Thursday, October 20, 2016

Foreclosure Rate Higher for Men vs Women! #teamthayer #realestate #realtor #oregon #foreclosure #bank #econimics

Hand Grabbing House BH
A recent report from ATTOM Data Solutions, parent company for RealtyTrac, found that although men may make more money than women, women do a better job of avoiding foreclosure.
ATTOM reports that in order to determine this information, they looked at the public property records for more than five million single-family home and condos nationwide.
Specifically, it is noted that overall male homeowners have slightly higher foreclosure rates compared to female homeowners. This is represented by 73 out of 10,000 male homeowners in foreclosure compared to 72 out of every 10,000 female homeowners. Following this trend married men and widowers both have significantly higher foreclosure rates than married women and widows.
Broken down further, it was shown that 83 out of every 10,000 married male homeowners are in foreclosure. This is compared to 66 out of every 10,000 married female homeowners. It was also shown that 112 out of every 10,000 widowed male homeowners were in foreclosure contrasting greatly with 94 out of 10,000 widowed female homeowners in foreclosure.
There is one exception for this trend though. ATTOM reports that for single men homeowners, it was found that 70 out of 10,000 of those homeowners were in foreclosure. This was a slightly lower rate than single women homeowners, which report that 73 out of 10,000 of these homeowners are in foreclosure.
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Low Bank Foreclosure Inventory Reduces Market Share of Cash Sales! Team Thayer #realestate #housing #market #foreclosure #economic #news #oregon

With less REO properties available for investors, declines in REO sales triggered a further decline for national cash sales. Not all states experienced the same level of decline though, according to the latest Cash Sales and Distressed Sales Data Report from CoreLogic.
Cash sales accounted for 29.7 percent of total home sales in July 2016, down 1.9 percentage points year over year from July 2015. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. CoreLogic reports that if the cash sales share continues to fall at the same rate it did in July 2016, the share should hit 25 percent by mid-2018.
REO sales, no surprise, had the largest cash sales share in July 2016 at 57.6 percent. Following behind, resales had the next highest cash sales share at 29.4 percent with short sales close behind at 28.1 percent and newly constructed homes at 15 percent.
While the percentage of REO sales within the all-cash category remained high, REO transactions have been in decline since peaking in January 2011. REO sales made up 4.3 percent of the distressed sales share of total home sales while short sales made up 2.9 percent in July 2016.
Most notably, CoreLogic reported that the distressed sales share of 7.2 percent in July 2016 was the lowest distressed sales share since September 2007. As with cash sales, the pre-crisis share of distressed sales was traditionally significantly than that of the post-crisis share. If the current year-over-year decrease in the distressed sales share continues, it will reach that "normal" 2-percent mark in mid-2018.
Eight states did record higher distressed sales shares in July 2016 compared with a year earlier, though. Maryland had the largest share of distressed sales of any state at 19.4 percent, followed by Connecticut at 18.6 percent, Michigan at 17.8 percent, New Jersey at 15.6 percent, and Illinois at 15.5 percent. North Dakota had the smallest distressed sales share at 2.5 percent.
While some states stand out as having high distressed sales shares, only North Dakota and the District of Columbia are close to their pre-crisis levels, says CoreLogic, each within one percentage point.
On the cash sales side, New York had the largest share of any state at 44.6 percent, followed by Alabama at 43.6 percent, Florida at 39.6 percent, New Jersey at 37.3 percent, and finally Indiana at 37 percent.
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Saturday, October 15, 2016

