Wednesday, May 30, 2012

April Portland Home Sale Press Release

Portland Region April Home Sales

Portland-area home sales rose year-over-year for the 10th consecutive month in April as the portion of sales to investors and other absentee buyers hit a new high. The median sale price inched up from a year earlier for the second month in a row as distressed property sales held at about 40 percent of the resale market, a real estate information service reported.

A total of 2,489 new and resale houses and condos closed escrow during April in the five-county Portland-Vancouver-Beaverton metro area. Sales rose 4.5 percent from the prior month and rose 8.4 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A sales gain between March and April is normal for the season, with the increase averaging 2.4 percent since 1994, when DataQuick's complete Portland-area statistics begin.

This April's sales were still low in a historical context, falling 30.6 percent short of the average sales tally for all months of April since 1994.

The median price paid for all new and resale houses and condos that closed escrow in the Portland region during April was $215,000, up 2.4 percent from the prior month and up 1.4 percent from a year earlier. It was the median's third consecutive month-to-month gain and the second consecutive year-over-year increase. April's $215,000 median was the highest for any month since last November, when the median was $218,500.

April's median was 25.6 percent lower than the peak $289,000 median in October 2007, and it was 10.3 percent higher than the post-peak trough of $195,000 in January this year.

Another price measure analysts track, the median paid per square foot for resale single-family detached houses, rose to $130 in April. That was up 3.2 percent month-to-month and it was the same as a year earlier, marking the first time in 21 months that the median price paid per square foot didn't drop on a year-over-year basis. April's figure was 32.6 percent below the June 2007 peak of $193.

Among the Portland region's counties, the median paid per square foot in April for resale detached houses fell 0.8 percent from a year ago in Clackamas County, while the median dipped 1.9 percent year-over-year in Multnomah County. The price paid per square foot declined 1.5 percent year-over-year in Washington County, rose 0.9 percent in Yamhill County, and rose 4.6 percent in Clark County, Washington.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 40 percent of the resale market in April. That's roughly the same as both the month before and a year earlier.

Foreclosure resales - homes foreclosed on in the prior 12 months - made up 26.0 percent of April resales, the same as the prior month and down from 27.7 percent a year earlier.

Short sales - transactions where the sale price fell short of what was owed on the property - accounted for an estimated 13.8 percent of April's resale market, the same as the prior month and up from an estimated 12.0 percent a year earlier.

On the foreclosure front, lenders foreclosed on 333 single-family houses and condo units in the five-county Portland area during April, down 12.1 percent from the month before and down 6.7 percent from a year earlier. During the first four months of this year, foreclosures totaled 1,525, down 10.7 percent from the same period last year. The foreclosure figures are based on the number of Trustees Deeds filed with county recorder offices. The document signals that a home was lost to foreclosure.
Many foreclosed properties are bought by investors and first-time buyers.

Absentee buyers, which are mainly investors and vacation-home buyers, accounted for a record 31.8 percent of total April home sales, up from 26.8 percent the month before and 18.9 percent a year ago. (The absentee data series goes back to 2000). Absentee buyers paid a median $192,750 in April, about even with 193,320 the month before and up from $168,250 a year earlier.

Among these investors are many buyers who pay cash - a group that accounted for 24.6 percent of all homes sold in April. That was down from 27.3 percent the month before and down from 26.8 percent a year earlier. Cash buyers paid a median $160,000 in April, down from $170,000 the month before and $171,000 a year earlier.

Government-insured FHA loans, a popular, low-down-payment option for many first-time buyers, represented 23.9 percent of all home purchase loans used in the Portland area in April - the lowest level since July 2008. Last month's figure was down from 29.7 percent the month before and down from 30.7 percent a year ago. The peak for FHA use during the current housing cycle was 42.3 percent in November 2009.

The Portland metro area statistics in this report and in the table below reflect sales in Clackamas, Multnomah, Washington and Yamhill counties in Oregon and Clark County in Washington.

See full home sale chart at DQNews.com.

Friday, May 25, 2012

April Las Vegas Home Sale Press Release

Las Vegas Region April Home Sales

Las Vegas-area April home sales dipped more than usual from March and fell year-over-year as sales of lender-repossessed properties continued to wane and buyers faced a slimmer inventory of homes for sale. With foreclosure resales hitting a more-than-four-year low, the overall median sale price rose above a year earlier – albeit slightly – for the first time in 22 months, a real estate information service reported.

In April, 4,409 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 12.2 percent from the month before and down 1.8 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records. It was the first time in 10 months that total sales had dropped on a year-over-year basis.

On average, sales between March and April have fallen 5.0 percent since 1994, when DataQuick’s complete Las Vegas region statistics begin. April sales were 4.9 percent below the average number sold during that month since 1994, and were the lowest for an April since 2008, when 3,266 homes sold.

In April, 3,912 homes resold (excludes newly built homes), down 11.9 percent from the prior month and down 4.4 percent year-over-year. Resales have fallen for the past two months, following 14 consecutive months of year-over-year gains.

April’s 497 sales of newly-built homes represented a 24.6 percent year-over-year gain, marking the 10th consecutive month to post an annual increase. It was the highest new-home total for an April since April 2008, when 958 new homes closed escrow.

The total number of homes that sold for less than $100,000 rose a scant .1 percent last month compared with a year earlier – a sign sub-$100,000 deals are getting harder to come by. The number of homes that sold for less than $200,000 last month fell 4.7 percent from a year earlier, while the number that sold between $200,000 and $500,000 rose 16.0 percent. The number of sales above $500,000 fell 18.1 percent compared with a year earlier.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in April was $119,900, up 4.3 percent from $115,000 the prior month and up 2.5 percent from $117,000 a year earlier. April was the third consecutive month to post a month-to-month gain in the median, and it was the first month since June 2010 in which the median rose year-over-year.

Last month’s modest year-over-year gain in the median sale price was largely a reflection of the substantial drop in the share of all resales that were foreclosed properties, which tend to carry significant discounts and be concentrated in lower-cost areas. Other price measures, such as the median price paid per square foot for resale single-family detached houses, continued to show small declines compared with a year ago.

