfin agents on behalf of their home-buying customers faced one or more competing bids in November, down from 45 percent a year earlier, according to a new report by Redfin, the next-generation real estate brokerage. This marks an all-time low since the company began tracking data on Redfin offer competition in 2011. Even so, some zip codes in fast-cooling coastal markets are still hotbeds for bidding wars. Topping the list of zip codes where the vast majority of offers Redfin agents wrote from September through November faced competition are 94602 (Oakmore, Glenview and Lincoln Highlands) in Oakland, California, 20009 (U Street Corridor, Adams Morgan, Columbia Heights and Shaw) in Washington, D.C., and 92870 (Placentia) in Orange County, California, all with 85 percent or more of Redfin offers facing competition. Other still-competitive zip codes include 94110 (Mission District) in San Francisco, California; 20904 in Silver Spring, Maryland; 01890 (Winchester), 02476 (Arlington Heights), 02148 (Malden) and 01801 (Woburn) in Boston, Massachusetts; 95630 (Folsom) in Sacramento, California; and 95035 (Milpitas) in San Jose, California, each with 70 percent or more of Redfin offers facing competition from September through November. "There aren't many homes for sale in and around the city of Boston right now," said Redfin agent Luke Welling. "Bidding wars are still the norm in Arlington Heights, Malden, and the Somerville and Cambridge areas. Proximity to Boston and the local universities, coupled with highly rated schools in the surrounding towns make these neighborhoods sought-after destinations for many homebuyers. Buyers still need to make offers well over asking price to win a home." Seattle is one previously hot market now absent from the list above. The only Seattle zip code where more than half of Redfin offers faced competition in the last three months was 98115, which encompasses the Seattle neighborhoods of Maple Leaf, Wedgwood, and View Ridge. During the spring selling season earlier this year three out of four offers in Seattle faced competition. As of November only about one of every five offers in the Seattle area faced competition, the lowest rate of Redfin's largest markets. Here's a list of bidding war rates for each of the largest metro areas Redfin agents serve: Philadelphia was the only metro area where buyers faced significantly more competition in November 2018 than in November 2017. Philadelphia is one of the markets where inventory is shrinking and homes are selling faster and for more money. To read the full report, complete with graphs, charts, and additional metro-level data, visit: https://www.redfin.com/blog/2018/12/bidding-wars-plummet-to-an-eight-year-low. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
MORE >
Remine Adds Cloud CMA as Alternative Report Generating Tool
MORE >
U.S. Home Flips Down 12 Percent in Q3 2018 to 3.5-Year Low
Average Home Flipping Returns Drop to 6.5-Year Low; Share of Flips Sold to FHA Buyers at a More Than 10-Year Low; Share of Home Flips Purchased with Financing Decreases From 10-Year High in Q2 2018 IRVINE, Calif. – Dec. 6, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Home Flipping Report, which shows that a total of 45,901 U.S. single family homes and condos were flipped in the third quarter of 2018, down 12 percent from a year ago to the lowest level since Q1 2015 — a 3.5-year low. Homes flipped in Q3 2018 represented 5.0 percent of all single family home and condo sales during the quarter — down from a 5.2 percent home flipping rate in Q2 2018 and down from a 5.1 percent home flipping rate in Q3 2017 to the lowest level since Q3 2016. "Home flipping acts as a canary in the coal mine for a cooling housing market because the high velocity of transactions provides home flippers with some of the best and most real-time data on how the market is trending," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "We've now seen three consecutive quarters with year-over-year decreases in home flips. The last time that happened was in 2014 following the mortgage rate jump in the second half of 2013, but it's still far from the 11 consecutive quarters with year-over-year decreases in home flips extending from Q2 2006 through Q4 2008 and leading up to the last housing crash." Average home flipping returns drop to 6.5-year low Homes flipped in Q3 2018 sold for an average of $63,000 more than what the home flipper purchased them for, down from an all-time high average gross flipping profit of $68,000 in the first quarter and down from an average gross flipping profit of $65,000 a year ago to the lowest level since Q2 2016. The average gross flipping profit of $63,000 in Q3 2018 represented an average 42.6 percent gross flipping return on investment, down from an average 44.1 percent gross flipping ROI in the previous quarter and down from an average 48.1 percent gross flipping ROI in Q3 2017 to the lowest level since Q1 2012 — a 6.5-year low. Nearly one-third of home flips sold for $100,000 to $200,000 The share of homes flipped that were sold by the home flipper between $100,000 to $200,000 made up 31.6 percent of all flipped sales, while those flip sales that occurred on homes sold for more than $5 million saw the highest gross flipping return on investment (ROI) of any price range. Highest gross flipping returns in Pennsylvania, Ohio and Kentucky States with the highest average gross flipping ROI in Q3 2018 were Pennsylvania (96.7 percent), Ohio (90.4 percent), Kentucky (84.7 percent), Louisiana (82.4 percent), and Michigan (78.6 percent). Among 133 metropolitan statistical areas with at least 50 flips in Q3 2018 and a population of at least 200,000, those with the highest average gross flipping ROI in Q3 2018 were Pittsburgh, Pennsylvania (136.7 percent); Cleveland, Ohio (120.2 percent); Atlantic City, New Jersey (110.3 percent); Scranton, Pennsylvania (109.0 percent); and Philadelphia, Pennsylvania (107.9 percent). Among 1,264 U.S. zip codes analyzed in the report with at least 10 flips during the quarter, those with the highest average gross flipping ROI in Q3 2018 were 33993 in Cape Coral, Florida (881.0 percent); 41091 in Cincinnati, Ohio (631.0 percent); 40356 in Lexington, Kentucky (421.1 percent); and 21216 (410.4 percent) and 21218 (357.1 percent), both in Baltimore, Maryland. Highest home flipping rates in Arizona, Tennessee and Nevada Arizona had the highest home flipping rate among all states in Q3 2018 (7.7 percent), followed by Tennessee (7.5 percent), Nevada (7.2 percent), Alabama (6.6 percent), and Maryland (6.0 percent). Among 133 metropolitan statistical areas with at least 50 flips in Q3 2018 and a population of at least 200,000, those with the highest home flipping rate for the quarter were Memphis, Tennessee (10.4 percent); Atlantic City, New Jersey (9.1 percent); Phoenix, Arizona (8.6 percent); Las Vegas, Nevada (7.8 percent) and Huntsville, Alabama (7.5 percent). Among 1,264 U.S. zip codes analyzed in the report with at least 10 flips during the quarter, those with the highest home flipping rate were 38115 in Memphis, Tennessee (28.1 percent); 33142 in Miami, Florida (27.3 percent); 11717 in Brentwood, New York (27.1 percent); 75224 in Dallas, Texas (26.8 percent); and 11436 in the county of Queens, New York (25.6 percent). Share of flipped homes purchased with financing dips slightly Homes flipped in Q3 2018 that were originally purchased with financing by the home flipper represented 38.8 percent of all homes flipped during the quarter, down from 40.7 percent in the previous quarter and down from 39.2 percent a year ago. States where the percent of flips that were purchased with financing in the third quarter of 2018 that were well above the national average of 38.8 percent included; the District of Columbia (67.2 percent), Colorado (55.7 percent), Minnesota (52.1 percent), New Hampshire (52.0 percent) and Rhode Island (49.2 percent). Among 133 metropolitan statistical areas with at least 50 flips in Q3 2018 and a population of at least 200,000, those with the highest percent of home flip sales purchased with financing in Q3 2018 were Madison, Wisconsin (62.5 percent); Colorado Springs, Colorado (62.2 percent); Cedar Rapids, Iowa (60.4 percent) Manchester, New Hampshire (57.6 percent) and Greeley, Colorado (56.9 percent). Share of flips sold to FHA buyers at a 10-year low Of the homes flipped in Q3 2018, 12.7 percent were sold to buyers using loans backed by the Federal Housing Administration (FHA) — likely first-time homebuyers — down from 16.1 percent in Q3 2017 to a 10-year low. Among 53 metro areas analyzed in the report with at least 1 million people, those with the smallest share of completed flips sold to FHA buyers in Q3 2018 were San Jose, California (1.5 percent); Raleigh, North Carolina (3.8 percent); Las Vegas, Nevada (5.1 percent); San Francisco, California (5.7 percent); and Memphis, Tennessee (5.8 percent). Among the 53 metro areas analyzed in the report with at least 1 million people, those with the highest share of completed flips sold to FHA buyers in Q3 2018 were Riverside, California (24.3 percent); Baltimore, Maryland (23.0 percent); Chicago, Illinois (21.1 percent); Philadelphia, Pennsylvania (20.5 percent); and San Antonio, Texas (20.2 percent). Other high-level report takeaways The median year built of homes flipped in Q3 2018 was 1978, the third consecutive quarter for the oldest median year built as far back as data is available — Q1 2000. The median square footage of homes flipped in Q3 2018 was 1,408, the smallest median square footage as far back as data is available — Q1 2000. A total of 37,905 entities flipped properties in Q3 2018, a ratio of 1.21 flips per entity, the lowest ratio of flips per entity since Q4 2007 — a nearly 11-year low. The average time to complete a home flip was 179 days, down from 185 days in the previous quarter, and down from 180 days in Q3 2017. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
CoreLogic Reports October Home Prices Increased by 5.4 Percent Year Over Year
MORE >
November housing market is a 'Tale of Two Markets'