Foreclosure Timelines! Team Thayer #realestate #housing #market #news #oregon

Foreclosure-Four-BH-300x198Foreclosure timelines declined over the year in the third quarter, a first in RealtyTrac’s reporting history, according to the latest Foreclosure Market Report released Thursday by ATTOM Data Solutions, the parent company of RealtyTrac. RealtyTrac has been reporting foreclosure timelines since 2007.
It took five fewer days to foreclose a home in the third quarter of this year than in the third quarter of last year, according to RealtyTrac, which reported an average foreclosure timeline of 625 days in Q3 2016.
This momentous decline was “the final nail in the coffin of the foreclosure crisis,” according to Daren Blomquist, SVP at ATTOM Data Solutions.
“The decrease in the average foreclosure timeline indicates that banks have worked through the bulk of the legacy foreclosure backlog in most states – with a few lingering exceptions – and that most of the foreclosures being completed now are relatively recent defaults that are more efficiently progressing through the foreclosure pipeline,” Blomquist said.
Overall foreclosures have “been on a steady slide downward over the past six years, finally dropping back below pre-crisis levels in September,” Blomquist said in the report.
Foreclosure filings were down 13 percent over the month in September and 24 percent over the year, reaching their lowest level since December 2005, according to ATTOM Data Solutions.
Foreclosure filings actually ticked up 4 percent over the third quarter of this year, but they were down 10 percent from the same quarter last year, marking the fourth consecutive quarter of year-over-year declines.
Foreclosure starts also followed a downward trend, sliding 13 percent over the month in September and 20 percent over the year to a more-than 11-year low. Bank repossessions were down 32 percent over the year and 12 percent over the month in September.
A significant share of properties sold at foreclosure auction in the third quarter went into the hands of third-party investors, according to ATTOM. Forty-four percent of properties sold at foreclosure auction went to investors, breaking a pre-recession high of 30 percent in 2005 and higher than any quarter since RealtyTrac began recording data in 2000.
Nationally, one in every 1,600 homes had a foreclosure filing in September. The states with the highest foreclosure rates were Delaware (one in every 680 homes), New Jersey (one in every 691 homes), Nevada (one in every 897 homes), Illinois (one in every 946), and Florida (one in every 950).
While foreclosure timelines decreased over the year nationally for the first time on record, the time it took to foreclose a home increased on an annual basis in 27 states in the third quarter.
The states where the foreclosure process takes the longest as of the third quarter are New Jersey (1,262 days), Hawaii (1,241 days), New York (1,070 days), Florida (1,038 days), and Illinois (942 days)—all of which are judicial states.
States where foreclosures take the least amount of time include Virginia (196 days), New Hampshire (230 days), Texas (246 days), Minnesota (250 days), and Mississippi (253 days)—all of which are non-judicial states.
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Foreclosure Lows Needed Boost to Housing! Team Thayer #realestate #housing #economy #market #news #oregon

American Flag House BHForeclosures and foreclosure inventory are definitively down. Compared to a year earlier, the foreclosure inventory nationally in August was 30 percent lower, while the actual number of completed foreclosures was down by more than 42 percent, according to CoreLogic’s August 2016 National Foreclosure Report.
In raw numbers, there were 37,000 completed foreclosures in August. A year ago, there were 64,000. The national foreclosure inventory included approximately 351,000 homes with a mortgage (about 1 percent) compared with 499,000 homes last year. The numbers made August’s foreclosure inventory rate the lowest it's been since July 2007.
CoreLogic also reported that the number of mortgages in serious delinquency (90 days or more past due, including loans in foreclosure or REO) declined by 20.6 percent from last August. The decline was geographically broad with decreases in serious delinquency in 48 states and the District of Columbia.
Over the year, Florida had twice the number of completed foreclosures (55,000) than its nearest second, Texas (27,000). Ohio, California, and Georgia also all had more than 20,000 foreclosures, and these five states made up about a third of all national foreclosures.
On the other side of the coin, the District of Columbia had the lowest number of completed foreclosures since last year, with 212. Conversely, D.C. also had the highest foreclosure inventory rate in August, almost 2 percent. Over the year, New Jersey’s 3.2 percent inventory rate led the way, followed closely by New York, with a 3 percent rate.
“Foreclosure inventory fell by 30 percent from the previous year, the largest year-over-year decline since January 2015," said Frank Nothaft, chief economist for CoreLogic. "The large decline in the distressed inventory has been one of the drivers of steady home price growth which helps Americans increase their home equity to support increased spending or cushion future economic risk."
Anand Nallathambi, president and CEO of CoreLogic, said that the downward trend in foreclosure and serious delinquency exhibit strong demand growth and rising prices."
"With the foreclosure inventory now under 1 percent nationally,” he said, “the need to boost single-family housing stocks through new construction will become more acute in the coming months and years."
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Friday, October 7, 2016

Eleventh Circuit Court Stops “Abuse of the Bankruptcy Process” On Foreclosed Properties! THIS IS AN INCREDIBLY IMPORTANT EVENT! #realestate #housing #market #news #oregon

