Friday, April 8, 2016


About 75% of first time homebuyers would prefer skip their starter home in order to obtain more long-term options, according to Bank of America’s Homebuyer Insights Report.

Here is a breakdown of what first time homebuyers prefer:

Source: Bank of America
Of these first time homebuyers, about 35% said they would like to retire in their first home purchase, according to the report. About 69% would prefer to wait and move into a nicer home in the future, as opposed to the 31% who would like to move into a starter home now.

Source: Bank of America
On the other hand, buyers who have a plan in place are more likely to purchase a starter home, as opposed to buyers who want a home someday, but have not solidified when. Among buyers with a plan already in place, 41% would prefer to buy a starter home, however 23% of buyers without a plan would buy a starter home now.

Of the reasons given for not purchasing a home, 56% said they don’t think they can afford the type of home they want, 34% said they are paying off debt and 28% said they don’t need a home yet.

The study showed that more Gen Xers have put off purchasing their home than Millennials because of debt. Whereas 32% of Millenials, aged 18 to 34, have put off buying a home due to debt, about 43% of Gen Xers, aged 35 to 49, have postponed due to debt.



All across the country, home prices are shooting up, driving buyers to slug it out in bloody bidding wars. And those feeling the punches the hardest: first-time home buyers. Cut me, Mick!

One of the main factors pushing up prices also happens to be one of the most intractable: There just aren’t enough newly constructed homes that are affordable for sale. Yet home builders, who could swoop in heroically and save cash-strapped millennials by creating a new wave of entry-level homes, aren’t coming to the rescue any time soon.

Much like home buyers themselves, builders are still struggling to recover from the housing crash of ’08—dealing with lenders who don’t want to lend and higher costs for all things housing-related.

Construction on single-family homes is expected to be up about 15% this year over the previous one, says Robert Dietz, chief economist at the National Association of Home Builders. About 647,900 new, single-family homes were completed in 2015, according to the U.S. Department of Commerce.

But don’t expect to score a bargain-basement deal on a brand-new starter home. Not anytime soon, anyway. That rose-colored American dream of moving into a gleaming new first home made just for you—well, it’s fast fading into scratchy black and white.

“Builders are creating larger, more expensive homes for older buyers” with the money to burn, Dietz says. Sorry, millennials! Those target older buyers are typically existing homeowners who want to move up into bigger homes.

So first-time buyers are caught in a classic bind. They don’t make up a significant share of the new-home market—only 11% of those 35 and under bought new, never-occupied homes, according to a recent National Association of Realtors® report. They’re just too darn expensive, and so not many new homes are being built for them. Can anyone say “chicken vs. egg”?

For example, the median price of a new home was $301,400 in February, according to the U.S. Department of Commerce. That’s a big contrast from the median cost of an existing home at $210,800 in February, according to NAR.

Homebuilders’ costs skyrocketed
The reason that new construction is more expensive isn’t just because you’re getting shiny new appliances and rooms that have never been lived in before. It’s everything that goes into developing a brand-new residential area.

“In some large metro areas like New York and San Francisco … it’s difficult to obtain land to build on,” Dietz says.

Builders in most markets must contend with zoning, securing permits, and taking care of any environmental issues, as well as installing the infrastructure on newer developments, including sewers and roads, he says.

And the longer it takes to prep the land and put up the houses, the more costly it is for builders—and therefore for buyers, too.

“If you buy the land, and it takes you 10 months instead of two months to get all the permits and agreements from utilities … [that] raises the cost for the builder and reduces the number of potential buyers willing to wait around a while until they can move in,” says Ken Simonson, chief economist for the Associated General Contractors of America.

There are more cost-effective ways to build. By fitting more residences such as townhouses into smaller lots in new developments, builders can charge less per home.

Residences are generally cheaper to build—and therefore cheaper to buy—farther from city centers. But many people want to avoid long commutes to work, says Susan Wachter, a real estate and finance professor at the Wharton School of the University of Pennsylvania. So those homes may end up being a harder sell.

Labor ain’t cheap either
The burst of the housing bubble in 2008 was catastrophic for the residential construction industry—about half of builders went out of business as buyers and financing dried up. Laborers who got laid off went on to other industries or careers.

Some builders are now just beginning to get back into the market. But even when they do, they often can’t find the skilled workers essential to constructing homes—the industry remains down about 900,000 laborers, says NAHB’s Dietz.