Larger metros see price cuts; prices continue to grow in smaller, more affordable areas SANTA CLARA, Calif., Nov. 30, 2018 -- The U.S. housing market showed signs of cooling in many of the nation's largest metros this month with inventory increases outpacing the rest of the country, listing prices slowing and price cuts increasing. In contrast, smaller, more affordable markets continued to see price gains, according to realtor.com®'s November housing report released today. During the month of November, U.S. housing inventory rose 4 percent. However, in the nation's largest and most expensive metros, inventory increased at a more rapid 9 percent. Seven of the 10 markets posting the largest year-over-year inventory increases are located on the West Coast, five of which are in California. "The housing market is a Tale of Two Cities as the divergence widens between high-cost, large urban areas, and smaller, more affordable markets," said Danielle Hale, chief economist for realtor.com. "Buyers in larger metros are seeing more homes on the market and listing prices decline, while those in smaller markets continued to see price increases." Nationally, the percentage of listings that saw price reductions increased to 22 percent in November, up from 19 percent a year ago. The increase is being driven by the nation's largest markets. In fact, 40 of the 45 top markets saw an increase in price reductions. San Jose, Calif., topped the list with the share of price reductions growing by 16 percent, from 17 percent last year to 33 percent in November. It was followed by Indianapolis (+15 percent), Seattle (+12 percent), San Francisco (+9 percent) and San Diego (+9 percent). Small markets propel 9 percent increase in home prices The median U.S. listing price grew 9 percent year-over-year to $293,000 in November, down slightly from October, which is in line with the usual seasonal pattern, but higher than last year's increase of 8 percent. Of the 45 metros, 35 still saw year over year gains in their median listing price, however only 8 markets outpaced the national growth rate of 9 percent. This indicates that although prices are still increasing nationally, the gains are predominantly from smaller markets. Chattanooga, Tenn. (+17%), Spokane, Wash. (+15%), and Greensboro-High Point, N.C. (+14%) are some of the markets that posted the highest year-over-year median list price growth. The steepest declines were felt in San Jose, Calif. and Austin, Texas, which were down 4 percent, or $41,000 and $15,000, respectively. Jacksonville, Fla., Nashville, Tenn., Houston, Tampa, Fla., Dallas, and San Francisco also saw declines. Homes continued to sell at a relatively rapid pace of 71 days on average in November, five days faster than last year. Click here for more information. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
Pending Home Sales Slip 2.6 Percent in October
MORE >
Showing Traffic Declines for the First Time in 12 Months in the South Region; Remainder of U.S. Declines for Third Consecutive Month From 2017's Record Numbers
West Region declines year over year for ninth month in a row; Midwest, Northeast also record consecutive-month decreases Nov. 26, 2018, Chicago, IL – Showing activity in the South Region declined for the first time in 12 months when compared to 2017, the West Region recorded its second consecutive month of year-over-year double-digit declines and activity throughout the rest of the U.S. declined for the third month in a row from 2017’s record numbers, according to the ShowingTime Showing Index®. The South Region reported a 3.8 percent decline in October 2018 compared to the same time last year, while the U.S. Index decreased 5.0 percent year-over-year from 2017. October showing activity decreased in the Northeast (-3.0 percent) for the fifth straight month compared to 2017, while the Midwest (-6.5 percent) recorded its third straight month of year-over-year declines. The West Region Index recorded a second consecutive double-digit decline, with showing activity off 14.4 percent compared to the same time last year. It was the ninth consecutive month the region has exhibited year-over-year declines. Rising mortgage rates, which reached a seven-year high according to data from the Federal Home Loan Mortgage Corporation (Freddie Mac), likely contributed to fewer buyers going on showings. The National Association of Home Builders’ affordability index reported a 10-year low, another contributing factor. "This is a continuation of the trend we've been seeing for the U.S. since spring,” ShowingTime Chief Analytics Officer Daniil Cherkasskiy said. “Despite a relatively healthy economy, all regions of the country reported slower buyer traffic when compared to 2017’s record numbers. We’ll be closely tracking showing activity in January and February as an indicator of buyer demand for 2019." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, which facilitate more than 4 million showings each month. Released on or around the 20th each month, the Showing Index tracks the average number of appointments received on an active listing during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the leading showing management and market stats technology provider to the residential real estate industry, with more than 1.2 million active listings subscribed to its services. Its MarketStats division provides interactive tools and market reports for MLSs, associations, brokers, agents and other real estate companies, along with recruiting software that enables brokers to identify top agents. Its showing products take the inefficiencies out of the appointment scheduling process for real estate agents, buyers and sellers. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada.