Last month’s $119,900 overall median price was 61.6 percent below the November 2006 peak of $312,000. In recent months the median has been rising off a cyclical low point of $110,000 this January – the lowest level since the median was also $110,000 in April 1994.

The median’s recent decline to levels not seen since the mid 1990s can be attributed to several factors: home price depreciation; robust sales of low-cost foreclosures; robust sales to investors, who mainly target low-cost properties; historically low new-home sales (new homes tend to sell for more than resale homes); and higher-than-usual condo resales (condos tend to be the least expensive homes).

April's new-home sales represented 11.3 percent of all transactions, compared with a monthly average of about 28 percent of all sales over the last decade. April’s condo sales represented 17.8 percent of total Las Vegas sales, compared with a 10-year monthly average of about 14 percent.

An alternative home-price gauge – the median paid per square foot for resale single-family detached houses – was $67 in April, up 3.1 percent from $65 the month before but down 4.3 percent from $70 a year earlier. (This January’s $64 median per square foot was the lowest since at least 1994.) The April figure was 65.8 percent lower than the peak $190 paid per square foot in May and June 2006.

Absentee buyers – mainly investors and vacation-home buyers – purchased a near-record 50.6 percent of all Las Vegas-area homes sold last month. That compares with a record 51.2 percent the month before and 47.4 percent a year earlier. Absentee buyers paid a median $97,450 last month, up from $95,000 the prior month and down from $99,900 a year earlier. Absentee buyers are those who indicated at the time of sale that the property tax bill will go to a different address.

Cash buyers purchased 53.5 percent of the Las Vegas-area homes that sold last month. That was down from a cash-buyer share of 54.4 percent of total sales the month before and 54.0 percent a year earlier. The peak was 56.7 percent in February 2011. Cash purchases are where there is no sign of a corresponding purchase mortgage in the public record. Last month’s cash buyers paid a median $90,000, up from $87,000 the prior month and the same as a year earlier.

Distressed property sales – the combination of foreclosure resales and “short sales” – continued to trend downward last month, representing about 59 percent of the resale market. That was down from about 63 percent the month before and down from nearly 69 percent a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 44.0 percent of Las Vegas resale activity in April. That compares with 49.0 percent the month before and 55.7 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009. Last month’s figure was the lowest for any month since January 2008, when foreclosure resales were 43.3 percent of all resales.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 14.6 percent of the resale market last month. That compares with an estimated 13.6 percent the prior month and 12.8 percent a year ago.

In the wake of a new Nevada law that creates additional requirements for lenders trying to foreclose on properties, the number of notices of default (“NODs”) filed in Clark County has plummeted in recent months. In April, lenders filed 1,182 NODs, down 6.3 percent from the prior month and down 69.4 percent from a year earlier. The notice of default is the first step in the formal foreclosure process.

Lenders foreclosed on 1,237 homes in the Las Vegas region in April, down 11.3 percent from the month before and down 65.9 percent from a year earlier. Between January and April this year, lenders foreclosed on 6,315 single-family house and condo units, down 47.2 percent from the same period last year.

A form of low-down-payment financing that’s popular with first-time home buyers – government-insured FHA loans – accounted for 36.5 percent of all home purchase loans last month. That was the lowest level since it was also 36.5 percent in June 2008. Last month’s figure was down from 39.5 percent the prior month and 41.2 percent a year earlier. The current cycle’s peak for FHA use was 55.1 percent of all purchase loans in September 2008.
See the full home sale chart at DQNews.com.

Thursday, May 24, 2012

April Phoenix Area Home Sale Press Release

Phoenix Region April Home Sales

The median price paid for a home in the Phoenix area last month jumped to a 29-month high, rising on a year-over-year basis for the fifth month in a row. The number of homes sold fell slightly compared with both March and a year earlier as foreclosure resales and sub-$100,000 transactions dropped off sharply, a real estate information service reported.

In April, buyers paid a median $142,000 for all new and resale houses and condos sold in the combined Maricopa-Pinal counties metro area. It was the highest median for any month since November 2009, when the median was $142,700. Last month’s median was up 4.0 percent from March and up 18.3 percent from a year earlier, according to San Diego-based DataQuick, which tracks real estate trends nationally via public property records.

The median's 18.3 percent year-over-year increase in April followed annual gains of 13.8 percent in March and 7.5 percent in each of the prior three months.

Last month’s median sale price stood 46.2 percent below the all-time peak of $264,100 in June 2006, but it was 20.0 percent above the median’s post-peak trough of $118,347 in August 2011.
To some extent, last month’s relatively large year-over-year gain in the median sale price was driven by price pressures that have formed in the market as affordability-driven demand has been met with a relatively low inventory of homes for sale. But the jump in the median price also reflects a substantial drop in the share of all resales that are foreclosed properties, which tend to carry significant discounts and be concentrated in lower-cost areas.

Foreclosure resales, defined as homes that were foreclosed on in the prior 12 months, fell to 26.6 percent of the resale market last month – the lowest level for any month since February 2008, when they were 22.8 percent. April’s foreclosure resale level fell from 31.7 percent the month before and 50.6 percent a year earlier. The peak level for foreclosure resales was 66.2 percent in March 2009.

Last month a total of 9,450 new and resale houses and condos closed escrow in the two-county Phoenix region, down 6.0 percent from the month before and down 3.0 percent from a year earlier. On average, April home sales have risen 1.0 percent from March since 1994, when DataQuick’s complete Phoenix region statistics begin.

Total home sales in April were 2.3 percent short of the average number sold that month, mainly because new-home sales remain far below average. Resales of houses and condos combined in April were 5.5 percent above the historical average for that month. New-home sales were 59.1 percent below average for an April. However, sales of newly built homes have been on an upswing of late. They have risen year-over-year for 10 consecutive months, and April's 885 new-home sales were the second-highest for the month of April since 2008.

