August 2, 2011 (Shirley Allen)
The Department of Housing and Urban Development (HUD) has announced they will speed disaster relief assistance to affected counties in New Hampshire, Wyoming and Kentucky, providing support to homeowners and low-income renters who have been forced from their homes due to the recent severe weather, flooding, tornadoes and landslides that swept through the respective areas in May, June, and July.
The counties eligible for assistance in New Hampshire are Coos and Grafton.
In Wyoming, Albany, Big Horn, Carbon, Crook, Fremont, Goshen, Johnson, Lincoln, Platte, Sheridan, Sweetwater, Teton, Uinta, Washakie, and Weston Counties and the Wind River Indian Reservation are eligible for disaster relief.
The counties in Kentucky eligible for disaster relief are Bell, Breathitt, Knott, Knox, Lee, Magoffin, and Perry.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said HUD Secretary Shaun Donovan. “Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.”
Available assistance includes:
- Offering each of the States and other entitlement communities the ability to re-allocate existing federal resources toward disaster relief: HUD's Community Development Block Grant (CDBG) and HOME programs give the States and communities the flexibility to redirect millions of dollars to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department's CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;
- Granting immediate foreclosure relief: HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages;
- Making mortgage insurance available: HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
- Making insurance available for both mortgages and home rehabilitation: HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and
- Offering Section 108 loan guarantee assistance: HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.
More information about disaster assistance is available on HUD’s website.
Tags: HUD, disaster relief assistance, homeowners, low-income renters, foreclosure relief, mortgage insurance, loan guarantee assistance
Source:
HUD
Wednesday, August 3, 2011
Residential Construction Slides in June
August 1, 2011 (Shirley Allen)
Private residential construction spending declined 0.3 percent to a seasonally adjusted annual rate of $235.8 billion in June compared to a revised estimate of $236.5 billion in May according to the U.S. Census Bureau. Overall private construction spending was up 0.8 percent, from a seasonally adjusted $489.6 billion in May to $493.4 billion in June.
Private construction spending on new single-family homes increased 0.3 percent from May to June to a seasonally adjusted rate of $105.3 billion. May’s estimate was downwardly revised from $105.2 billion to $105.0 billion. Single-family home construction spending was down 10.6 percent compared to June of 2010, which recorded construction spending at a seasonally adjusted rate of $117.7 billion
Multi-family private construction spending declined 2.8 percent from May to June, to a seasonally adjusted annual rate of $13.2 billion. May’s estimate was upwardly revised from $13.2 billion to $13.6 billion. Multi-family spending was down 10.4 percent compared to June 2010 which saw spending at a seasonally adjusted annual rate of $14.7 billion.
The remainder of the private residential construction spending in June, $117.3 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was a decrease from an upwardly revised 117.9 billion in May and a decrease from $118.5 billion spent in June of 2010.
Tags: Census Bureau, residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions
Source:
Census Bureau
Private residential construction spending declined 0.3 percent to a seasonally adjusted annual rate of $235.8 billion in June compared to a revised estimate of $236.5 billion in May according to the U.S. Census Bureau. Overall private construction spending was up 0.8 percent, from a seasonally adjusted $489.6 billion in May to $493.4 billion in June.
Private construction spending on new single-family homes increased 0.3 percent from May to June to a seasonally adjusted rate of $105.3 billion. May’s estimate was downwardly revised from $105.2 billion to $105.0 billion. Single-family home construction spending was down 10.6 percent compared to June of 2010, which recorded construction spending at a seasonally adjusted rate of $117.7 billion
Multi-family private construction spending declined 2.8 percent from May to June, to a seasonally adjusted annual rate of $13.2 billion. May’s estimate was upwardly revised from $13.2 billion to $13.6 billion. Multi-family spending was down 10.4 percent compared to June 2010 which saw spending at a seasonally adjusted annual rate of $14.7 billion.
The remainder of the private residential construction spending in June, $117.3 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was a decrease from an upwardly revised 117.9 billion in May and a decrease from $118.5 billion spent in June of 2010.