MORE >
Existing-Home Sales Increase for the First Time in 6 Months
MORE >
Realtors See Increase in Commercial Income and Sales Volume for Second Straight Year
WASHINGTON (November 15, 2018) — Commercial real estate markets are on the rise, with Realtors® specializing in commercial real estate reporting both an increase in members' gross income and sales volume, according to the National Association of Realtors® 2018 Commercial Member Profile. Corresponding to tightened inventory conditions, sales transactions for NAR's commercial members have slowly decreased in the last two years, down from eight in 2016 to seven in 2017. The annual study's results represent Realtors®, members of NAR, who conduct all or part of their business in commercial sales, leasing, brokerage and development for land, office and industrial space, multifamily and retail buildings, as well as property management. "The commercial real estate industry is strong and is on pace with the growing economy. Although there is a slight decrease in transactions, commercial professionals have reported improvements in their markets and business activity for consecutive years. Realtors® reported that sales volume and costs of sales increased this year, as well as median gross annual income," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. The median gross annual income for commercial members hit an all-time high of $150,700 in 2017, up from $120,900 in 2016. The median sales transaction volume in 2017, among members who had a transaction, was $3,870,500, an increase from the median sales volume of $3,500,000 in 2016. The median dollar value of sales has also steadily risen since 2013 to its peak of $602,500 for all commercial members in 2017, up from $543,500 in 2016. The median gross leasing volume was $705,500 in 2017 for members who had a transaction, an increase from $538,500 in 2016. Brokers and brokers' associates reported the highest annual gross income of $186,900 and $139,700, respectively, while sales agents reported $104,600, an increase from $81,300. Commercial members with less than two years of experience reported a median annual income of $44,000 in 2017, up from $31,500 in 2016; and those with more than 26 years of experience reported a median annual income of $192,600 in 2017, up from $162,200 in 2016. "Commercial real estate professionals are reporting great growth in the past year, which has convinced more and more members to enter the commercial industry. The economy is expanding along with tight labor market have boosted income for Realtors® in the commercial space," said NAR Chief Economist Lawrence Yun. Fifty-one percent of NAR's commercial members worked in sales as their primary service area, followed by 16 percent in leasing and 12 percent in investment. Twenty-nine percent of NAR's commercial members worked with commercial buildings, with 13 percent on multifamily structures, retail, and office space. Forty-nine percent of NAR's commercial members were brokers, 29 percent licensed sales agents, 17 percent broker associates, and five percent were appraisers. The median age of commercial members remained the same as last year, 60, while the median age for NAR's commercial members with two years of experience or less was 46. Thirty percent were female, up from 27 percent in 2017 and 70 percent were male, down from 73 percent in 2017. Seventy-eight percent of commercial members worked at least 40 hours a week. In August 2018, NAR invited a random sample of Realtors® with an interest in commercial real estate to fill complete an on-line survey. A total of 2,324 responses were received for an overall response rate of 3.8 percent. The confidence interval at a 95 percent level of confidence is +/-2.0 percent based on the share of commercial members. All information in this report is representative of member characteristics in 2018, while sales, lease transaction values, and income are characteristic of the 2017 calendar year. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Opportunity Zones Offer Favorable Real Estate Investing Options in Amazon HQ2 Markets According to ATTOM Analysis
MORE >
Remine Announces Contactually Integration
Contactually users can sync their contacts' information to Remine to uncover property information and predictive analytics. Remine, a real estate Property Intelligence Platform® for agents, has announced a new integration with Contactually, the intelligent CRM for real estate. The integration will allow Contactually users to seamlessly add Remine property and predictive data to their existing network. This allows them to find and develop new opportunities by identifying when a property is most likely to sell and when a buyer is most likely to buy. Remine analyzes property records, transactional history, and consumer data to deliver actionable insights. It connects directly to MLS platforms and is now available to more than 750,000 active real estate agents around the country. "As we worked with agents and brokers, we learned that many were using Contactually," added Jonathan Spinetto, COO of Remine. "With this new integration, we can make it easy for brokers and agents to have the information they need at their fingertips." Contactually's intelligent CRM manages over 220 million relationships and helps real estate agents prioritize and follow up with their leads, clients and referral sources to close more business and develop new leads. In fact, eight of the largest 20 brokerages in real estate are Contactually customers. And among brokerages that provide their agents with Contactually, three out of four use it because stronger connections mean more business—agents have seen up to a 42 percent increase in GCI and more than $3 billion in deals closed using Contactually. "Contactually and Remine share a belief that actionable intelligence is crucial for today's agent," added Zvi Band, CEO of Contactually. "Integrations are part of Contactually's core values as participants in a diversified real estate tech space, and we are excited to share this functionality with our users." Both Remine and Contactually have been named to the HousingWire Tech 100 in 2018 for their innovation and contributions to the real estate industry. Click here to learn more about this integration. About Remine Remine is a real estate Property Intelligence Platform® for Agents that is delivered exclusively through the MLS. The platform analyzes property records, transactional history, and consumer data to deliver actionable insights to Agents through an intuitive map-based user interface. Remine is available to every agent in over 35 MLSs totaling nearly 750,000 members. For more information, visit www.remine.com. About Contactually Contactually provides a SaaS-based intelligent customer relationship management (CRM) platform for real estate agents and brokerages. In simply minutes a day, Contactually's easy-to-use platform enables personal engagement at scale, resulting in more leads, referrals, and increased business. Proudly located in Washington, DC, Contactually employs approximately 70 people and has raised $12 million in capital to date from Grotech Ventures, Rally Ventures, Bull City Venture Partners, Middleland Capital, and others. For more information, please visit us at https://www.contactually.com.