Last month’s total home sales rose year-over-year in most price segments above $100,000. The number of new and resale homes that sold in April for less than $100,000 fell 29.1 percent from a year earlier, while sales between $100,000 and $200,000 increased 14.0 percent. Deals between $200,000 and $400,000 rose 28.8 percent year-over-year, while sales above $500,000 rose 5.0 percent. However, April transactions over $800,000 fell 6.8 percent from a year earlier.

Last month 28.5 percent of all homes sold for less than $100,000, down from 30.5 percent the prior month and down from 40.0 percent a year earlier. Last month’s figure was the lowest for any month since November 2009, when sub-$100,000 sales accounted for 26.9 percent of all transactions.

Other Phoenix region April highlights:
  • A key price gauge analysts watch, the median price paid per square foot for existing single-family detached houses, increased in April to $79 – the highest since November 2008, when it was $84. April's figure rose 3.9 percent from the month before and increased 19.7 percent year-over-year. The median paid per square foot has risen year-over-year for five consecutive months. The April figure stood 53.8 percent below the $171 peak median paid per square foot in May and June of 2006.
  • At the county level in April, the median price paid per square foot for resale single-family detached houses in Maricopa County rose to $83, up 5.1 percent from the prior month and up 20.0 percent from a year earlier. It was the fifth consecutive month with a year-over-year gain. The Pinal County median paid per square foot was $56 last month, down 1.8 percent from the prior month but up 21.4 percent from a year earlier, marking the seventh consecutive month to see a year-over-year increase.
  • Short sales, where the sale price fell short of what was owed on the property, represented an estimated 12.4 percent of April’s resale activity. That was down from an estimated 13.3 percent the prior month and it was the same as a year earlier.
  • Lenders foreclosed on 2,190 Phoenix-area homes in April, down 8.3 percent from the month before and down 58.5 percent from a year earlier. The number of homes lost to foreclosure between January and April this year totaled 10,090, down 54.5 percent from the same period last year.
  • Absentee buyers, who are mainly investors and vacation-home buyers, bought 40.2 percent of all Phoenix-area homes sold last month, down from 46.2 percent the month before and down from 46.3 percent a year earlier. The peak was 47.1 percent in March 2011. Last month, absentee buyers paid a median $119,000, up from $117,500 the month before and up 20.2 percent from $99,000 a year earlier.
  • Buyers paying cash bought 45.0 percent of all homes sold in April. That was the same as the prior month and up slightly from 44.5 percent a year earlier. The record for cash buying was 48.0 percent in February 2011. Last month’s cash buyers paid a median $120,000, up from $112,500 the month before and up 30.6 percent from $91,900 a year earlier.
See the complete home sale chart at DQNews.com.

Thursday, May 17, 2012

April California Home Sale Press Release

California April Home Sales

May 17, 2012

An estimated 38,241 new and resale houses and condos were sold statewide last month. That was up 2.0 percent from 37,481 in March, and up 8.6 percent from 35,202 for April 2011. Last month's sales were the highest for any April since 48,894 homes were sold in April 2006.

On a year-over-year basis, sales have increased the past nine months. California sales for the month of April have varied from a low of 27,625 in 1995 to a high of 71,638 in 2004, while the average is 44,115. DataQuick's statistics go back to 1988.

The median price paid for a home last month was $264,000, up 5.2 percent from $251,000 in March, and up 6.0 percent from $249,000 for April a year ago. Last month was the second month in a row to post a year-over-year gain in the state’s median sale price. At the bottom of the current cycle in April 2009 the state’s median fell to $221,000, while the median peaked at $484,000 in early 2007.

Distressed property sales – the combination of foreclosure resales and “short sales” – made up close to half of the state’s resale market last month.

Of the existing homes sold in April, 30.3 percent were properties that had been foreclosed on during the past year. That was down from a revised 32.8 percent in March and down from 36.4 percent in April a year ago. Last month’s figure was the lowest for any month since foreclosure resales made up 29.6 percent of the resale market in January 2008. The all-time high for foreclosure resales was 58.5 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.3 percent of the homes that resold last month. That was down from 19.1 percent the month before and up from 16.9 percent a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $997. That was up from March's $953. Adjusted for inflation, last month's typical payment was 51.6 percent below the 1989 peak of the prior real estate cycle, and 64.4 percent below the 2006 peak of the current cycle.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to move in different directions. Foreclosure activity is high, but not increasing. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying is flat at a high level, DataQuick reported.

Media calls: Andrew LePage (916)456-7157 or alepage@dqnews.com

April Bay Area Home Sale Press Release

Increase in Bay Area Home Sales and Median Price

May 17, 2012


La Jolla, CA.-- Bay Area home sales increased last month to their highest level for an April since 2006. The median sale price rose year-over-year for the first time in 19 months, reaching its highest point since September 2010 amid indications that market stress is easing and fence-sitters are moving to take advantage of lower prices and ultra-low mortgage rates, a real estate information service reported.


     A total of 7,675 new and resale homes sold in the nine-county Bay Area last month. That was virtually unchanged from 7,694 the prior month, and up 13.1 percent from 6,789 in April a year ago.


     Last month’s sales were the strongest since 2006, when 9,129 homes sold. Since 1988, when DataQuick’s statistics start, April sales have varied from 6,310 in 2008 to 14,430 in 2004. The average is 9,088.


     “It appears that the market is taking a step in the direction of normalization, but only a step. We’re still watching technical indicators more than top-line sales counts and median prices. The mortgage market is critical, as is market mix and the receding importance of foreclosure resales,” said John Walsh, DataQuick president.


     “The uptick in the median sale price was to be expected. It gets tugged up as foreclosure resales ebb and activity picks up in the move-up markets, especially in higher-cost coastal areas. We’re seeing the exact same trends with the median on the upside that we saw when it was coming down, just in reverse,” he said.


     The median price paid for all new and resale houses and condos sold in the Bay Area last month was $390,000. That was up 8.9 percent from $358,000 in March, and up 8.3 percent from $360,000 in April 2011. The year-over-year increase was the first since September 2010, when the $395,000 median was up 8.2 percent from $365,000 a year prior.