In addition, some contractors were burned during the financial crisis by builders who, once their own businesses began to suffer, stiffed contractors on their fees or paid them less than promised for labor, says Jonathan Smoke, chief economist of

Those enterprising contractors who stayed afloat by moving into home remodeling or commercial construction may be understandably reluctant to go back into business with the same builders who are now knocking on their doors.

Loans are tough to come by
It isn’t just hopeful home buyers who have to run the gantlet with newly strict lenders to get the necessary cash for a new home. The bulk of residential construction around the country is done by smaller builders who typically go to local lenders such as banks and credit unions for financing.

But after the crisis, lenders became way more cautious about doling out loans. This means developers and builders have a harder time getting the financing needed to embark on new projects and that limits the amount of new construction.

“There are limits to how fast the industry can grow, given the industry has to rebuild its workforce, rebuild the building lots supply, and also have an increased access to lending for builder loans,” Dietz says.

Glimmers of hope
But first-time buyers shouldn’t necessarily despair. There is hope!

Given the raw numbers of younger home buyers entering the market, it’s likely that builders will wake up to the opportunities they represent and start addressing it head-on. Eventually. Home designers can look at cheaper materials or construction to put up a quality home for less, says residential building consultant Tony Callahan, president of Kennesaw, GA–based Callahan Consulting Group.

For example, instead of installing a wooden banister along a staircase, a half-wall could go up instead, he says. Formica countertops in kitchens can be used instead of granite just as linoleum, instead of tile, can be laid down in the bathrooms. And not every room needs several windows.

“It’s really looking at all parts of the home,” Callahan says.

Smoke has also begun to see some of the bigger builders such as D.R. Horton put up more attractively priced dwellings.

“But it’s just not enough,” he says.

The country is losing more affordable homes each year and very few similarly low-priced residences are going up to replace them, Smoke warns.

Some are lost through simple wear and tear over time, others succumb to environmental disasters (such as storms) or are torn down so that bigger ones can go up in their stead, Smoke says. Investors have also swooped in in recent years and turned many of these less expensive abodes into rentals.

“You can’t have an increase in first-time buyers if the first-time buyers don’t have homes to purchase,” he says.



More than a quarter of all U.S. homeowners are planning to improve or renovate their houses in the next year, according to a new report from Bankrate.

Bankrate said even lower-income homeowners are planning to renovate, using savings, credit cards or bank loans. Some people might just be sprucing up their houses to sell them. But there are lots of big projects planned — stuff you do when you want to stay in a house.

“Kitchen remodeling or even making an addition to the house – people don’t tend to do those large projects and then move right away,” said Mike Cetera, Bankrate’s personal loans and credit analyst.

Why are they staying put?

“I think this is a flag of surrender,” said Anthony Sanders, distinguished professor of finance at George Mason University.

Sanders said after the housing crisis, people gave up on the idea of buying a big, fancy house.

The thinking is: “I might as well enjoy the house that I’ve got," he said. "So let’s build a deck.”

Sanders said the average U.S. household is poorer now than it was before the crisis, and housing prices have risen out of reach.More than a quarter of all U.S. homeowners are planning to improve or renovate their houses in the next year, according to a new report from Bankrate.

Bankrate said even lower-income homeowners are planning to renovate, using savings, credit cards or bank loans. Some people might just be sprucing up their houses to sell them. But there are lots of big projects planned — stuff you do when you want to stay in a house.

“Kitchen remodeling or even making an addition to the house – people don’t tend to do those large projects and then move right away,” said Mike Cetera, Bankrate’s personal loans and credit analyst.

Why are they staying put?

“I think this is a flag of surrender,” said Anthony Sanders, distinguished professor of finance at George Mason University.

Sanders said after the housing crisis, people gave up on the idea of buying a big, fancy house.

The thinking is: “I might as well enjoy the house that I’ve got," he said. "So let’s build a deck.”

Sanders said the average U.S. household is poorer now than it was before the crisis, and housing prices have risen out of reach.


Friday, March 11, 2016


Demand from foreign buyers is weakening, the National Association of Realtors says, undermined by a strong U.S. dollar and rising home prices.

Last year, many real-estate experts predicted that foreign investors could flock to U.S. real estate as a safe haven amid global economic tumult. Last June, Realtors reported that Chinese buyers had surpassed Canadians as the top foreign buyers of U.S. real-estate, saying this reflected growing interest in the U.S. as a secure place to park their money.

In fact, there is growing evidence that many foreign buyers have been pulling back, in part because prices in many of the cities they favor, such as New York and San Francisco, have risen sharply. The affordability of those properties is weakened further by a stronger U.S. dollar.

In January, the median price of existing U.S. homes had increased 67% for a buyer from Brazil, factoring in the exchange rate, compared with a year earlier, according to NAR. For a buyer from Canada, it increased 27% and for a Chinese buyer, 14%.

China is also cracking down on buyers who try to evade a $50,000 annual limit on how much money they can transfer out of the country. Chinese buyers often skirted this requirement by transferring money via friends, family member or employees. In January, the country began more closely monitoring such transfers, NAR said.

Lawrence Yun, NAR’s chief economist, said it is unclear whether Chinese demand for U.S. homes will fall as much as demand from other countries. Chinese economic growth may have slowed, but the country is still reporting growth of more than 6%. And while many Chinese residents have lost money in the stock market, giving them less to spend, that could also prompt them to try to diversify their investments.

Foreign demand is difficult to quantify. NAR does so through a survey of real-estate agents it conducts annually, looking at the period from April through March. The results of this year’s survey are expected to be released in the early summer. Mr. Yun said he expects to see a decline in demand.

Foreign buyers remain a small sliver of the U.S. housing market. But any pullback could have a disproportionate effect on demand for high-end condos in places like Miami and Manhattan and luxury homes in Southern California.

There could be a silver lining, however: Falling foreign demand could help make homes more affordable for U.S. buyers.

“Given that the U.S. currently has a housing shortage, any demand pullback helps,” Mr. Yun said.



• According to the February Mortgage Bankers Association Builder Application Survey, new homepurchases surged 24 percent in February, kicking off the spring buying season.

• Conventional loans composed 67.7 percent of loan applications, RIA loans composed 18.7
percent, RHS/USDA loans composed 0.8 percent, and VA loans composed 12.8 percent. These
levels are not too different from the month prior.

• The average loan size of new homes increased from $325,806 in January to $328,370 in



What’s a millennial pushing 30 to do? Apparently, leave the fun, the fantasy, the pace, and the possibilities of big-city living far behind and buy a home … out in the burbs.

Just 17% of buyers under the age of 35 closed on urban residences, down from 21% a year earlier, according to a recent National Association of Realtors® report on generational trends in home buying and selling.

The report looks at housing data from July 2014 through June 2015 and income data from the end of 2014.

The luster of urban life may be fading—for some, anyway—due to skyscraper-high prices in top markets. Suburbs exerted a strong pull on buyers of all age ranges. About 51% of millennial home buyers scooped up residences in the suburbs or a subdivision compared with 58% of Generation Xers (ages 36 to 50); 51% of baby boomers ages 51 to 60; 53% of boomers ages 61 to 69; and 42% of the Silent Generation (70 and older).

“The price of [city] homes is much too high,” says Jonathan Smoke, chief economist of®. In contrast, “the suburbs offer millennials [and everyone else] more affordable homes.”

Millennials make up the largest share of home buyers at 35%, according to the report. That should come as no surprise, given the unprecedented size of their generation (83 million) and the life changes that are motivations for buying a home (nearly two-thirds of millennial buyers are married, while almost half have children living with them—and are therefore probably desperate for more space).
Who’s buying what?

The dreaded down payment
But the most challenging obstacle for aspiring home buyers of any generation—beyond finding their own personal palaces, securing a mortgage, and wading through reams of paperwork—is cobbling together the dreaded down payment.

“It’s often the largest financial challenge to a first-time home buyer to come up with all the funds that are necessary,” Smoke says.

More than half of millennials, 53%, who said saving up for a down payment was the most difficult part of buying the home of their dreams blamed student debt, according to the report. And almost a quarter, 23%, of them relied on family assistance to come up with the cash. “Hello, Mom…?”

But that family help might not be what it once was, says Donna Butts, executive director of Generations United, a Washington, DC–based group that advocates for intergenerational policies and practices at the national level. Parents these days may be tapped out from financing their children’s college tuition—as well as trying to help them pay down their student loan debt.

And these kinds of bills may lead more young people to live with their families longer as they save up for a home of their own, she says.

They also may be more than just a little leery of plunking down such a huge chunk of change after living through the Great Recession and some turbulent stock markets, saysJason Dorsey. He’s the chief strategy officer at the Center for Generational Kinetics, a millennial research and marketing firm based in Austin, TX.

However, it’s not just millennials struggling to save up that 20% down. About 44% of Generation Xers and 36% of boomers 60 and below who said that saving up for a down payment was the most difficult part of the home-buying process blamed being saddled with credit card debt, according to the report.