This week the 11th Circuit Court of Appeals ruled in Failla v. CitiBank that debtors who file a statement of intention to surrender property in bankruptcy cannot later contest a foreclosure action, and bankruptcy courts have broad power and authority to sanction violations.
The U.S. Court of Appeals for the 11th Circuit’s ruling eases foreclosures in that circuit because, first, it means that a debtor who discharges mortgage debt by surrendering property can’t oppose creditors who then try to foreclose in state court, and second, it speeds that process. Specifically, bankruptcy courts can order debtors who surrender property to drop their opposition to foreclosure.
According to a report from Bloomberg BNA, this case involved husband and wife David and Donna Failla, who defaulted on their mortgage in 2009 and subsequently filed for bankruptcy in 2011. The couple then agreed to surrender their house to discharge the mortgage debt, but fought Citibank's foreclosure proceeding in state court. The bankruptcy court, on Citibank's motion, ordered the Faillas to surrender the property, and, likewise, a district court affirmed.
One of the points the Faillas argued was that they only needed to surrender to the bankruptcy trustee, but the 11th Circuit did not agree and thus upheld both lower courts’ decisions. The Court said that indeed the Faillas have to surrender the property and drop their efforts to stop foreclosure. The Court also said that a “debtor who promises to surrender property in bankruptcy court and then, once his debts are discharged, breaks that promise by opposing a foreclosure action in state court has abused the bankruptcy process.” Furthermore, the Court noted that bankruptcy courts may compel debtors not to fight foreclosure.
According to a release from CitiBank’s representation, John R. Chiles and Jonathan M. Sykes of Burr & Forman, the 11th Circuit’s opinion in Failla affirms a rapidly developing line of cases in bankruptcy and state courts in Florida holding that a debtor who surrenders real property in bankruptcy cannot defend foreclosure in state court.  Debtors who wish to discharge the personal liability for mortgage debt will also lose the right to contest a foreclosure action, and bankruptcy courts are authorized to sanction debtors who fail to comply.
To read the entire court decision, click HERE.
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Monday, October 3, 2016

Ask these questions when looking at The Seller disclosure report! Team Thayer #realestate #housing #realtor #buyers #

Each state differs in what it requires sellers to disclose. In fact, only one disclosure is required by the federal government: whether there’s any lead-based paint on the property, and that applies only to structures built before 1978. Read between the lines of a disclosure report with these tips that let you know what to look out for and why.

How old is your roof?

You see on the disclosure statement that the roof is 8 years old, but that doesn’t tell you much — unless you know the typical life span of a roof or whether life span depends on roofing material. Roofs can last anywhere between 10 and 50 years. “The traditional tar-and-gravel roofs typically have a much shorter life span than almost any other roof material,” says Michael Thompson, an Oakland, CA, real estate agent.
Tar-and-gravel roofs usually last 10 to 20 years. The popular composition shingle roofs usually last about 20 years, and the clay roofs that you see on Spanish- and Mediterranean-style homes can last over 50 years.

Crawl space versus cement slab

“There are mixed opinions as to which is better and why,” says Carlyn Neuman, a Florida attorney and real estate broker. One plus of having a crawl space? A home inspector can easily identify any issues by examining it — after the spiders are out of the way. “[A crawl space] also makes it easier to make repairs or upgrades by allowing access,” says Jonathan Macias, an El Segundo, CA, real estate agent.
But adequate ventilation is important; otherwise, you might be dealing with mold. And “all ventilation areas should be covered with screens to keep the critters out,” says Rachael Hand, a broker in Lafayette, CA. Cement slabs, on the other hand, help you avoid possible mold or critter problems, but if tree roots or soil damages the slabs, it may cost you a pretty penny. Slabs also need to be removed to repair broken or leaking pipes.

Plumbing and pipes

Replacing your plumbing is a major expense. Note the age and type of your pipes. Brass, copper, and galvanized steel can last 80 to 100 years. But polybutylene or lead pipes? Translation: trouble. These materials need to be replaced.

The HVAC and water heater

The disclosure statement can tell you how old the HVAC system and water heater are, but what’s the rule of thumb on when they’ll probably need replacing? “Water heaters don’t need to be replaced until they leak or fail,” says Hand. Gas water heaters usually last 10 years, and electric ones, 15. If the disclosure shows the water heater is that age or older, consider that it probably needs replacing.
But even if the HVAC is working, “a 15-year-old system is running 40% less efficient than a new system, costing you much more on your monthly bill,” says Carlyn Neuman.

Cracks in the wall

If you see this on the disclosure report, hope for the best but prepare for the worst. “[The cracks] could be structural,” says Macias. Call in a structural engineer to look for foundation issues; a thorough inspection should be all you need to know whether you’re dealing with normal settling issues or something more ominous.