     The low point of the current real estate cycle was $290,000 in March 2009. The peak was $665,000 in June/July 2007. Around half of the median’s peak-to-trough drop was the result of a decline in home values, while the other half reflected a shift in the sales mix.


     Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up about 40 percent of the resale market. That was down from about 44 percent the month before and 45 percent a year ago.


     Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 21.7 percent of resales in April, the lowest since 18.8 percent in January 2008. It was down from a revised 25.5 percent in March, and down from 27.8 percent a year ago. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 17 years is about 10 percent.


     Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.1 percent of Bay Area resales last month. That was down from an estimated 18.9 percent the prior month and up from 17.4 percent a year earlier.


     Last month 37.6 percent of Bay Area sales were for $500,000 or more, up from a revised 33.4 percent in March and up from 36.1 percent in April 2011. The low for the current cycle was January 2009, when just 22.7 percent of sales crossed the $500,000 threshold. Over the past 10 years, a monthly average of 47.7 percent of homes sold for $500,000-plus.


     Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 18.4 percent of all Bay Area home purchase mortgages last month, down from 20.9 percent the month before and 25.0 percent a year earlier. Last month’s FHA share was the lowest since August 2008, when it was 14.7 percent. 


     One indicator of mortgage availability improved in April, when 14.7 percent of the Bay Area’s home purchase loans were adjustable-rate mortgages (ARMs). That was up from a revised 11.6 percent in March, and down from 15.4 percent in April last year. Since 2000, ARMs have accounted for 50.2 percent of all purchase loans. ARMs hit a low of 3.0 percent of loans in January 2009.


     Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 35.5 percent of last month’s purchase lending, up from a revised 30.7 percent in March, and up from 32.2 percent a year ago. Last month’s percentage was the highest since July 2010, when 36.4 percent of all purchase loans were jumbos. Jumbo usage dropped to 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.


     Last month absentee buyers – mostly investors – purchased 23.7 percent of all Bay Area homes sold, down from 24.2 percent the prior month and up from 21.1 percent a year ago. Absentee buyers paid a median $270,500 last month, up from $250,000 the month before and $257,000 a year ago.


     Buyers who appear to have paid all cash – meaning no evidence of a corresponding purchase loan was found in the public record – accounted for 28.8 percent of sales in April. That was down from 29.4 percent in March, and up from 27.4 percent a year ago. The monthly average going back to 1988 is 12.4 percent. Cash buyers paid a median $270,000 in April, up from $250,000 the prior month and $262,000 a year earlier.


     San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda and San Mateo counties.


     The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,473, up from $1,359 in March, and down from $1,518 a year ago. Adjusted for inflation, last month’s payment was 47.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 61.1 percent below the current cycle's peak in July 2007.


     Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last few years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.


See the Bay Area County Chart in the full article at DQNews.com.


Source: DataQuick, www.DQNews.com

Wednesday, May 16, 2012

March Seattle Home Sale Press Release

Seattle Region March Home Sales

Fueled by lower prices and ultra-low mortgage rates, Seattle-area home sales rose year-over-year for the ninth consecutive month in March, when sub-$200,000 transactions jumped nearly 22 percent. The median sale price edged up from February and posted its smallest decline from a year earlier in 16 months - in part because of the waning role of foreclosure resales in the market, a real estate information service reported.

A total of 3,909 new and resale houses and condos closed escrow during March in the Seattle-Tacoma-Bellevue metro area encompassing King, Snohomish and Pierce counties. March's total sales rose 33.2 percent from the month before and increased 6.7 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A spike in sales between February and March is normal, with that increase averaging 37.6 percent since 1994, when DataQuick's complete Seattle-area statistics begin.

The number of homes sold this March was the highest for that month since 3,944 homes sold in March 2010. This March's sales were 24.0 percent below the average number of homes sold during the month of March since 1994.

The Seattle-area resale market - existing single-family houses and condos combined - posted a 3.9 percent sales gain from a year earlier, while sales of newly built homes logged a 24.8 percent increase. March sales of newly built Seattle-area homes were the highest for any month since June 2010.

The year-over-year gain in overall March home sales was driven mainly by robust sales of lower-cost homes. The number that sold for less than $150,000 shot up 42.7 percent compared with a year earlier, while sub-$200,000 transactions increased 21.8 percent. Sales between $200,000 and $600,000 dipped 1.2 percent in March compared with a year earlier, while sales in the $600,000 to $900,000 range increased 8.4 percent year-over-year. (Note: $600,000-to-$900,000 sales represented 6.7 percent of March transactions, while sub-$200,000 deals accounted for 34.3 percent of the market and $200,000-to-$600,000 sales accounted for 55.8 percent).

Buyers paid a median $257,877 for all new and resale houses and condos sold in the three-county Seattle region during March. That was up 3.5 percent from the prior month and down 3.1 percent from a year earlier. The median has fallen on a year-over-year basis for 20 consecutive months, but March's 3.1 percent year-over-year decline was the smallest for any month since November 2010, when the median fell 2.6 percent.

March's median was 29.4 percent lower than the Seattle area's peak $365,200 median in June 2007, and it was 8.4 percent higher than the post-peak trough of $238,000 in January this year.

Another key price measure, the median paid per square foot for resale single-family detached houses, rose to $153 in March - the highest since it was $154 last October. This March's figure rose 3.4 percent from the prior month and fell 6.7 percent from a year earlier. The median paid per square foot has fallen year-over-year for 19 consecutive months and in March it was 36.0 percent lower than the peak $239 median paid per square foot in June 2007.

At the county level in March, the median price paid per square foot for resale detached houses fell 1.9 percent year-over-year in King County, while it dropped 8.3 percent from a year ago in Pierce County and fell 9.6 percent in Snohomish County.

Distressed property sales รข€“ foreclosure resales and "short sales" combined - represented roughly 46 percent of the Seattle area's resale market in March, down from about 49 percent the month before and 48 percent a year earlier.

