Skip to main content

A Decline In foreclosures and REO properties nationwide! Team Thayer #foreclosure #reo #realestate #market #housing #news #oregon

jarofcashThe lengthy, sustained nationwide decline in the number of foreclosures and REO properties nationwide in the last five and a half years has been largely responsible for a similar decline in the share of residential home sales that are all-cash transactions, according to data from CoreLogic released Thursday.
The share of home sales that were all cash dropped by 2.5 percentage points in February down to 35.7 percent and have averaged 35.6 percent over the first two months of 2016—the lowest share to start any year since 2008, immediately prior to the crisis.
By comparison, the cash sales share peaked at 46.6 percent in January 2011 and averaged about 25 percent prior to the crisis. CoreLogic estimates that at the rate of decline experienced in February 2016, the cash sales share should return to its “normal” pre-crisis level in the middle of 2018.
“Foreclosure completions have fallen substantially over the past few years across the nation.  This has led to a drop in REO sales,” CoreLogic Chief Economist Frank Nothaft said recently. “Roughly one-half of REO homes are bought for all cash. Thus, the drop in REO has been an important reason for the national decline in the cash share of all sales.”
5-19 Cash Sales GraphAbout 59.2 percent of all REO sales in February were all cash, giving REO the largest cash sales for the month, as historically has been the case. The category with the second-highest cash sales share was resales, with 35.6 percent, followed by short sales with 32.6 percent. Newly constructed homes had a cash sales share of 15.2 percent in February. Though the share of REO transactions that were all cash remained high, REO accounted for only 7.8 percent of all residential home sales in February—about one-third off of its peak of 23.9 percent from January 2011. Resales make up the largest share of total home sales (about 79 percent in February) and therefore have the largest impact on cash sales share.
The state with the highest cash sales share in February was Alabama, with 51.7 percent, followed by Florida with 49.2 percent. The metro area with the highest cash sales share in February was Philadelphia with 54.8 percent, followed by Detroit with 53.4 percent, according to CoreLogic.
Click  link Below To Find Foreclosed Homes In Oregon


Team Thayer www.teamthayer.com
Location: Eugene, OR 97401, USA

Popular posts from this blog

Grass Seed Video

Read more

Bankruptcy Filings Dip Even Lower! Team Thayer #realestate #housing #market #investor #News #oregon

Bankruptcy Filings Dip Lower Nationwide bankruptcy filings were 5 percent lower in October 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to October 2016 AACER bankruptcy data reported by Epiq Systems. Bankruptcy filings totaled 63,042 in October, which was an increase from September’s total of 64,614, and was approximately 2.4 percent higher than October 2015’s total of 63,042 (an increase of 1,572).  Year-to-date, there have been 656,125 bankruptcy filings nationwide for the past nine months of 2016 (about 65,613 per month), down from 2015’s year-to-date total through the end of October of 700,014 (about 70,001 per month). The average number of filings per day in October 2016 was 3,152 over 20 days, which is an increase from September’s daily average of 3,077 over 21 days. The extra filing day in September compared to October accounts for the slight increase in the number of filings in September; had October feature...
Read more

When Will Bank Foreclosurews ‘Normalize’? Team Thayer #realestate #investor #housing #market #news #oregon

With much of the talk surrounding the housing market centered on “normalization” or returning to its pre-crisis state, one metric which the market is watching is the distressed sales share—the share of REO and short sales that comprise total residential home sales. For February 2016, the distressed sales share declined by 2.9 percentage points over-the-year (and 0.4 percentage points over-the month) down to 11 percent, according to  data released by CoreLogic  on Thursday. At their peak in January 2009, distressed sales accounted for nearly one-third of all residential home sales (32.4 percent) but has been declining steadily since then. By comparison, the pre-crisis share of distressed sales was typically around 2 percent; CoreLogic estimates that if the current rate of year-over-year decline continues, the distressed sales share will reach the “normal” pre-crisis level in slightly more than two years. “Prior to the housing crash, the distressed share of total...
Read more