Tags: Census Bureau, residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions
Source:
Census Bureau
Luxury Home Sales in Miami on Fire
August 1, 2011 (Shirley Allen)
Sales of new and resale homes in Miami climbed up 1.4 percent from May to June, but sales of luxury homes shot up 21.2 percent from May and sales for the first six months of this year are 13.4 percent higher than during the same period last year according to the latest data released from DataQuick.
A total of 9,857 new and resale houses and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties area in June. Sales were 1.4 percent higher than May and were 6.0 percent higher than June of 2010.
Home sales in the region typically increase 6.7 percent between May and June. Home sales were 20.7 percent lower than Miami’s average June sales rate of 12,427, but were the highest total for the month of June since 2007.
New home sales, like many regions in the country, remained at depressed levels. A total of 526 new homes closed escrow in June, 1.5 percent above May’s levels, but 9.0 percent lower than June of 2010. Sales of new homes were at their lowest level on record for the area in June.
Cash buyers were responsible for 64.2 percent of the purchases in June, which was down from 64.9 percent in May, but up from 56.9 percent a year earlier. The record for cash purchases was in March 2011, when 68.6 percent of the sales were for cash.
Absentee buyers, usually investors and vacation home buyers, accounted for 37.1 percent of all homes sold in June. The prices they paid were also less than previous months with the median price paid in June being $90,700, which was down from $98,000 in May and down from $105,000 in June of 2010.
Foreign buyers made up nearly 6.5 percent of all purchases in June. The median price paid by foreign purchasers for condos was $110,000, while the median price paid for single-family homes was $165,000.
Out of all the foreign buyers who had an identifiable address, 76 percent had an address in Canada.
The overall median price paid for new and resale homes and condos in June was $135,000, which was down 1.5 percent from May, and down 10.0 percent from June of last year. The median home price is 53.4 percent below the peak median price of $290,000 in June 2007.
Miami’s multi-million dollar luxury market remained hot. Sales of houses and condos for $2 million or more were up 21.2 percent from May and up 27.2 percent from June of last year. Muy caliente!
Tags: DataQuick, existing home sales, Miami, distressed properties, resale homes, condos, cash buyers, investors, median price
Source:
Data Quick
Sales of new and resale homes in Miami climbed up 1.4 percent from May to June, but sales of luxury homes shot up 21.2 percent from May and sales for the first six months of this year are 13.4 percent higher than during the same period last year according to the latest data released from DataQuick.
A total of 9,857 new and resale houses and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties area in June. Sales were 1.4 percent higher than May and were 6.0 percent higher than June of 2010.
Home sales in the region typically increase 6.7 percent between May and June. Home sales were 20.7 percent lower than Miami’s average June sales rate of 12,427, but were the highest total for the month of June since 2007.
New home sales, like many regions in the country, remained at depressed levels. A total of 526 new homes closed escrow in June, 1.5 percent above May’s levels, but 9.0 percent lower than June of 2010. Sales of new homes were at their lowest level on record for the area in June.
Cash buyers were responsible for 64.2 percent of the purchases in June, which was down from 64.9 percent in May, but up from 56.9 percent a year earlier. The record for cash purchases was in March 2011, when 68.6 percent of the sales were for cash.
Absentee buyers, usually investors and vacation home buyers, accounted for 37.1 percent of all homes sold in June. The prices they paid were also less than previous months with the median price paid in June being $90,700, which was down from $98,000 in May and down from $105,000 in June of 2010.
Foreign buyers made up nearly 6.5 percent of all purchases in June. The median price paid by foreign purchasers for condos was $110,000, while the median price paid for single-family homes was $165,000.
Out of all the foreign buyers who had an identifiable address, 76 percent had an address in Canada.
The overall median price paid for new and resale homes and condos in June was $135,000, which was down 1.5 percent from May, and down 10.0 percent from June of last year. The median home price is 53.4 percent below the peak median price of $290,000 in June 2007.
Miami’s multi-million dollar luxury market remained hot. Sales of houses and condos for $2 million or more were up 21.2 percent from May and up 27.2 percent from June of last year. Muy caliente!