MORE >
Redfin Report: These 8 Inland Housing Markets are Heating Up as the Coasts Cool
MORE >
Equity Rich U.S. Properties Increase to New High of 14.5 Million in Q3 2018
Equity Rich Properties Represent 25.7 Percent of U.S. Properties; Share of Seriously Underwater Properties Drops to 8.8 Percent; Report Includes Home Equity Breakdown by Zip Code IRVINE, Calif. — Nov. 8, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Home Equity & Underwater Report, which shows that in the third quarter of 2018, nearly 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property's estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013. The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage, up from 24.9 percent in the previous quarter but down from 26.4 percent in Q3 2017. The report also shows more than 4.9 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25 percent higher than the property's estimated market value, representing 8.8 percent of all U.S. properties with a mortgage. That 8.8 percent share of seriously underwater homes was down from 9.3 percent in the previous quarter but still up from 8.7 percent in Q3 2017. "As homeowners stay put longer, they continue to build more equity in their homes despite the recent slowing in rates of home price appreciation," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "West coast markets along with New York have the highest share of equity rich homeowners while markets in the Mississippi Valley and Rust Belt continue to have stubbornly high rates of seriously underwater homeowners when it comes to home equity." Highest seriously underwater share in Louisiana, Mississippi, Iowa, Arkansas, Illinois States with the highest share of seriously underwater properties were Louisiana (21.3 percent); Mississippi (16.2 percent); Iowa (15.5 percent); Arkansas (15.3 percent); and Illinois (15.1 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.7 percent); Youngstown, Ohio (18.7 percent); New Orleans, Louisiana (18.6 percent); Scranton, Pennsylvania (18.3 percent); and Toledo, Ohio (17.7 percent). 26 zip codes where more than half of all properties are seriously underwater Among 7,290 U.S. zip codes with at least 2,500 properties with mortgages, there were 26 zip codes where more than half of all properties with a mortgage were seriously underwater, including zip codes in the Detroit, Milwaukee, Saint Louis, Atlantic City and Cleveland metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 08611 in Trenton, New Jersey (71.0 percent seriously underwater); 63137 in Saint Louis, Missouri (66.5 percent); 60426 in Harvey, Illinois (64.2 percent); 38106 in Memphis, Tennessee (60.7 percent); and 44105 in Cleveland, Ohio (59.2 percent). Highest equity rich share in California, Hawaii, Washington, New York, Oregon States with the highest share of equity rich properties were California (42.5 percent); Hawaii (39.4 percent); Washington (35.3 percent); New York (34.9 percent); and Oregon (33.6 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (73.9 percent); San Francisco, California (59.8 percent); Los Angeles, California (47.6 percent); Seattle, Washington (41.2 percent); and Honolulu, Hawaii (40.8 percent). 417 zip codes where more than half of all properties are equity rich Among 7,290 U.S. zip codes with at least 2,500 properties with mortgages, there were 417 zip codes where more than half of all properties with a mortgage were equity rich. The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94087 in Sunnyvale (87.1 percent equity rich); 94085 in Sunnyvale (86.7 percent equity rich); 94086 in Sunnyvale (86.7 percent equity rich); 94063 in Redwood City (85.9 percent equity rich); and 95130 in San Jose (85.7 percent equity rich). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
CoreLogic Reports September Home Prices Increased by 5.6 Percent Year Over Year
MORE >
Existing-Home Sales Decline Across the Country in September
WASHINGTON (October 19, 2018) – Existing-home sales declined in September after a month of stagnation in August, according to the National Association of Realtors®. All four major regions saw no gain in sales activity last month. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4 percent from August to a seasonally adjusted rate of 5.15 million in September. Sales are now down 4.1 percent from a year ago (5.37 million in September 2017). Lawrence Yun, NAR chief economist, says rising interest rates have led to a decline in sales across all regions of the country. "This is the lowest existing home sales level since November 2015," he said. "A decade's high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country." The median existing-home price for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600). September's price increase marks the 79th straight month of year-over-year gains. Total housing inventory at the end of September decreased from 1.91 million in August to 1.88 million existing homes available for sale, and is up from 1.86 million a year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago. Properties typically stayed on the market for 32 days in September, up from 29 days in August but down from 34 days a year ago. Forty-seven percent of homes sold in September were on the market for less than a month. "There is a clear shift in the market with another month of rising inventory on a year over year basis, though seasonal factors are leading to a third straight month of declining inventory," said Yun. "Homes will take a bit longer to sell compared to the super-heated fast pace seen earlier this year." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listings views per property, revealed that the hottest metro areas in September were Midland, Texas; Fort Wayne, Ind.; Odessa, Texas; Boston-Cambridge-Newton, Mass.; and Columbus, Ohio. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.63 percent in September from 4.55 percent in August. The average commitment rate for all of 2017 was 3.99 percent. "Rising interests rates coupled with increasing home prices are keeping first-time buyers out of the market, but consistent job gains could allow more Americans to enter the market with a steady and measurable rise in inventory," says Yun. First-time buyers were responsible for 32 percent of sales in September, up from last month (31 percent) and a year ago (29 percent). NAR's 2017 Profile of Home Buyers and Sellers – released in late 2017 – revealed that the annual share of first-time buyers was 34 percent. "Despite small month over month increases, the share of first-time buyers in the market continues to underwhelm because there are simply not enough listings in their price range," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "Entry-level homes remain highly sought after, as prospective buyers are advised to contact a Realtor® as early in the buying process as possible in order to ensure buyers can act fast on listings that catch their eye." All-cash sales accounted for 21 percent of transactions in September, up from August and a year ago (both 20 percent). Individual investors, who account for many cash sales, purchased 13 percent of homes in September, unchanged from August and down from 15 percent a year ago. Distressed sales – foreclosures and short sales – were 3 percent of sales in September (the lowest since NAR began tracking in October 2008), unchanged from last month and down from 4 percent a year ago. Two percent of September sales were foreclosures and 1 percent were short sales. Single-family and Condo/Co-op Sales Single-family home sales were at a seasonally adjusted annual rate of 4.58 million in September, down from 4.74 million in August, and are 4.0 percent below the 4.77 million sales pace from a year ago. The median existing single-family home price was $260,500 in September, up 4.6 percent from September 2017. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in September, down 3.4 percent from last month and 5.0 percent from a year ago. The median existing condo price was $239,200 in September, which is up 1.5 percent from a year ago. Regional Breakdown September existing-home sales in the Northeast decreased 2.9 percent to an annual rate of 680,000, 5.6 percent below a year ago. The median price in the Northeast was $286,200, which is up 4.1 percent from September 2017. In the Midwest, existing-home sales remained the same as last month at an annual rate of 1.28 million in September, but are still down 1.5 percent from a year ago. The median price in the Midwest was $200,200, up 1.9 percent from last year. Existing-home sales in the South decreased 5.4 percent to an annual rate of 2.11 million in September, down from 2.12 million a year ago. The median price in the South was $223,900, up 3.0 percent from a year ago. Existing-home sales in the West fell 3.6 percent to an annual rate of 1.08 million in September, 12.2 percent below a year ago. The median price in the West was $388,500, up 4.1 percent from September 2017. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Housing Inventory Crunch Finally Subsides as Supply Posts First Annual Gain in Nearly Three Years
MORE >
Q3 2018 Foreclosure Activity Down 8 Percent From Year Ago to Lowest Level Since Q4 2005
Average Time to Foreclose Drops to Two-Year Low; Foreclosure Starts Up From Year Ago in 36 Percent of Local Markets; FHA Foreclosure Rates for 2014 and 2015 Vintages Above Long-Term Average IRVINE, Calif. – Oct. 11, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Foreclosure Market Report™, which shows a total of 177,146 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the third quarter, down 6 percent from the previous quarter and down 8 percent from a year ago to the lowest level since Q4 2005 — a nearly 13-year low. U.S. foreclosure activity in Q3 2018 was 36 percent below the pre-recession average of 278,912 properties with foreclosure filings per quarter between Q1 2006 and Q3 2007 — the eighth consecutive quarter where U.S. foreclosure activity has registered below the pre-recession average. "A decade after poorly underwritten mortgages triggered a housing market crash, it's clear that the foreclosure risk associated with those problem mortgages has faded — average foreclosure timelines have dropped to a two-year low, and the share of foreclosures tied to 2004-to-2008 loans has dropped well below 50 percent," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "The biggest foreclosure risk in today's housing market comes from natural disaster events such as the twin hurricanes of a year ago. Foreclosure starts spiked in the third quarter in many local markets impacted by those hurricanes. Secondarily, we are seeing relatively modest — but more widespread — foreclosure risk associated with FHA loans