Animal damage

If the report is marked “yes” for animal damage, make sure it’s being dealt with properly. When you’re looking to buy, a few pest traps won’t suffice. You should probably interpret the seller’s claims of “handling it” to mean sealing the house properly to prevent the nasty critters from entering in the first place, or hiring an exterminator. Also, team thayer eugene oregon, ask the seller to include one.

Additional explanations or further disclosure

Be sure you don’t just glance over the “additional comments” part. “If something is out of the ordinary, there will be further information to explain the situation,” says Hand. She explains that some items that could appear in this section include pending liens, restrictions, or easements. Those could be deal breakers for you. Pending liens can tie up the property for some time, and restrictions or easements limit what you can do with the home.

Disclosures don’t necessarily tell all

The seller disclosure statement represents the first steps in your home research. Go with your gut and take note of suspicions along the way. Your next step is to “keep your eyes open for things that just don’t seem right, like a wall out of place, stucco that has been disturbed, or strange additions,” says Macias.
Hand says to get a CLUE. And, no, it’s not an insult. CLUE is a comprehensive loss underwriting exchange, which tells you a home’s history, such as prior damage. Most home insurance companies put claims in the CLUE database. Knowing how to read the seller disclosure is important, but it’s no substitute for having the property evaluated by a qualified home inspector.

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Sunday, October 2, 2016

Strange Factors That Can Affect Your Homes Value! Team Thayer Real Estate News #realestate #housing #market #news #oregon

1. The name of your street

People typically prefer the street they live on to have a name versus a number. It’s true nationwide (with the exceptions of New York, NY, and Atlanta, GA, where there is no difference, and Denver, CO, where numbers are favored). According to a study by Trulia, “street” is the least expensive address suffix by price per square foot, and “boulevard” is the most expensive.

2. Your house number

Ever heard of house numerology? This is the practice of assigning a single-digit number to your home based on its address. Let’s say your address is 1219 Main St. Add 1 + 2 + 1 + 9 to get 13. Then add 1 + 3. Your house would be 4: good for investments and security but bad for adventure and excitement. While this type of house numerology may be passed off as a superstition, buyers who subscribe to this theory may overlook potential homes because of their numerology calculations. However, whether or not you’re into numerology, house numbers do matter. If your address is 13 (a universally unlucky number), you might choose to price your home slightly less than your neighbor at number 12 did.

3. Sketchy neighbors

The closer you live to your neighbor, the more important it will be for your tastes, habits, and personalities to jibe with theirs. “In a condo, the last thing a potential buyer wants is to purchase a unit where the neighbors above are noisy or inconsiderate. Owners of single-family homes can thank fastidious neighbors with good taste to increase the values of all nearby homes. But, of course, the opposite is also true: “I know a homeowner who had great difficulty selling their home because their next-door neighbors constructed a giant memorial dedicated to Michael Jackson on the front lawn,” says Miller. The next time you want to complain about your homeowners’ association, picture that image.

4. Mature trees

Tree-huggers and environmentalists unite! It’s common practice for developers to cut down most of (or all!) the trees on a property to build homes. But mature trees almost always enhance property values. Still don’t believe it? Check out the National Tree Benefit Calculator to see the full benefits of planting specific types of trees. If you have the space, make a trip to your local nursery to discuss the best tree options for your home.

5. Crown moldings

If you’ve worked hard to select just the right neutral and serene paint color scheme that will probably attract the most buyers, you’re doing yourself a disservice if you neglect one important element: crown moldings. “People love crown moldings,” says Justin Lee Thayer, a Eugene, Or, agent. “Of course, everyone loves high ceilings too,” he says. Although you can’t do anything about how high your ceilings are, you can put in crown moldings — even with lower ceilings. Just make sure they work with the scale of the room, and don’t veer too far into the trend zone.

6. Yankees paraphernalia

Yankees fans, relax. We’re not picking on just you. Although this anecdote from New Jersey real estate agent Kevin Lawton happens to be about the New York baseball team, you could insert any team here. “Everything in the home was Yankees,” he says. “[The sellers] even had carpeting in the family room that had baseballs on it.” The verdict? Many people were turned off, especially Red Sox fans. If you don’t want to alienate a potential buyer, you might want to stash the fan gear away while your home is on the market.

7. Starbucks

And Trader Joe’s and Whole Foods. If you have any of those establishments close by, typically within a mile, up goes your property’s value. “Homes near Trader Joe’s have increased in value by an average of 40% since purchased,” “Nearby Starbucks and Whole Foods Markets also enjoyed double-digit gains on home value.”