Tags: DataQuick, existing home sales, Miami, distressed properties, resale homes, condos, cash buyers, investors, median price
Source:
Data Quick
Homeownership Rates Drop to 1997 Levels
July 29, 2011 (Shirley Allen)
Homeownership rates in the United States dropped to 65.9 percent in the second quarter of 2011, falling to levels last seen in 1997 according to the U.S. Census Bureau.
The homeownership rate in the second quarter of 2011 was 1.0 percentage point lower than the second quarter of 2010 and 0.5 percentage points lower than the first quarter of 2011.
Regionally, homeownership in the second quarter of 2011 was highest in the Midwest at 70.0 percent followed by the South which posted a 68.2 percent homeownership rate. Homeownership rates in the Northeast were 63.0 percent and the West was the lowest at 60.3 percent.
Compared to the first quarter of 2011, the region with the largest drop in homeowners was the Northeast where homeownership rates dropped from 63.9 percent to 63.0 percent. The region with that posted the smallest decline in homeownership was the South, which dropped from 68.4 percent in the first quarter to 68.2 in the second quarter.
The Northeast also had the largest year-over-year drop as homeownership rates which fell 1.2 percentage points. The West dropped 1.1 percentage points in a year followed by the South with a 0.9 percentage drop and the Midwest with a 0.8 percentage drop.
Homeownership in all age groups also continued to decline with homeownership rates for those under 35 at 37.5 percent, from 35 to 44 at 63.8 percent, from 45 to 54 at 72.3 percent, from 55 to 64 at 77.8 percent and 65 years of age and over at 80.8 percent.
The age group that has suffered the largest loss in homeownership rates since the housing bust has been the 35 to 44 year old age group. Since the first quarter of 2007, homeownership rates have dropped from 70.1 percent to 63.8 percent.
In the racial categories, the Non-Hispanic White alone homeownership rate was 73.7 percent, the Black Alone homeownership rate was 44.2 percent, the Hispanic rate was 46.6 percent and all Other Races was 56.0. Homeownership rates were down for all racial categories from the first quarter of 2011 and year-over-year. Since the beginning of 2007, homeownership rates for Blacks and Hispanics has fallen almost twice as fast as Non-Hispanic White’s.
Tags: Census Bureau, homeownership rates
Source:
U.S. Census Bureau
Homeownership rates in the United States dropped to 65.9 percent in the second quarter of 2011, falling to levels last seen in 1997 according to the U.S. Census Bureau.
The homeownership rate in the second quarter of 2011 was 1.0 percentage point lower than the second quarter of 2010 and 0.5 percentage points lower than the first quarter of 2011.
Regionally, homeownership in the second quarter of 2011 was highest in the Midwest at 70.0 percent followed by the South which posted a 68.2 percent homeownership rate. Homeownership rates in the Northeast were 63.0 percent and the West was the lowest at 60.3 percent.
Compared to the first quarter of 2011, the region with the largest drop in homeowners was the Northeast where homeownership rates dropped from 63.9 percent to 63.0 percent. The region with that posted the smallest decline in homeownership was the South, which dropped from 68.4 percent in the first quarter to 68.2 in the second quarter.
The Northeast also had the largest year-over-year drop as homeownership rates which fell 1.2 percentage points. The West dropped 1.1 percentage points in a year followed by the South with a 0.9 percentage drop and the Midwest with a 0.8 percentage drop.
Homeownership in all age groups also continued to decline with homeownership rates for those under 35 at 37.5 percent, from 35 to 44 at 63.8 percent, from 45 to 54 at 72.3 percent, from 55 to 64 at 77.8 percent and 65 years of age and over at 80.8 percent.
The age group that has suffered the largest loss in homeownership rates since the housing bust has been the 35 to 44 year old age group. Since the first quarter of 2007, homeownership rates have dropped from 70.1 percent to 63.8 percent.
In the racial categories, the Non-Hispanic White alone homeownership rate was 73.7 percent, the Black Alone homeownership rate was 44.2 percent, the Hispanic rate was 46.6 percent and all Other Races was 56.0. Homeownership rates were down for all racial categories from the first quarter of 2011 and year-over-year. Since the beginning of 2007, homeownership rates for Blacks and Hispanics has fallen almost twice as fast as Non-Hispanic White’s.
