A dramatic shortage of homes for sale in California has created an especially tough market for first-time buyers, with nearly 6 in 10 homes getting multiple offers, a California Association of Realtors survey shows. Fifty-seven percent of homes for sale got multiple offers in 2012, the highest percentage in at least the past dozen years, …
Continue reading ‘6 in 10 homes on the market get multiple offers’ »
“Foreclosure home sales dropped significantly in the third quarter of 2012 (3Q 2012). The number of real estate owned property (REO) resales experienced an equally dramatic drop from the first quarter. Notice of default (NOD) filings decreased as well. REO resales are down 23,000 REO resales took place in the 3Q 2012. That is: one-fifth …
REALTORS®: First gain for Calif. prices in 16 months The median price for an existing, single-family home in California rose 1.6 percent in March compared with the year before, marking the first year-over-year increase in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® reported Monday. Making sense of the story The statewide median price of an …
Continue reading ‘First gain for Calif. prices in 16 months’ »
Refinance applications and appraisal complications are holding up home sale closings, according to the Campbell/Inside Mortgage Finance HousingPulse survey released Monday. According to the report, the normal timeline for a closing is about 30 days. However, the recent HousingPulse survey found the timeline to be between 45 and 60 days. The delay is exacerbated among …
Continue reading ‘Home Closing Timelines Increase, Especially in Distressed Market’ »