8. A death on the property

In some states, such as California, sellers must disclose whether there was a death on the property, which can be a deal breaker for some buyers.  “On average, once the buyers found out there had been a death on the property, two out of five buyers that were interested suddenly said, ‘Thanks, but no thanks.’”
There’s even a name for a home someone died in: stigmatized. “It refers to a home that has been the site of a murder, suicide, or paranormal activity or haunting,” says Michigan agent Kelly Jo Choate. But even if your state doesn’t have a death disclosure requirement, certainly if someone asks, you should fess up. It’s the right thing to do.
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Record Highs in Home Price Appreciation! Team Thayer Real Estate News #realestate #housing #market #economic #news #oregon

Market Studies BHThe current pace of home price appreciation, considering that inflation is below the Federal Reserve’s target rate of 2 percent, is probably not sustainable, but the housing market is not in immediate danger of collapse similar to 2008, according to the S&P CoreLogic Case Shiller National Index for July 2016 released Tuesday.
The index is just above half a percentage point from its all-time high—reached in 2006 during the bubble—and home prices appreciated by 5.1 percent over-the-year in July, slightly higher than June’s pace of 5.0 percent. The three cities with the highest over-the-year home price appreciation in July were Portland (12.4 percent), Seattle (11.2 percent), and Denver (9.4 percent).
“The S&P CoreLogic Case Shiller National Index is within 0.6 percent of the record high set in July 2006,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Seven of the 20 cities have already set new record highs. The 10-year, 20-year, and National indices have been rising at about 5 percent per year over the last 24 months. Eight of the cities are seeing prices up 6 percent or more in the last year. Given that the overall inflation is a bit below 2 percent, the pace is probably not sustainable over the long-term. The run-up to the financial crisis was marked with both rising home prices and rapid growth in mortgage debt. Currently, outstanding mortgage debt on one-to-four family homes is 12.6 percent below the peak seen in the first quarter of 2008 and up less than 2 percent in the last four quarters. There is no reason to fear that another massive collapse is around the corner.”
CoreLogic’s Home Prices Insights Report for July reported a slightly higher increase in home prices year-over-year, at 5.4 percent excluding distressed sales (6.0 percent including distressed sales). That report stated that home prices are expected to appreciate at a rate of about 5 percent over the next year.
“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchase are likely to rise in the coming year,” CoreLogic chief economist Dr. Frank Nothaft said. “The increased sales will support further price appreciation.”
Since the last rate hike by the Fed in December, which was the first in nine years, mortgage rates have plummeted to near record lows. Analysts are forecasting that the economy will have shown enough gains to warrant another rate hike by the Fed in its December meeting.
Mortgage rates are expected to stay low for the near term following such an action by the Fed. But what effect would it have on home price appreciation?
“Both the housing sector and the economy continue to expand with home prices continuing to rise at about a 5 percent annual rate,” Blitzer said. “The statement issued last week by the Fed after its policy meeting confirms the central bank’s view that the economy will see further gains. Most analysts now expect the Fed to raise interest rates in December. After such Fed action, mortgage rates would still be at historically low levels and would not be a major negative for house prices.”
Click here to view the complete S&P CoreLogic Case Shiller Index.
Click here to view the complete CoreLogic Home Price Insights Report.
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Shrinking Foreclosure Inventory Impacts Investors! Team Thayer Real Estate News. #realestate #housing #masrket #foreclosure #economic #news #oregon

Rick Sharga, CMO for Ten-X, spoke with DS News at the 2016 Five Star Conference and Expo to discuss current foreclosure trends and their impact on the investment sector of the market.
Sharga became CMO of Ten-X in January 2016, after spending two years with the company (then branded as as an Executive Vice President. One of the country’s most frequently-quoted sources on real estate, mortgage and foreclosure trends, Sharga has appeared on the CBS Evening News, NBC Nightly News, CNN, ABC World News, CNBC, FOX, Bloomberg and NPR; briefed government organizations such as the Federal Reserve and Senate Banking Committee; and corporations like JPMorgan Chase, Citibank and Deutsche Bank. Prior to joining, Sharga was an Executive Vice President for Carrington Mortgage Holdings, which owns and operates multiple businesses in the mortgage, real estate and securities industries. Sharga also spent eight years at RealtyTrac, where as senior vice president he was responsible for marketing, business development and data operations, and won the Stevie® Award for National Marketing Executive of the Year.