Tags: Census Bureau, homeownership rates
Source:
U.S. Census Bureau
Fed Beige Book: Moderate Economic Growth
July 29, 2011 (Chris Moore)
Economic activity continued to grow, though at a much more moderate pace according to the latest edition of the Beige Book released by the Federal Reserve.
Of the Twelve Federal Reserve Districts, six districts reported economic activity had slowed or was little changed, four Districts reported a modest rate of growth, the Minneapolis District reported a temporary slowdown due to political and weather conditions, and the Dallas district reported economic activity had slowed to a moderate pace.
Real estate and housing construction activity remained weak and little changed since the last Beige Book. The rental market segment continued to strengthen as demand for multi-family housing increased
Most Districts reported flat or a continued downward drift in selling prices, with the Boston and Richmond Districts reporting that prices have been steady. The Philadelphia and Atlanta Districts reported prices to be steady or heading down slightly, while the Kansas City and New York Districts reported that prices were declining.
Home sales activity remained unchanged at low levels in almost all Districts since the last report. Activity reportedly increased slightly in the Richmond, Atlanta, and Minneapolis Districts.
Residential construction was restrained due to an increasing inventory of unsold homes in the Boston, New York, and Kansas City Districts. Overall residential construction activity was mixed though the Minneapolis District reported an increase.
Demand for residential mortgages (including new purchases and refinances) was mixed across all Districts, with several reporting a decrease in real estate lending and volume.
Credit conditions changed little since the previous report with the New York, Cleveland, Richmond, Chicago, and Dallas Districts reporting that credit quality was flat or somewhat improved.
Tags: Federal Reserve, Beige Book, housing market, moderate economic gains, increased hiring, real estate markets, single family homes, multifamily market, construction activity
Source:
Federal Reserve
Economic activity continued to grow, though at a much more moderate pace according to the latest edition of the Beige Book released by the Federal Reserve.
Of the Twelve Federal Reserve Districts, six districts reported economic activity had slowed or was little changed, four Districts reported a modest rate of growth, the Minneapolis District reported a temporary slowdown due to political and weather conditions, and the Dallas district reported economic activity had slowed to a moderate pace.
Real estate and housing construction activity remained weak and little changed since the last Beige Book. The rental market segment continued to strengthen as demand for multi-family housing increased
Most Districts reported flat or a continued downward drift in selling prices, with the Boston and Richmond Districts reporting that prices have been steady. The Philadelphia and Atlanta Districts reported prices to be steady or heading down slightly, while the Kansas City and New York Districts reported that prices were declining.
Home sales activity remained unchanged at low levels in almost all Districts since the last report. Activity reportedly increased slightly in the Richmond, Atlanta, and Minneapolis Districts.
Residential construction was restrained due to an increasing inventory of unsold homes in the Boston, New York, and Kansas City Districts. Overall residential construction activity was mixed though the Minneapolis District reported an increase.
Demand for residential mortgages (including new purchases and refinances) was mixed across all Districts, with several reporting a decrease in real estate lending and volume.
Credit conditions changed little since the previous report with the New York, Cleveland, Richmond, Chicago, and Dallas Districts reporting that credit quality was flat or somewhat improved.
Tags: Federal Reserve, Beige Book, housing market, moderate economic gains, increased hiring, real estate markets, single family homes, multifamily market, construction activity
Source:
Federal Reserve
First-Time Homebuyer Grants Available for Service Members
July 29, 2011 (Chris Moore)
The Pentagon Federal Credit Union Foundation is providing grants of up to $5000 for eligible Service Members who are first-time homebuyers through the Dream Makers Program.
Eligibility requirements are simple and require the following:
- You're Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
- You're a first-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster.
- The gross household income, including allowances, that you use to qualify for your mortgage loan is:
•A maximum of $55,000 per year, or
•A maximum of 80% of your community’s median income based on your family size
To determine your community’s median income based on family size, click here.
If you meet the requirements, there are four steps to take in order to get a grant.