Another issue for those of any generation seeking to move into their own homes: how much they’re paying out each month in rent—which doesn’t leave too much left over to go into the trusty savings account,’s Smoke says.

Why move to the suburbs?
There also just simply aren’t enough homes on the market that the average buyer can actually afford, particularly in high-priced urban centers, Smoke says.

But cheaper prices at the pump make it less expensive for drivers from the burbs to commute to work in the city.

And those communities, known for their strip malls and manicured lawns, are also becoming, well, more urban. As more former urban dwellers move in, more cafes, trendy boutiques, and Whole Foods stores are going up. And the Main Streets are becoming more walkable.
Who’s buying the biggest homes?
Once they get to those suburbs, Generation Xers are the most likely to want to trade up to larger residences as their families expand.

Despite Gen Xers often bringing home more bacon than they did when they were just starting out, it can be just as hard for them to come up with the pan to fry it in—or rather the down payment needed to score a larger home, says Smoke. That’s because the housing market is just starting to recover, so they haven’t been rewarded with the big price bumps or have the home equity that would provide them the extra cash needed for that down payment.

“They are most likely to have children, and they’re increasingly starting to think about the potential of having their [elderly] parents move in with them,” he says.

Gen Xers snapped up the largest homes, at 2,200-square foot, for about $263,200, according to the report. Meanwhile millennials typically bought 1,720-square-foot residences for $187,400.

Boomers ages 51 to 60 scooped up 1,960-square-foot houses for $239,000, while boomers ages 61 to 69 purchased 1,950-square-foot houses for $220,000. Members of the Silent Generation typically bought smaller, 1,800-square-foot homes for $209,100.

“Older boomers are trying to downsize,” Smoke says. “The homes that the Generation Xers are leaving are the homes that the older millennials are interested in in the suburbs.”


Sunday, December 13, 2015


Source: RealtyTrac

IRVINE, Calif. – Dec. 3, 2015 — RealtyTrac® (, the nation’s leading source for comprehensive housing data, today released its October 2015 U.S. Home Sales Report, which shows that among 94 major metro areas analyzed for the report, 33 markets (35 percent) have now reached new all-time home price peaks in 2015.

The report also shows that the median sales price of U.S. single family homes and condos in October was $207,500, up 1 percent from the previous month and up 10 percent from a year ago — the highest year-over-year percentage increase since February 2014.

The 10 percent increase in October 2015 came following 20 consecutive months of single-digit annual increases in median home sales prices and marked the 44th consecutive month with a year-over-year increase in median home prices. Despite nearly four years of increases, the U.S. median sales price in October was still 9 percent below the previous peak of $228,000 in July 2005.

“Home price appreciation did not go into hibernation in October even as the housing market entered the typically slower fall season,” said Daren Blomquist, vice president at RealtyTrac. “More than one-third of the nation’s major housing markets have now reached new home price peaks this year, and nearly 90 percent of markets posted an annual increase in home prices in October. Home sellers are sitting pretty in this market, realizing an average profit-since-purchase of 16 percent — the highest in any month since December 2007, on the cusp of the Great Recession.”

Metro areas that have reached new home price peaks in 2015 include Detroit, which hit a new peak in October with a median sales price of $155,000. Other metros that reached a new price peak in 2015 include Dallas, Houston, Atlanta, St. Louis, Denver, Pittsburgh, Charlotte, Portland, San Antonio and Columbus, Ohio.

“While increases in pending sales indicate continued strong demand for housing into 2016, coupled with healthy increases in available housing inventory across the state, there remains concern over a decrease in overall closed volume for the fourth quarter of 2015,” said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio. “This concern squarely rests on continued delays in the housing transaction cycle involving new government regulatory procedures of TRID (the new integrated loan disclosure forms required at closing). Prior to October 2015, housing transactions were normally trending in the neighborhood of 30 to 45 days to close, but new TRID regulations have pushed current housing transaction to 45 to 70 days to close. These delays are pushing October pending transactions to closings in late November, December, if not January in some instances.”

There were a total of 2,815,704 single family homes and condos sold in the first 10 months of 2015, according to public record sales deeds collected by RealtyTrac. That was a nine-year high for the first 10 months of the year and a 6 percent jump from the same time period in 2014, when there were a total of 2,667,436 single family and condos sold in the first 10 months of the year.