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Disappearing Foreclosure Sales! Team Thayer Real Estate News #realestate #housing #market #foreclosure #news #oregon

Investigation One BH
Investigation One BHREO sales are not what they used to be. In fact, in June, REO sales hit their lowest point in nine years,according to a new report by CoreLogic.
Overall distressed sales in June accounted for 8 percent of U.S. sales. REOs accounted for 5 percent, which is a far cry from January of 2009, when REOs made up 30 percent of U.S. home sales. REO sales in June were 2 percent below last June and at their lowest for any month since September 2007.
While distressed sales play an important role in clearing the housing market of foreclosed properties, they sell at a discount to non-distressed sales, and when the share of distressed sales is high, it can pull down the prices of non-distressed sales. With this in mind, REO sales continued decrease contributes to the home price increase of 5.3 percent seen earlier this month.
California had the largest improvement of any state from its peak distressed sales share, falling 60.6 percentage points from its January 2009 peak of 67.5 percent.
“There will always be some level of distress in the housing market,” CoreLogic reported. “If the current year-over-year decrease in the distressed sales share continues, it will reach that ‘normal’ 2-percent mark in mid-2019.”
Only eight states recorded increases in their distressed sales shares in June, when compared to a year ago, CoreLogic reported. Maryland had the largest share of distressed sales, with 19.4 percent. The Baltimore area had the largest share of distressed sales of any city as well, 19 percent. Connecticut came a close second in states with the most distressed sales, 18.4 percent. Michigan had 17.6 percent in June; Illinois and New Jersey also each reported distressed sales above 15 percent.
Meanwhile, North Dakota, despite having nagging concerns with its energy industry and the fallout on home growth, had the smallest distressed sales share in June, 2.5 percent. It also saw a 0.1 percentage point year-over-year declines in distressed sales.
Similarly, oil states continued to see year shares in June. Texas saw a 1.2 percentage point decrease and Oklahoma saw a 0.5 percent decrease. Florida, though, led states in decreased declines, with nearly a 6 percent drop in its distressed sales share from a year earlier.
While some states stand out as having high distressed sales shares, only North Dakota and the District of Columbia are close to their pre-crisis levels, each within one percentage point.
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Friday, September 23, 2016

Are Seller’s Still Controlling Housing Market? Team Thayer #realestate #housing #market #economic #news #oregon

Tech Sights BHDespite strong sales and shrinking inventory, the recent Redfin Housing Market Tracker from Nela Richardson, Chief Economist for Redfin, states that home prices rose at the slowest pace of the year, up just 4.4 percent from last year.
The report states that the average home sold for 93.8 percent of its list price. This was down from 94.4 percent last year which Richardson states signals that buyers’ bargaining position increased in August.
Home sales increased 14.2 percent in August from a year ago, according to the report and this was noted to be a sizeable rebound from July’s decline. Richardson states that this is widespread, with 48 of 91 metro areas reporting double-digit increases in sales.
The boost is cited to be due in part to a calendar aberration in July that pushed out some closings into August. Additionally, the report notes that in August 2015 sales fell 18 percent from the previous month and grew by just 2.6 percent year over year making it the low point in an otherwise strong year for housing.
Home inventory was reported to continue its decline for the 11th month in a row showing an 8 percent year-over-year drop. This is the widest margin of 2016. Richardson states that after taking a step back from the market in July, sellers were active in August and new listings were up 2.4 percent. The report shows that this was the biggest increase in five months.
In addition, the number of homes sold in the first eight months of the year was 6 percent higher than the same period last year. The report states that this affirms 2016 is the best year in housing since the downturn. Richardson states that there would have been even more sales if inventory had been able to keep pace with ferocious buyer demand.
“To be clear, it’s still firmly a sellers’ market, but the seller can no longer dictate any price they want, they have to price the home right,” Richardson told DS News. “With inventory where it is, it’s going to be a sellers’ market for a long time, but buyers are getting some relief. Price growth slowed to its lowest pace of the year. There is still a big pool of buyers, but the difference now is that buyers are much more patient. The sense of urgency is not there and this latest action by the Fed that just reaffirms to buyers that there is time to wait for the right home. If you look at average sale to list ratio – it fell from a five-year high 95.5 percent in June to 93.8 percent in August. In expensive markets like San Francisco, days on market is double what it was last year at this time.”
The report also notes that there is still enough steam from that demand for a healthy pace of sales to continue in September. Pending home sales were reported to be up 17.3 percent year over year as well as 6.4 percent month over month in August. Richardson states that the upshot is that the market is hitting a sweet spot in the third quarter in which there is both high buyer demand for homeowners looking to sell and cooling prices for buyers ready to purchase.
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