1. Decide the amount of money you will contribute to your mortgage financing. There is a $500 minimum requirement that you must contribute but Dream Makers will match that three to one up to a maximum of $5000.
You must put a minimum of 3 percent down to qualify for the grant, that includes your contribution and the amount of your grant.
2. Fill out the application. You can fill out the application online here or you can download the form here. You can submit your application before you select a home or a mortgage company.
3. A representative from the Foundation will contact you to help you coordinate the grant paperwork with your lender.
4. You must attend a home-buying education seminar in your area. To get a list and time of upcoming seminars and locations, click here.
The following restrictions apply:
- You must own the home for five years from the time of purchase. If you sell before the five years are up, the grant must be repaid on a sliding scale.
- If you sell your home because of a permanent change of station (PCS) or transfer by your government job before the five years are up, you do not have to repay the grant. If you are PCS’d or transferred and keep the home, you may rent it while you serve in your new duty station.
- Your mortgage must be a 30-year, fixed-rate loan, maximum of 97% financed, i.e. you made a down payment of 3%.
- The property must bye a 1-4 family unit dwelling including townhomes and condominiums.
Repayment schedule if you sell your home before five years for any reason other than the ones listed above:
100% before year one is up
80% before year two is up
60% before year three is up
40% before year four is up
20% before year five is up
No repayment after 5th anniversary
And finally…the Dream Makers Contribution chart:
Tags: Pentagon Federal Credit Union Foundation, Army, Air Force, Navy, Marines, Active Duty, Reserves, National Guard, Veteran, Homeland Security
Source:
Pentagon Federal Credit Union Foundation
The Pentagon Federal Credit Union Foundation is providing grants of up to $5000 for eligible Service Members who are first-time homebuyers through the Dream Makers Program.
Eligibility requirements are simple and require the following:
- You're Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
- You're a first-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster.
- The gross household income, including allowances, that you use to qualify for your mortgage loan is:
•A maximum of $55,000 per year, or
•A maximum of 80% of your community’s median income based on your family size
To determine your community’s median income based on family size, click here.
If you meet the requirements, there are four steps to take in order to get a grant.
1. Decide the amount of money you will contribute to your mortgage financing. There is a $500 minimum requirement that you must contribute but Dream Makers will match that three to one up to a maximum of $5000.
You must put a minimum of 3 percent down to qualify for the grant, that includes your contribution and the amount of your grant.
2. Fill out the application. You can fill out the application online here or you can download the form here. You can submit your application before you select a home or a mortgage company.
3. A representative from the Foundation will contact you to help you coordinate the grant paperwork with your lender.
4. You must attend a home-buying education seminar in your area. To get a list and time of upcoming seminars and locations, click here.
The following restrictions apply:
- You must own the home for five years from the time of purchase. If you sell before the five years are up, the grant must be repaid on a sliding scale.
- If you sell your home because of a permanent change of station (PCS) or transfer by your government job before the five years are up, you do not have to repay the grant. If you are PCS’d or transferred and keep the home, you may rent it while you serve in your new duty station.
- Your mortgage must be a 30-year, fixed-rate loan, maximum of 97% financed, i.e. you made a down payment of 3%.
- The property must bye a 1-4 family unit dwelling including townhomes and condominiums.
Repayment schedule if you sell your home before five years for any reason other than the ones listed above:
100% before year one is up
80% before year two is up
60% before year three is up
40% before year four is up
20% before year five is up
No repayment after 5th anniversary
And finally…the Dream Makers Contribution chart:
Your Contribution |
Foundation Grant |
Total for Closing & Down Payment |
$500 |
$1,500 |
$2,000 |
$1,000 |
$3,000 |
$4,000 |
$1,500 |
$4,500 |
$6,000 |
$1,667 |
$5,000 |
$6,667 |
$2,000 |
$5,000 |
$7,000 |
$3,000 |
$5,000 |
$8,000 |
$5,000 |
$5,000 |
$10,000 |
$10,000 |
$5,000 |
$15,000 |
Source:
Pentagon Federal Credit Union Foundation
Phoenix Existing Home Sales Continue Robust Pace
July 29, 2011 (Shirley Allen)
Existing home sales in Phoenix continued at a robust pace in June, reaching six year highs for the second consecutive month, while home prices see their first monthly increase in a year according to real estate information provider DataQuick.