Foreclosure resales - properties foreclosed on in the prior 12 months - represented 26.8 percent of the resale market in March - the lowest since December 2010. Last month's figure was down from 30.6 percent the prior month and down from a record high of 32.8 percent a year earlier.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 18.7 percent of the Seattle-area's March resales. That was the same as the month before and up from an estimated 15.3 percent a year earlier.

In March, lenders foreclosed on 422 single-family houses and condo units in the region, down 17.4 percent from the month before and down 65.5 percent from a year earlier. During the first three months of this year, 1,534 homes were foreclosed on in the Seattle area, down 54.3 percent from the same period last year. The figures are based on the number of Trustees Deeds filed with county recorder offices.

Investors and first-time buyers continue to pursue many of the distressed homes on the market.

Absentee buyers - mainly investors - accounted for 20.6 percent of the Seattle area's March home sales, down from 21.1 percent the month before and up from 17.9 percent a year earlier. Absentee buyers paid a median $165,000 in March, down 0.6 percent from the month before and down 17.5 percent from a year earlier. While many of these buyers are investors, they can include second-home buyers and others who indicated at the time of sale that the property tax bill would be sent to a different address.

Many investors are among the cash buyers, who accounted for 22.3 percent of March sales, down from 22.7 percent the prior month and up from 21.2 percent a year earlier. Cash buyers paid a median $172,500 in March, up 3.9 percent month-to-month and down 17.9 percent year-over-year.

In March, 24.3 percent of Seattle-area purchase mortgages were government-insured FHA loans, a popular, low-down-payment choice among first-time home buyers. That was down from 26.4 percent of home purchase loans the prior month and down from 30.2 percent a year earlier. The region's FHA level peaked for the current cycle at 39.9 percent in October 2009.

View the home sale chart at DQNews.com.

March Miami Home Sale Press Release

Miami Region March Home Sales

May 8, 2012

Despite near-record-levels of investor and cash purchases, Miami-area home sales fell about 7 percent in March compared with a year earlier amid a sharp drop in the number of transactions under $200,000. The region's median sale price was flat compared with February but rose year-over-year for the third consecutive month, a real estate information service reported.

In March, 9,541 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was up 24.0 percent from the prior month and down 6.9 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

It's normal for Miami-area sales to jump up between February and March. On average, sales between those two months have risen 30.9 percent since 1997, when DataQuick's complete Miami-area statistics begin.

March's total sales were 16.5 percent lower than the average March sales tally of 11,429 since 1997. However, if newly built homes are excluded from the sales mix, then the number of houses and condos that closed escrow in March was just 3.8 percent below the historical average for the month.

Although the Miami region's new-home sales rose 5.2 percent in March compared with a year earlier, they were 72.3 percent below average for the month. New-home sales have risen year-over-year for the past five months.

When viewed by price segment, March sales in the Miami area dropped 17.2 percent year-over-year for homes priced below $100,000, and fell 11.1 percent for homes below $200,000. Sales between $200,000 and $600,000 posted a 5.5 percent annual increase, while the number of homes that sold above $800,000 fell 6.9 percent from the same month last year.

In the Miami region's multi-million-dollar luxury market, 74 homes sold for $2 million or more in March, up 34.5 percent from the month before and the same as a year earlier. During the first three months of this year 185 homes sold for $2 million or more, up 5.7 percent from the same three-month period in 2011. The figures are based on public property records, where either a price or loan amount was available.

In the overall Miami market, the median price paid for all new and resale houses and condos sold in March was $134,950, down insignificantly from $135,000 the month before and up 12.5 percent from a year earlier. March's year-over-year increase ties this February's annual gain as the highest since a 13.4 percent annual increase in April 2006. The Miami area's median sale price has increased year-over-year for three consecutive months. Prior to January this year, the median hadn't risen on a year-over-year basis since September 2007. The median stopped falling year-over-year in December 2011, when it was exactly the same as a year earlier.

Despite the March median's 12.5 percent gain compared with a year earlier, it was 53.5 percent lower than the Miami area's peak $290,000 median in June 2007.

There are multiple reasons for the median's 12.5 percent annual gain in February and March. In addition to widening price stability and any price pressures that might be forming, there's been a shift toward more homes selling in mid- to higher-end areas. Also, sales of newly built homes, which typically sell for more than resale houses and condos, made up a slightly higher share of total sales this March compared with March 2011.

In March, the region's resale condo median fell 7.1 percent month-to-month, in part because the February median had been inflated by a bulk purchase of high-end condos in Miami Beach. But it rose 15.6 percent year-over-year, marking the sixth consecutive month in which the resale condo median posted an annual gain.

The median price paid for resale single-family detached houses rose 3.1 percent in March compared with February, and it rose 6.1 percent from a year earlier, marking the second consecutive month with a year-over-year gain.

Another key price gauge analysts watch, the median price paid per square foot for resale single-family detached houses, rose again in March to $88 for the overall region. That was up 2.3 percent from $86 the month before and up 3.2 percent from a year earlier - the second consecutive year-over-year again following 19 months of annual declines. The March figure stood 54.2 percent below the peak median of $211 paid per square foot in May 2006.

At the county level in March, the median paid per square foot for resale single-family detached houses edged up to $78 in Broward County, up 2.6 percent month-to-month and up 6.1 percent year-over-year. It was the third consecutive month to post an annual gain. The median paid per square foot rose to $96 in Miami-Dade County, up 3.2 percent month-to-month and up 7.6 percent from a year earlier, marking the fourth consecutive month to post an annual gain. Palm Beach County's median paid per square foot increased to $98 in March, up 2.1 percent from the month before and up 0.5 percent from a year earlier, marking the first annual increase since May 2010.

The median price paid per square foot for resale condos in March was $84, down 4.5 percent from February but up 12.3 percent from a year earlier, when this median hit its trough for the current housing cycle. The figure has risen year-over-year for six consecutive months, but in March it remained 60.2 percent below its peak of $211 per square foot reached in April 2006.