89 percent of major markets post year-over-year increases in median home prices
Among 94 major metropolitan statistical areas with 500 or more sales with home price data available in October 2015, 84 (89 percent) saw an increase in sales prices from the previous year, while only 10 metros saw a decline in median sales prices from a year ago. Those with the biggest annual increase in median sales price were Detroit, Michigan (up 29 percent), Charleston, South Carolina (up 17 percent), Denver, Colorado (up 17 percent), St. Louis, Missouri (up 16 percent), Bridgeport, Connecticut (up 15 percent) and Cape Coral, Florida (up 15 percent).

“With the threat of increasing interest rates that can steal tens of thousands in potential buying power we are seeing home sales increase. Now, more than ever the race for a home in an already ultra-competitive sellers’ market becomes as strategic as a Super Bowl defense,” said Al Detmer, broker associate at RE/MAX Alliance, covering the Greeley market in Colorado. “The increasing market is two sided as it is a dream for sellers and a nightmare for even the most novice buyer.”

Other major markets with double-digit appreciation compared to a year ago included Palm Bay, Florida (up 15 percent), Modesto, California (up 14 percent), Raleigh, North Carolina (up 14 percent), Washington, D.C. (up 13 percent), Philadelphia, Pennsylvania (up 13 percent), and Ocala, Florida (up 13 percent).

Share of cash sales increase on monthly basis for third consecutive month
Cash sales may be down from their peak of 41.1 percent in February 2011, but October 2015 saw the share of cash sales increase on a monthly basis for the third consecutive month, with all-cash sales accounting for 28.9 percent of all sales during the month — up from 28.4 percent in the previous month but still down from 30.4 percent a year ago.

RealtyTrac analyzed 230 metros with at least 10 or more cash sales and at least 100 sales in October 2015 and found that more than half (128 metros) saw a monthly percent increase in cash sales. Metros with the highest share of cash sales included Homosassa Springs, Florida (61.4 percent), Naples, Florida (60.1 percent), Columbus, Georgia (54.9 percent), Miami, Florida (53.7 percent), Greeneville, Tennessee (52.8 percent) and The Villages, Florida (52.2 percent).

“All trends are positive for an improving real estate market in South Florida. Our prices continue to rise due to limited land and an increasing and diverse population,” said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market, where median home prices increased 11 percent from a year ago in October, according to the RealtyTrac data. “More first-time buyers are entering the market propelled by loosening credit and low down payment requirements of FHA loans. Our distressed market is moving back toward historical norms. Property owners may be surprised at the improvement in equity from the great recession bottom and the timing is good to sell as our inventory is still low.”

Counties with biggest home seller gains and losses in October 2015
RealtyTrac analyzed 127 counties with at least 500 sales in October 2015 and where home price data was available both on the most recent purchase and the previous purchase. In 15 of those counties (12 percent) home sellers on average in October sold for a lower price than what they purchased for.

Counties where sellers on average sold for the biggest percentage loss were Burlington County, New Jersey in the Philadelphia metro area (13 percent loss), Kane County, Illinois in the Chicago metro (9 percent loss), Shelby County, Tennessee in the Memphis metro area (4 percent loss), Guilford County, North Carolina in the Greensboro metro area (4 percent loss), and Cook County, Illinois in the Chicago metro area (4 percent loss).

Counties where sellers on average sold in October for the biggest percentage profit since purchase were Alameda County, California in the San Francisco metro area (75 percent gain), Santa Clara County, California in the San Jose metro area (61 percent gain), San Mateo County, California in the San Francisco metro area (58 percent gain), San Bernardino County, California in the Riverside metro area (52 percent gain), and Multnomah County, Oregon in the Portland metro area (51 percent gain).

Other counties where sellers realized hefty gains in October were Denver County, Colorado (49 percent gain), Travis County, Texas in the Austin metro area (48 percent gain), Contra Costa County, California in the San Francisco metro area (48 percent gain), King County in the Seattle metro area (48 percent gain), and Orange County, California in the Los Angeles metro area (46 percent gain).

“The Seattle housing market remains remarkably tight and very competitive. Buyers are still fighting over any new listing which is well priced and this has led to rapid price escalation. As such, we are seeing an average price gain substantially higher than the national average,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattlemarket, where median home prices increased 10 percent from a year ago in October, according to the RealtyTrac data. “I believe we will start to see sellers come to market in greater numbers in 2016 as they look to lock in the growth in value that they have seen in recent years. This is fairly intuitive as mortgage rates are expected to rise in the coming year which will certainly lead to slowing home price growth. It remains a challenging market for first-time buyers in Seattle. Even with the growth in low down payment programs (FHA), housing here is expensive — especially in areas close to the job centers. Unless we see an increase in new, affordable housing, which is unlikely, it will continue to be a challenge for those trying to buy their first home.”

