Nearly Half of Home Sales are Distressed Properties
Nearly Half of Home Sales are Distressed Properties
Nearly Half of Home Sales are Distressed Properties
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January 27, 2011 (Shirley Allen)
mortgage-foreclosure-for-sale-image
According to the latest Campbell/Inside Mortgage Finance survey, nearly half of the homes sold in December were distressed properties. The firm’s HousingPulse survey reveals distressed property sales surged to 47.2% of the market in December, up from 44.5% in November and nearly matching the 47.5% peak reached in September.

The last time sales of distressed properties hit similar highs were in September, just before robo-signing allegations came to light as large mortgage servicers suspended foreclosure proceedings to investigate reports of improprieties in foreclosure paperwork.

Distressed property sales now makeup a large portion of several state’s housing market. The state with the dubious position of having the largest share was the Golden State, California as almost two-thirds of all residential property transactions tracked in December involved distressed properties. In Arizona and Nevada, 62% of transactions concerned distressed properties.

The states with the smallest share of distressed property sales were Texas, Oklahoma, and Louisiana with only 29 percent of all properties distressed.

The survey also revealed that sales to first-time homebuyers continued at the high level of 37.7% of all transactions tracked in December, a strong increase from the 34.4% in September and October. It is believed that fear of mortgage rate hikes prompted the demand.

The report said investors shied away from buying due to concerns home prices would further decline.

Tags: finance survey, distressed properties, mortgage servicers, housing market, first-time homebuyers, mortgage rates, investors, home prices

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January 27, 2011 (Shirley Allen)
mortgage-foreclosure-for-sale-image
According to the latest Campbell/Inside Mortgage Finance survey, nearly half of the homes sold in December were distressed properties. The firm’s HousingPulse survey reveals distressed property sales surged to 47.2% of the market in December, up from 44.5% in November and nearly matching the 47.5% peak reached in September.

The last time sales of distressed properties hit similar highs were in September, just before robo-signing allegations came to light as large mortgage servicers suspended foreclosure proceedings to investigate reports of improprieties in foreclosure paperwork.

Distressed property sales now makeup a large portion of several state’s housing market. The state with the dubious position of having the largest share was the Golden State, California as almost two-thirds of all residential property transactions tracked in December involved distressed properties. In Arizona and Nevada, 62% of transactions concerned distressed properties.

The states with the smallest share of distressed property sales were Texas, Oklahoma, and Louisiana with only 29 percent of all properties distressed.

The survey also revealed that sales to first-time homebuyers continued at the high level of 37.7% of all transactions tracked in December, a strong increase from the 34.4% in September and October. It is believed that fear of mortgage rate hikes prompted the demand.

The report said investors shied away from buying due to concerns home prices would further decline.

Tags: finance survey, distressed properties, mortgage servicers, housing market, first-time homebuyers, mortgage rates, investors, home prices

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

January 27, 2011 (Shirley Allen)
mortgage-foreclosure-for-sale-image
According to the latest Campbell/Inside Mortgage Finance survey, nearly half of the homes sold in December were distressed properties. The firm’s HousingPulse survey reveals distressed property sales surged to 47.2% of the market in December, up from 44.5% in November and nearly matching the 47.5% peak reached in September.

The last time sales of distressed properties hit similar highs were in September, just before robo-signing allegations came to light as large mortgage servicers suspended foreclosure proceedings to investigate reports of improprieties in foreclosure paperwork.

Distressed property sales now makeup a large portion of several state’s housing market. The state with the dubious position of having the largest share was the Golden State, California as almost two-thirds of all residential property transactions tracked in December involved distressed properties. In Arizona and Nevada, 62% of transactions concerned distressed properties.

The states with the smallest share of distressed property sales were Texas, Oklahoma, and Louisiana with only 29 percent of all properties distressed.

The survey also revealed that sales to first-time homebuyers continued at the high level of 37.7% of all transactions tracked in December, a strong increase from the 34.4% in September and October. It is believed that fear of mortgage rate hikes prompted the demand.

The report said investors shied away from buying due to concerns home prices would further decline.

Tags: finance survey, distressed properties, mortgage servicers, housing market, first-time homebuyers, mortgage rates, investors, home prices

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.