Driving much of the demand for the region's lower-cost homes are absentee buyers, who purchased 41.8 percent of all homes sold in the Miami area in March. That was down from a record 42.6 percent in February, and up from 39.4 percent a year earlier. Absentee buyers are investors, second-home buyers and others who indicate at the time of sale that their property tax bill will be sent to a different address. (Absentee statistics go back to January 2000). Absentee buyers paid a median $95,000 for all new and resale houses and condos that they purchased in March, down from $102,000 the month before and up from $81,500 a year earlier.

March buyers who had a foreign mailing addresses in the public record accounted for 7.2 percent of total Miami-area home sales for the month, and bought 11.3 percent of the existing (not new) condos that sold. Of all homes bought with a foreign mailing address in March, about 81 percent were existing condos. (Note: Not all foreign buyers use a foreign mailing address, hence cannot be tracked with public records.)

Many absentee buyers are also cash buyers, who purchased 67.6 percent of the Miami-area homes sold in March. That was down slightly from a record 68.7 percent the prior month and down from 68.6 percent a year earlier. March's cash buyers paid a median $100,000, down from $105,000 the month before and up from $86,000 a year earlier. Cash deals are where there was no indication in the public record of a purchase loan recorded at the time of sale.

Meanwhile, use of a form of low-down-payment financing that's popular with first-time homebuyers - government-insured FHA loans - dipped in March to 35.4 percent of all home purchase loans. That was down from an FHA share of 38.0 percent of purchase loans the prior month and down from 39.5 percent a year earlier.

See Miami home sale chart at DQNews.com.

April SoCal Home Sale Press Release

Southland Home Sales and Median Price Climb Above Year-Ago Level

May 16, 2012
La Jolla, CA---Southern California’s median sale price rose year-over-year in April for the first time in 16 months, reflecting stronger, affordability-driven demand and a slimmer inventory of homes for sale – especially low-cost foreclosures. Last month’s sales were modestly higher than a year ago, thanks to significant gains in the coastal counties, but remained well below average, a real estate information service reported.

The median price paid for a Southland home last month was $290,000, up 3.6 percent from $280,000 in both March this year as well as April 2011, according to San Diego-based DataQuick.
Last month’s median was the highest since the median was also $290,000 in December 2010. The year-over-year gain in the April median was also the first since December 2010, when the median rose a scant 0.3 percent.

Although price pressures have no doubt formed in some areas, the year-over-year increase in the April median price also reflects two other trends: the decline in the share of sales that are foreclosed properties, which tend to sell at a discount and be concentrated in lower-cost areas, and a shift toward a greater portion of sales this April in the higher-cost coastal markets. In April last year, for example, sales in San Diego, Orange, Los Angeles and Ventura counties represented 68.0 percent of the region’s sales, compared with 71.5 percent last month.

April’s $290,000 Southland median was 17.4 percent above the low point for the current real estate cycle – $247,000 in April 2009 – and 42.6 percent below the $505,000 peak in mid 2007. The peak-to-trough drop was due to a decline in home values as well as a shift in sales toward lower-cost homes, especially inland foreclosures.

“The housing market continued its painfully slow crawl back toward normalcy last month. You can see it in the fading role of foreclosures, the uptick in median prices here and there, and the higher levels of sales in coastal counties,” said John Walsh, DataQuick president.

“Of course, there are still a lot of things that make this market abnormal,” he said. “Investor and cash buying are still unusually robust. The jumbo loan market has yet to recover, and the use of plain-vanilla adjustable-rate mortgages, or ‘ARMs,’ remains far below normal. Lots of homeowners are ‘underwater,’ and the market remains awash in uncertainty over the economy, home prices, and the way lenders will handle the many thousands of homeowners who are behind on their mortgage payments.”

Last month a total of 19,284 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was down 3.4 percent from 19,953 in March, and up 5.1 percent from 18,344 in April 2011.

The change in sales between March and April has varied widely over the years. On average, sales have risen about 1 percent between those two months since 1988, when DataQuick’s statistics begin. On a year-over-year basis, Southland sales have increased for four consecutive months, and for eight out of the last nine months. However, last month’s sales were still 21.0 percent below the average for all the months of April since 1988.

The Southland housing market saw a modest uptick in mid-priced sales last month. But contrary to the general trend in recent years, sales of lower-cost homes fell. The latter is partly the result of the dwindling number of foreclosures re-selling and the overall decline in the inventory of homes for sale.

The number of homes that sold for less than $200,000 in April fell 4.7 percent from a year earlier, while the number that sold for between $200,000 and $400,000 rose 5.5 percent. Sales between $300,000 and $800,000 – a range that would include many move-up buyers – increased 3.5 percent year-over-year. The number of sales above $800,000 fell 3.0 percent from a year ago.

Distressed sales – the combination of foreclosure resales and “short” sales – made up about 47 percent of last month’s resale market. That was the lowest level since the figure was 45.1 percent in April 2008.

Foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 28.6 percent of the resale market last month, down from 31.5 percent in March and down from 33.8 percent a year earlier. Last month’s figure was the lowest since foreclosure resales were also 28.6 percent of the resale market in January 2008. In the current cycle, the figure hit a high of 56.7 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.4 percent of Southland resales last month. That compares with 18.9 percent the month before and 17.3 percent a year earlier.

Credit remained tight last month but the influx of more traditional home buyers this spring has brought slightly higher levels of adjustable-rate financing and “jumbo” loans.

Adjustable-rate mortgages (ARMs) accounted for 7.1 percent of last month’s Southland home purchase loans, up from 6.4 percent the prior month and down from 8.5 percent a year earlier. Since 2000, a monthly average of about 36 percent of purchase loans were ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 18.9 percent of last month’s purchase lending – the highest since December 2007. April’s figure was up from 16.4 percent the prior month and 17.4 percent a year ago. In the months leading up to the credit crisis that hit in August 2007, jumbos made up about 40 percent of the market.

Investor activity held near a record-high level in April, and the share of buyers paying cash remained at double the historical average.

Absentee buyers – mostly investors and some second-home purchasers – bought 27.8 percent of the Southland homes sold last month. That was down from 28.2 percent the prior month and up from 25.4 percent a year earlier. The record was 29.9 percent in February this year. Last month’s absentee buyers paid a median $220,000, up from $212,000 the month before and $210,000 a year earlier.

Absentee buying was greatest in the Inland Empire, where it represented 35.8 percent of all homes sold last month, up from 35.6 percent the month before and 33.1 percent a year ago. Since 2000, the Southland’s absentee buyers have purchased a monthly average of about 17 percent of all homes sold.

Cash purchasers accounted for 31.5 percent of April home sales, down from 32.4 percent the month before and roughly even with 31.8 percent a year earlier. Cash buyers paid a median $225,000 last month, up from $215,000 the prior month and $210,000 a year ago. Since 2000, the monthly average for Southland homes purchased with cash is about 15 percent. Cash purchases are where there was no indication in the public record that a corresponding purchase loan was recorded.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 29.3 percent of all purchase mortgages in April. Last month’s FHA level, which was the lowest for any month since August 2008, compared with 30.0 percent the month before and 33.5 percent a year earlier.

In April, 20.5 percent of all Southland home sales were for $500,000 or more, up from 19.6 percent the month before and the same as a year earlier. Last month’s level was the highest since July 2011, when it was 20.7 percent. The low point for $500,000-plus sales was in January 2009, when only 13.8 percent of sales were above that threshold. Over the past decade, a monthly average of about 28 percent of homes sold for $500,000 or more.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical monthly mortgage payment Southland buyers committed themselves to paying was $1,096 last month, compared with $1,063 in March. Last month’s figure was down from $1,181 for the same month last year. Adjusted for inflation, last month’s typical payment was 53.6 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 62.0 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but is much lower than peak levels reached in recent years. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.
County chart may be viewed at DQNews.com.

Source: DQNews.com Media calls: Andrew LePage (916) 456-7157

Friday, May 4, 2012

March Phoenix Home Sale Press Release

Phoenix Region March Home Sales

Phoenix-area home sales dipped in March compared with a year earlier as buyers faced a dwindling supply of foreclosures and other sub-$100,000 properties on the market. With foreclosure resales at a nearly four-year low, the median sale price shot up 13.3 percent from March last year, marking the fourth consecutive month in which the median has risen year-over-year, a real estate information service reported.

A total of 10,005 new and resale houses and condos closed escrow during March in the combined Maricopa-Pinal counties metro area. That was up 22.2 percent from the month before and down 2.7 percent from a year earlier, according to San Diego-based DataQuick, which tracks real estate trends nationally via public property records.

It’s normal for sales to rise sharply between February and March, with the gain between those two months averaging 29.4 percent since 1994, when DataQuick’s complete Phoenix region statistics begin.

Total home sales in March were 4.1 percent short of the average number sold that month, mainly because new-home sales remain far below average. Resales of houses and condos in March were 12.6 percent above the historical average for that month. New-home sales were nearly 61 percent below average for a March. However, sales of newly built homes have risen year-over-year for nine consecutive months, and March's 942 new-home sales were the highest for that month in three years.

March home sales rose year-over-year in most price segments above $100,000. The number of new and resale homes that sold for less than $100,000 fell 26.2 percent from a year earlier, while sales between $100,000 and $200,000 increased 15.3 percent. Deals in the $200,000 to $600,000 range rose 14.9 percent from a year earlier, while sales over $500,000 increased 5.4 percent.

In March, the share of homes that sold for less than $100,000 was the lowest since June 2010. Sub-$100,000 deals fell to 30.6 percent of all transactions in March, down from 35.0 percent the month before and 40.8 percent a year earlier.

The median price paid in March for all new and resale houses and condos sold in the Phoenix region was $135,900, which is the highest for any month since June 2010, when the median was $139,900. March's median rose 6.2 percent from the month before and rose 13.3 percent from a year earlier. The median's year-over-year increase in March followed annual gains of 7.5 percent in December last year and 6.7 percent in both January and February of this year.

March's median stood 48.5 percent below the all-time peak of $264,100 in June 2006, but it was 14.8 percent above the median’s post-peak trough of $118,347 in August 2011.

The median price paid for resale single-family detached houses in March rose to $135,000, up 6.3 percent from the prior month and up 13.4 percent from a year earlier, marking the fourth consecutive month with a year-over-year gain. March's $89,500 median resale price for condos edged up 5.9 percent month-to-month and rose 12.6 percent from a year earlier – the fifth consecutive month with a year-over-year gain.

Another key price gauge analysts watch, the median price paid per square foot for existing single-family detached houses, increased in March to $76 – the highest since September 2009, when it was also $76. March's figure rose 5.6 percent from the month before and jumped 18.8 percent year-over-year. The median paid per square foot has risen year-over-year in four out of the last five months. The March figure stood 55.5 percent below the $171 peak median price paid per square foot in May and June of 2006.

At the county level in March, the median price paid per square foot for resale single-family detached houses in Maricopa County rose to $79, up 3.9 percent from the prior month and up 14.7 percent from a year earlier. It was the fourth consecutive month with a year-over-year gain. The Pinal County median paid per square foot rose to $57 in March, up 9.6 percent from the prior month and up 28.1 percent from a year earlier, marking the sixth consecutive month to see a year-over-year increase.

Other Phoenix region March highlights:

  • Foreclosure resales, defined as homes that had been foreclosed on in the prior 12 months, fell to 31.8 percent of March resales – the lowest level since April 2008, when they were 31.5 percent. March’s figure was down from 34.3 percent the month before and 53.0 percent a year earlier. The peak level for foreclosure resales was 66.2 percent of all resales in March 2009.
  • Short sales represented an estimated 13.3 percent of March’s resale activity, down from 15.6 percent the prior month and up from an estimated 12.5 percent a year ago.
  • Lenders foreclosed on 2,387 Phoenix-area homes in March, down 6.9 percent from the month before and down 60.2 percent from a year earlier. The number of homes lost to foreclosure between January and March this year totaled 7,900, down 53.2 percent from the same period last year.
  • Absentee buyers, who include investors and vacation-home buyers, bought 46.1 percent of all Phoenix-area homes sold in March, up from 43.3 percent the month before and down from a record 47.1 percent a year earlier. In March, absentee buyers paid a median $116,900, up from $102,000 the month before and up 16.9 percent from $100,000 a year earlier.
  • Buyers paying cash represented 44.8 percent of March home sales, down from 45.5 percent the month before and down from 45.4 percent a year earlier. The record for cash buying was 48.0 percent in February 2011. March’s cash buyers paid a median $112,000, up from $101,000 the month before and up 26.6 percent from $88,500 a year earlier.
  • Buyers who had a foreign mailing address in the public record represented 4.9 percent of total Phoenix-area home sales in March. Of all homes bought by a buyer with a foreign mailing address, nearly 70 percent were resale single-family houses, while about 23 percent were resale condos and about 7 percent were newly built homes.
Home Sale Chart available at DQNews.com.


Wednesday, May 2, 2012

March Las Vegas Home Sale Press Release

Las Vegas Region March Home Sales

Las Vegas-area home sales rose to the highest level for a March in six years amid a record level of absentee purchases, the most new-home sales since mid 2010, and continued strength in the sub-$200,000 market. The median price paid for a home in the region edged up from February but fell short of the year-ago level by the smallest amount in a year and a half, a real estate information service reported.

In March, 5,020 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 18.4 percent from the month before and up 1.4 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A jump in sales between February and March is normal. On average, sales have risen 28.4 percent between those two months since 1994, when DataQuick’s complete Las Vegas region statistics begin. March sales were 2.0 percent above the average number sold during that month since 1994, and were the highest for a March since March 2006, when 8,486 homes sold.

In March, 4,426 homes resold (excludes newly built homes), down 1.8 percent year-over-year. That year-over-year decline was the first in 16 months.

March’s 594 sales of newly-built homes represented a 33.2 percent year-over-year gain, marking the ninth consecutive month to post an annual increase. It was the highest new-home total for a March since 2008, when 1,127 new homes closed escrow, and the highest for any month since June 2010, when 918 new homes sold.

Continuing a months-long trend, March sales were strongest in the lower price ranges. The number of transactions below $100,000 rose 5.6 percent compared with a year earlier and represented 41.6 percent of all deals, compared with 40.0 percent of all sales in March 2011. The number of March 2012 sales below $200,000 rose 2.4 percent year-over-year. March sales above $300,000 fell 3.3 percent compared with a year ago, while sales above $500,000 dropped 1.2 percent.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in March was $115,000, up 2.7 percent from $112,000 in February and down 1.7 percent from $117,000 in March 2011. It was the second consecutive month in which the median rose month-to-month, but on a year-over-year basis the median has been falling for 18 consecutive months. However, March’s year-over-year dip was the smallest in that series.

Last month’s median was 63.1 percent below the November 2006 peak of $312,000. The January 2012 median was $110,000 – the lowest since the median was also $110,000 in April 1994.
The median’s recent decline to levels not seen since the mid 1990s can be attributed to several factors: home price depreciation; robust sales of low-cost foreclosures; robust sales to investors, who mainly target low-cost properties; relatively low new-home sales (new homes tend to sell for more than resale homes); and higher-than-usual condo resales (condos tend to be the least expensive homes).

March's new-home sales represented 11.8 percent of all transactions, compared with a monthly average of about 28 percent of all sales over the last decade. March’s condo sales represented 18.8 percent of total Las Vegas sales, compared with a 10-year monthly average of about 14 percent.

An alternative home-price gauge – the median paid per square foot for resale single-family detached houses – held steady in March at $65, the same as the month before but down 7.1 percent from a year earlier. (This January’s $64 median per square foot was the lowest since at least 1994.) The March figure was 65.8 percent lower than the peak $190 paid per square foot in May and June 2006.

Absentee buyers – mainly investors and vacation-home buyers – purchased a record 51.2 percent of all Las Vegas-area homes sold in March. That compares with 48.2 percent in February and 49.9 percent a year earlier. Absentee buyers paid a median $95,000 in March, up from $90,000 in February and down from $99,750 a year earlier. Absentee buyers are those who indicated at the time of sale that the property tax bill will go to a different address.

Cash buyers purchased 54.4 percent of the Las Vegas-area homes that sold in March. That was up from a cash-buyer share of 52.9 percent of total sales in February and 54.0 percent a year earlier. The peak was 56.7 percent in February 2011. Cash purchases are where there is no sign of a corresponding purchase mortgage in the public record. March’s cash buyers paid a median $87,000, up from $84,500 in February and down from $88,450 a year earlier.

Distressed property sales – the combination of foreclosure resales and “short sales” – continue to make up close to two-thirds of the Las Vegas resale market.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 48.9 percent of Las Vegas resale activity in March. That compares with 48.6 percent in February and 57.3 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009. Last month’s figure was the second-lowest for any month since July 2010.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 13.9 percent of the resale market last month. That compares with an estimated 14.8 percent the prior month and 11.6 percent a year ago.

In the wake of a new Nevada law that creates additional requirements for lenders trying to foreclose on properties, the number of notices of default (“NODs”) filed in Clark County has plummeted in recent months. In March, lenders filed 1,262 NODs, up 38.1 percent from the prior month and down 73.4 percent from a year earlier. The notice of default is the first step in the formal foreclosure process.

In March lenders foreclosed on 1,395 homes in the Las Vegas region, down 19.0 percent from the month before and down 58.1 percent from a year earlier. Between January and March this year, lenders foreclosed on 5,078 single-family house and condo units, down 39.1 percent from the same three-month period last year.
Home Sale Chart available at DQNews.com

Media calls: Andrew LePage (916) 456-7157