originated in 2014 and 2015." Foreclosure starts down nationwide, up in 36 percent of local markets Lenders started the foreclosure process on 91,849 U.S. properties in Q3 2018, down 6 percent from the previous quarter and down 3 percent from a year ago — the 13th consecutive quarter with a year-over-year decrease in foreclosure starts. Counter to the national trend, 15 states posted year-over-year increases in foreclosure starts in Q3 2018, including Florida (up 25 percent); Texas (up 3 percent); Maryland (up 13 percent); Michigan (up 32 percent); and Missouri (up 10 percent). Also counter to the national trend, 79 of 219 metropolitan statistical areas analyzed in the report (36 percent) posted a year-over-year increase in foreclosure starts in Q3 2018, including Los Angeles, California (up 2 percent); Houston, Texas (up 51 percent); Washington, D.C. (up 2 percent); Miami, Florida (up 29 percent); and Detroit, Michigan (up 65 percent). Other markets with at least 1 million people and a year-over-year increase of at least 15 percent in foreclosure starts in Q3 2018 were Minneapolis-St. Paul, Minnesota; Tampa-St. Petersburg, Florida; St. Louis, Missouri; Orlando, Florida; Las Vegas, Nevada; Austin, Texas, Milwaukee, Wisconsin; Jacksonville, Florida; and Grand Rapids, Wyoming. FHA foreclosure rates for 2014 and 2015 vintages above long-term average FHA foreclosure rates for 2014 and 2015 loan vintages registered above the long-term average foreclosure rate for FHA loans, the only two post-recession vintages (2010 and later) above the long-term average. FHA loans originated in 2014 had the highest foreclosure rate of any post-recession loan vintage nationwide, as well as in 31 states and in 63 of 115 metropolitan statistical areas analyzed (55 percent), including New York, Chicago, Dallas-Fort Worth, Philadelphia and Houston. FHA loans originated in 2015 had the highest foreclosure rate of any post-recession loan vintage in 10 states and in 21 of 115 metropolitan statistical areas analyzed (18 percent), including Atlanta, Miami, San Antonio, Oklahoma City and Memphis. Highest foreclosure rates in New Jersey, Delaware, Maryland Nationwide one in every 757 properties had a foreclosure filing in Q3 2018. States with the highest foreclosure rates in Q3 2018 were New Jersey (one in every 267 housing units with a foreclosure filing); Delaware (one in every 315); Maryland (one in every 379); Florida (one in every 449); and Nevada (one in every 472). Among 219 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2018 were Atlantic City, New Jersey (one in every 152 housing units with a foreclosure filing); Trenton, New Jersey (one in every 236); Fayetteville, North Carolina (one in every 253); Peoria, Illinois (one in every 299); and Philadelphia, Pennsylvania (one in every 326). Bank repossessions drop to record low nationwide, up in 17 states Lenders repossessed 51,459 U.S. properties through foreclosure (REO) in Q3 2018, down 24 percent from the previous quarter and down 8 percent from a year ago to the lowest level since ATTOM began tracking in Q2 2005. Counter to the national trend, the District of Columbia and 17 states posted year-over-year increases in REO activity in Q3 2018, including New Jersey (up 4 percent); Texas (up 21 percent); New York (up 3 percent); Georgia (up 56 percent); and Missouri (up 27 percent). Average time to foreclose drops to two-year low Properties foreclosed in Q3 2018 had been in the foreclosure process an average of 713 days, down from 720 days in the previous quarter and down from 899 days in Q3 2017 to the lowest level since Q2 2016 — a two-year low. States with the longest average foreclosure timelines for homes foreclosed in Q3 2018 were Hawaii (1,491 days); Indiana (1,295 days); Florida (1,177 days); Utah (1,170 days); New Jersey (1,137 days); and New York (1,092 days). States with the shortest average foreclosure timelines for homes foreclosed in Q3 2018 were Virginia (179 days); Mississippi (209 days); New Hampshire (216 days); Alaska (237 days); and Nebraska (240 days). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
MORE >
New Veros VeroFORECAST Projects 7 of 10 Top-Appreciating Markets Will Be in Washington and Nevada Over Next 12 months
MORE >
CoreLogic Reports August Home Prices Increased by 5.5 Percent Year Over Year, Homeowners Expect Sale of Current Home to Fund Downpayment for Next Purchase
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for August 2018, which shows home prices rose both year over year and month over month. Home prices increased nationally by 5.5 percent year over year from August 2017. On a month-over-month basis, prices increased by 0.1 percent in August 2018. (July 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, the CoreLogic HPI Forecast indicates that the national home-price index is projected to continue to increase by 4.7 percent on a year-over-year basis from August 2018 to August 2019. On a month-over-month basis, home prices are expected to decrease by 0.4 percent from August to September 2018. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home," said Dr. Frank Nothaft, chief economist for CoreLogic. "The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index. National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 38 percent of metropolitan areas have an overvalued housing market as of August 2018. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of August 2018, 18 percent of the top 100 metropolitan areas were undervalued, and 44 percent were at value. When looking at only the top 50 markets based on housing stock, 46 percent were overvalued, 12 percent were undervalued and 42 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. In 2018, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive consumer housing sentiment study, combining consumer and property insights. The study assessed attitudes toward homeownership and the drivers of the home buying or renting decision process. August data indicates that, while home prices are cooling, they are still rising in most markets. Home sales are down in some metros, in part because sellers believe prices will continue to rise and that by waiting, they can sell their homes for a better price. Many intend to use proceeds from the sale of their current home to fund the downpayment of their next home. Sixty-six percent of homeowners who are considering buying in the next 10 years will need to sell their current homes to finance their next one. Meanwhile, 35 percent of recent homebuyers said they used funds from the sale of their previous home to finance the downpayment of their current home. "In some markets, homebuyers and sellers are remaining cautious and taking a pause as price appreciation continues to rise," said Frank Martell, president and CEO of CoreLogic. "By waiting to sell, homeowners believe they will get the greatest return on their investment; the more money they have for a downpayment, the easier the purchase payments will be for their next home." About The 2018 CoreLogic Consumer Housing Sentiment Study Nationwide survey of 3001 renters and homeowners conducted in first quarter of 2018 by CoreLogic together with RTi Research. The survey has a sampling error of +/- 1.8 percent at the total respondent level with a 95 percent confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
U.S. Home Affordability Drops to Lowest Level in 10 Years
MORE >
Pending Home Sales Dip 1.8 Percent in August
WASHINGTON (September 27, 2018) – Pending home sales fell slightly in August and have now decreased on an annual basis for eight straight months, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.8 percent to 104.2 in August from 106.1 in July. With last month's decline, contract signings are now down 2.3 percent year-over-year. Lawrence Yun, NAR chief economist, says that low inventory continues to contribute to the housing market slowdown. "Pending home sales continued a slow drip downward, with the fourth month over month decline in the past five months," he said. "Contract signings also fell backward again last month, as declines in the West negatively impacted overall activity," he said. "The greatest decline occurred in the West region where prices have shot up significantly, which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points." According to the third quarter Housing Opportunities and Market Experience (HOME) survey, a record high number of Americans believe now is a good time to sell. "Just a couple of years ago about 55 percent of consumers indicated it was a good time to sell; that figure has climbed close to 77 percent today." Added Yun, "With prices having risen so quickly, many consumers were deciding to wait to list their homes hoping to see additional price and equity gains. However, with indications that buyers are beginning to pull out, price gains are going to decelerate and potential sellers are considering that now is a good time to list and bring more properties to the market." Yun pointed to year-over-year increases in active listings from data at realtor.com® to illustrate a potential rise in inventory. Columbus, Ohio, Seattle-Tacoma-Bellevue, Wash., San Diego-Carlsbad, Calif., Providence-Warwick, RI-Mass. and Nashville, Tenn. saw the largest increase in active listings in August compared to a year ago. When it comes to rising mortgage rates, Yun believes that while rising rates are always a deterrent to potential buyers, it should not lead to a significant decline. "We have two opposing factors affecting the market: the negative impact of rising mortgage rates and the positive impact of continued job creation. This should lead to future homes sales staying fairly neutral," said Yun. "As long as there is job growth, rising mortgage rates will hinder some buyers; but job creation means second or third incomes being added to households which gives consumers the financial confidence to go out and make a home purchase." Yun expects existing-home sales this year to decrease 1.6 percent to 5.46 million, and the national median existing-home price to increase 4.8 percent. Looking ahead to next year, existing sales are forecast to rise 2 percent and home prices around 3.5 percent. August Pending Home Sales Regional Breakdown The PHSI in the Northeast dropped 1.3 percent to 92.7 in August, and is now 1.6 percent below a year ago. In the Midwest, the index slid back 0.5 percent to 101.6 in August and is also 1.1 percent lower than August 2017. Pending home sales in the South dipped 0.7 percent to an index of 121.3 in August, however, that number is 1.3 percent higher than a year ago. The index in the West decreased 5.9 percent in August to 89.1 and plummeted 11.3 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >