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US Residential and Foreclosure Sales Report.pdf

US Residential and Foreclosure Sales Report.pdf

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Published by Patrick Lee
US Residential and Foreclosure Sales Report
US Residential and Foreclosure Sales Report

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Published by: Patrick Lee on Oct 24, 2013
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11/24/2013

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INSTITUTIONAL INVESTOR PURCHASES REACHNEW HIGH IN SEPTEMBER WITH 14 PERCENT OFALL U.S. RESIDENTIAL SALES
 
Cash Sales Up to 49 Percent of all Residential Sales, Highest Level Since March 2012
 
Pace of Home Price Gains Starting to Plateau in Fastest- Appreciating Markets
 
IRVINE, Calif. – Oct. 24, 2013 —
RealtyTrac
®
(www.realtytrac.com),the nation’s leading source for comprehensive housing data, todayreleased its September 2013 U.S. Residential & Foreclosure SalesReport, which shows that U.S. residential properties, including singlefamily homes, condominiums and townhomes, sold at an estimatedannualized pace of 5,673,249 in September, up 2 percent from Augustand up 14 percent from September 2012.
 
The national median sales price of all residential properties — includingboth distressed and non-distressed — in September was $174,000, up1 percent from a revised $172,000 median price in August and up 6percent from a $164,500 median price in September 2012.
 
The median price of a distressed residential property — in foreclosureor bank-owned — in September was $112,000, 41 percent below themedian price of $189,000 for a non-distressed residential property.Distressed sales combined accounted for 25 percent of all sales inSeptember, up from 18 percent of all sales a year ago.
 
 “The housing market continues to skew in favor of investors,particularly deep-pocketed institutional investors, and other buyerspaying with cash,” said Daren Blomquist, vice president at RealtyTrac. “While the institutional investors are pulling back their purchases inmany of the higher-priced markets — places like San Francisco,Washington, D.C., New York, Seattle and Sacramento — they arecontinuing to ramp up purchases in markets where median prices arestill below $200,000 — places like Jacksonville, Atlanta, Charlotte, St.Louis and Dallas. The availability of distressed inventory also makes adifference. For example, institutional investor purchases haverebounded in Las Vegas corresponding to a recent rebound inforeclosure activity there.
 
 
  “Distressed sales remain persistently high, particularly short sales,” Blomquist added. “Markets with the biggest increases in short salestend to be those where either foreclosure starts or scheduledforeclosure auctions have rebounded in the last 18 months —translating into more motivated short sellers — or those with a still-high percentage of underwater homeowners with negative equity.” 
 
Other high-level findings from the report:
 
 
Institutional investors (purchasing 10 or more properties in the last12 months) accounted for 14 percent of all sales in September,up from 9 percent in August and also 9 percent in September2012. September had the highest percentage of institutionalinvestor purchases of any month since RealtyTrac began trackingin January 2011.
 
 
Among metro areas with a population of 1 million or more, thosewith the highest percentage of institutional investor purchases inSeptember were Atlanta (29 percent), Las Vegas (27 percent),St. Louis (25 percent), Jacksonville, Fla., (23 percent), Charlotte,N.C., (17 percent), Memphis, Tenn. (16 percent), Richmond,Va., (15 percent), Dallas (15 percent), and San Antonio, Texas(15 percent).
 
 
All-cash purchases nationwide represented 49 percent of allresidential sales in September, up from a revised 40 percent inAugust and up from 30 percent in September 2012.
 
 
Among metro areas with a population of 1 million or more, thosewith the highest percentage of all-cash sales were Miami (69percent), Tampa, Fla. (62 percent), Jacksonville, Fla. (62percent), Las Vegas (62 percent), Orlando, Fla., (59 percent),Atlanta (54 percent), Cleveland (51 percent), and Memphis,Tenn. (51 percent).
 
 
Short sales accounted for 15 percent of all U.S. residential sales inSeptember, up from 14 percent in August and 9 percent inSeptember 2012. States with the biggest percentage of shortsales were Nevada (32 percent), Florida (30 percent), Ohio (26percent), Maryland (22 percent), and Tennessee (21 percent).
 
 
Among metro areas with a population of 1 million or more, those
 
with the highest percentage of short sales were Las Vegas (34percent), Columbus, Ohio (33 percent), Tampa, Fla. (33percent), Memphis, Tenn., (32 percent), and Miami (32 percent).
 
 
Sales of bank-owned homes accounted for 10 percent of all U.S.residential sales in September, up from 9 percent in August andalso 9 percent in September 2012. Among metro areas with apopulation of 1 million or more, those with the highestpercentage of bank-owned sales were Las Vegas (21 percent),Riverside-San Bernardino, Calif., (20 percent), Cleveland (19percent), Phoenix (18 percent), and Columbus, Ohio (16percent).
 
 
Annualized sales volume increased from the previous month in 34out of the 38 states tracked in the report and was up from ayear ago in 35 states. Notable exceptions where annualized salesvolume decreased from a year ago were California (down 15percent), Arizona (down 11 percent), and Nevada (down 5percent).
 
 
States with the biggest annual increases in median prices wereCalifornia (up 30 percent), Michigan (up 25 percent), Nevada (up23 percent), Georgia (up 20 percent), and Arizona (up 20percent).
 
 
Among metro areas with a population of 1 million or more, thosewith the biggest annual increases in median prices were SanFrancisco (35 percent), Detroit (34 percent), Sacramento (33percent), Atlanta (27 percent), Riverside-San Bernardino, Calif.,(26 percent), and Phoenix (25 percent).
 
 
Home price appreciation showed signs of plateauing in these top sixappreciating markets. In all six markets, the annual increase inhome prices was down compared to previous months this year.
 
Local broker perspectives
 
 “Home sales have been holding steady for the past three months inspite of slightly increased interest rates, and the listing inventory hasincreased substantially, which is giving homebuyers far more choices,” said Rich Cosner, president of Prudential California Realty, coveringthe Southern California market. “Cash sales continue to account for asubstantial number of home sales in Orange, San Bernardino andRiverside counties, but are decreasing by the month.” 

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