Ogden, Visalia and Salt Lake City post highest share of FHA buyers
Buyers using Federal Housing Administration (FHA) loans — typically low down payment loans utilized by first time homebuyers and other buyers without equity to bring to the closing table — accounted for 16.1 percent of all single family home and condo sales with financing — excluding all-cash sales — in October 2015, down from 16.9 percent in the previous month but up from 12.6 percent in October 2014.

Metro areas with the highest share of FHA buyers in October 2015 included Ogden, Utah (34.2 percent), Visalia, California (30.9 percent), Salt Lake City, Utah (30.6 percent), Elkhart, Indiana (29.9 percent), Yuma, Arizona (29.9 percent), and Merced, California (29.5 percent).

Killeen, Columbus, Jacksonville post highest share of institutional investor purchases
Sales of homes to institutional investors — entities that purchase at least 10 properties during a calendar year — accounted for 3.6 percent of all single family home and condo sales in October, unchanged from the previous month but down from 5.5 percent in October 2014.

Among markets with at least 100 or more total sales in October 2015, those with the highest share of institutional investor purchases were Killeen, Texas (12.4 percent), Columbus, Georgia (12.2 percent), Jacksonville, North Carolina (11.6 percent), Huntsville, Alabama (10.1 percent), and Memphis, Tennessee (10.1 percent).

“It’s interesting to note that the top four markets for institutional investors are all small- to medium-sized markets near military bases,” Blomquist noted.

Bank-owned sales continue to decline in 2015
In October 2015, 8.1 percent of all sales were bank-owned (REO) single family homes and condos. This was unchanged from the previous month but down from 10.6 percent of all sales in October 2014. The October median sales price of a bank-owned home was $121,000, 42 percent lower than the overall median home sales price during the month.

Metros with the highest share of REO sales in October 2015 were East Stroudsburg, Pennsylvania (31.7 percent), Bakersfield, California (25.5 percent), California, Maryland (24.5 percent), Tallahassee, Florida (20.3 percent) and Jacksonville, Florida (19.0 percent).

Short sales decrease month over month and year over year
Short sales accounted for 5.2 percent of all single family and condo sales in October, unchanged from the 5.2 percent in the previous month but down from 5.5 percent a year ago.

Markets with the highest share of short sales in October were Salisbury, Maryland (13.5 percent), Torrington, Connecticut (12.6 percent), Atlantic City, New Jersey (12.6 percent), Yuma, Arizona (11.0 percent), Jacksonville, North Carolina (10.8 percent) and Providence, Rhode Island (10.2 percent).

Markets bucking the national trend with a year-over-year increase in share of short sales included Springfield, Massachusetts, Ocala, Florida, Worcester, Massachusetts, Baton Rouge, Louisiana and Fayetteville, North Carolina.

Report methodologyThe RealtyTrac 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 for those previous months. Median sales price is calculated based on the sales price on the publicly recorded sales deed when available. If no sales price is recorded then the purchase loan amount is used to calculate median price, and if no purchase loan amount is available, the property’s Automated Valuation Model (AVM) at time of sale is used to calculate the median price.

DefinitionsAll-cash purchases: sales where no loan is recorded at the time of sale and where RealtyTrac has coverage of loan data.

Institutional investor purchases: residential property sales to non-lending entities that purchased at least 10 properties in a calendar year.

REO sale: a sale of a property that occurs while the property is actively bank owned (REO).

In-foreclosure sale: a sale of a property that occurs while the property is actively in default (NOD, LIS) or scheduled for foreclosure auction (NTS, NFS).

About RealtyTrac RealtyTrac is a leading provider of comprehensive U.S. housing and property data, including nationwide parcel-level records for more than 130 million U.S. properties. Detailed data attributes include property characteristics, tax assessor data, sales and mortgage deed records, distressed data, including default, foreclosure and auctions status, and Automated Valuation Models (AVMs). Sourced from RealtyTrac subsidiary, the company’s proprietary national neighborhood-level database includes more than 50 key local and neighborhood level dynamics for residential properties, providing unrivaled pre-diligence capabilities and a parcel risk database for portfolio analysis. RealtyTrac’s data is widely viewed as the industry standard and, as such, is relied upon by real estate professionals and service providers, marketers and financial institutions, as well as the Federal Reserve, U.S. Treasury Department, HUD, state housing and banking departments, investment funds and tens of millions of consumers.


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