A total of 10,537 new and resale houses and condos closed escrow in the Maricopa-Pinal counties area in June. Sales were 8.3 percent higher than in May and 1.5 percent higher than June of 2010. Existing home sales were at their highest level since 2005.
New home sales continued to be the weak link, accounting for only 796 of the total sales, the lowest level of new home sales for a June in 14 years.
Existing single-family detached homes and condos made up 9,741 of the total sales last month, 7.1 percent more than last year and 16.7 percent higher than the average for June.
Cash buyers were responsible for 40.8 percent of the purchases in June, which was down from 42.0 percent in May, but up from 33.6 percent a year earlier. The record for cash purchases was in February 2011, when 48 percent of the sales were for cash.
The price that cash buyers are paying continues to decline as the median price paid by a cash buyer in June was $88,700, which is down from $90,000 in May and down from $110,000 in June 2010.
Absentee buyers, usually investors and vacation home buyers, accounted for 44.0 percent of all homes sold in June and they paid a median average price of $100,000 during the month.
The overall median price paid for new and resale homes and condos in June was $122,900, which was an increase from $120,000 in May, the first monthly price increase since June 2010. The median price was still 12.2 percent below June of last year.
The current median price is 53.5 percent below the peak median price of $264,100 in June 2006 and has fallen year-over-year for the last 13 consecutive months.
Distressed sales represented 63.7 percent of the resale market in June as foreclosures accounted for 49.6 percent of the distressed sales and short sales accounted for 14.1 percent of the distressed sales.
Foreclosures fell 1.5 percent from May to June with lenders foreclosing on 4,794 single-family homes and condos last month. Foreclosures are down 12.3 percent compared to June of 2010.
Tags: DataQuick, existing home sales, Phoenix, distressed properties, resale homes, condos, cash buyers, investors, median price
Source:
DataQuick
Existing home sales in Phoenix continued at a robust pace in June, reaching six year highs for the second consecutive month, while home prices see their first monthly increase in a year according to real estate information provider DataQuick.
A total of 10,537 new and resale houses and condos closed escrow in the Maricopa-Pinal counties area in June. Sales were 8.3 percent higher than in May and 1.5 percent higher than June of 2010. Existing home sales were at their highest level since 2005.
New home sales continued to be the weak link, accounting for only 796 of the total sales, the lowest level of new home sales for a June in 14 years.
Existing single-family detached homes and condos made up 9,741 of the total sales last month, 7.1 percent more than last year and 16.7 percent higher than the average for June.
Cash buyers were responsible for 40.8 percent of the purchases in June, which was down from 42.0 percent in May, but up from 33.6 percent a year earlier. The record for cash purchases was in February 2011, when 48 percent of the sales were for cash.
The price that cash buyers are paying continues to decline as the median price paid by a cash buyer in June was $88,700, which is down from $90,000 in May and down from $110,000 in June 2010.
Absentee buyers, usually investors and vacation home buyers, accounted for 44.0 percent of all homes sold in June and they paid a median average price of $100,000 during the month.
The overall median price paid for new and resale homes and condos in June was $122,900, which was an increase from $120,000 in May, the first monthly price increase since June 2010. The median price was still 12.2 percent below June of last year.
The current median price is 53.5 percent below the peak median price of $264,100 in June 2006 and has fallen year-over-year for the last 13 consecutive months.
Distressed sales represented 63.7 percent of the resale market in June as foreclosures accounted for 49.6 percent of the distressed sales and short sales accounted for 14.1 percent of the distressed sales.
Foreclosures fell 1.5 percent from May to June with lenders foreclosing on 4,794 single-family homes and condos last month. Foreclosures are down 12.3 percent compared to June of 2010.
Tags: DataQuick, existing home sales, Phoenix, distressed properties, resale homes, condos, cash buyers, investors, median price
Source:
DataQuick
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