November Las Vegas Home Sales Press Release

Las Vegas Region November Home Sales

Las Vegas-area home sales fell below a year earlier for the sixth consecutive month in November as a big jump in sales between $200,000 and $500,000 couldn’t compensate for a decline in sub-$200,000 transactions. The market’s rebalancing, including more move-up buying and fewer foreclosure resales, helped the median sale price rise year-over-year for the eighth consecutive month, a real estate information service reported.

In November, 4,118 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 9.9 percent from the month before and down 7.7 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

The region's sales typically fall between October and November, with that decline averaging 4.2 percent since 1994, when DataQuick’s complete Las Vegas area statistics begin.

This November's total sales were 5.6 percent below the average number of homes sold during all months of November since 1994. However, if newly built homes are excluded, sales were above average. Resales of houses and condos combined were 22.5 percent higher than average for the month of November, while sales of newly built homes were 54.1 percent below average for the month. Although new-home sales remain low in an historical context, they’ve been rising this year, increasing 49.2 percent in November compared with a year earlier. Last month’s new-home sales were the highest for a November in five years.

In the overall market in November, sales of mid- to high-cost homes continued to shoot up compared with year-ago levels, while the number of low-end deals dropped sharply.

Sales of homes priced below $100,000 fell 38.1 percent in November compared with a year earlier. Transactions below $200,000 declined 20.0 percent year-over-year. November sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – rose 50.6 percent from a year earlier, while sales over $500,000 rose 54.7 percent. (Sales from $200,000 to $500,000 accounted for 25.5 percent of all activity in November, while the $500,000-plus market made up about 2.4 percent of all sales).

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in November was $143,000, which is the highest since the median was $144,900 in March 2009. The November median was up 4.4 percent from October and up 24.3 percent from a year earlier. Last month’s annual increase follows year-over-year gains of 19.2 percent in October, 19.1 percent in September, 18.2 percent in August, 12.1 percent in July, 8.7 percent in June, 4.3 percent in May, and 1.7 percent in April. Prior to April this year, the Las Vegas region median price fell year-over-year for 18 consecutive months.

The recent sharp gains in the median sale price reflect price appreciation triggered by strong demand meeting a relatively low supply of homes for sale, as well as a change in the market mix: Fewer of the homes re-selling are foreclosed properties, and more are mid-to high-end homes. Included in the latter is the increase in sales of newly built homes, which on average are more expensive than resale homes. In November, new homes accounted for 17.8 percent of total sales, up from 11.0 percent a year earlier.

The November median sale price was 54.2 percent below the median’s November 2006 peak of $312,000. The median has been rising off a cyclical low point of $110,000 in January this year, which was the lowest level since the median was also $110,000 in April 1994.

An alternative home-price gauge – the median paid per square foot for resale single-family detached houses – rose to $76 in November. That was up 1.3 percent from October and up 15.2 percent from a year earlier, marking the sixth consecutive month with a year-over-year gain. (This January’s $64 median per square foot was the lowest since at least 1994.) The November figure was 60.0 percent lower than the peak $190 paid per square foot in May and June 2006.

Foreclosure resales continued their downward trend in November, while short sales made up a substantially higher share of the resale market compared with a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 15.0 percent of Las Vegas resale activity in November – the lowest level since August 2007, when it was 14.6 percent. November's figure was down from 16.7 percent the month before and 52.4 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – accounted for an estimated 41.5 percent of the Las Vegas-area resale market in November. That compares with an estimated 43.3 percent the prior month and 26.9 percent a year earlier. The estimated short sale level has exceeded the foreclosure resale level for the past six months.

In the wake of an October 2011 Nevada law that created additional requirements for lenders trying to foreclose on properties, the number of notices of default (“NODs”) filed in Clark County plummeted. However, over the past two months NODs have trended higher compared with a year earlier. In November, lenders filed NODs on 1,620 single-family houses and condo units, down 16.6 percent from the prior month and up 26.5 percent from a year earlier. Between January and November this year, lenders filed 15,905 NODs, down 63.0 percent from the same period last year. The notice of default is the first step in the formal foreclosure process.

Last month lenders foreclosed on 633 single-family homes and condo units in the Las Vegas region, down 40.4 percent from the month before and down 67.2 percent from a year earlier. Between January and November this year, lenders foreclosed on 12,384 homes, down 60.0 percent from the same period last year.

Many of these distressed homes are purchased by investors, who continue to account for a near-record share of all sales.

Absentee buyers – mainly investors and vacation-home buyers – purchased 49.3 percent of all homes sold in the Las Vegas area in November. That was down from 50.2 percent the month before and up from 46.1 percent a year earlier. The peak was 51.2 percent this March. Absentee buyers paid a median $116,000 in November, up from $114,000 the prior month and up 28.9 percent from $90,000 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 50.6 percent of the Las Vegas-area homes that sold in November. That was down from a cash-buyer share of 52.5 percent of total sales the month before and up from 48.9 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. Cash buyers paid a median $111,294 in November, up from $109,950 the prior month and up 35.7 percent from $82,000 a year earlier.

Home flipping has been on the rise in recent months and has reached the highest levels since the housing boom. In November, 7.3 percent of all homes sold on the open market had previously sold within a six-month period. That's up from a flipping rate of 6.6 percent the month before and 3.4 percent a year earlier. Last month’s figure is the highest since the flipping rate was 7.8 percent in November 2004.

Meanwhile, a form of low-down-payment financing that’s popular with first-time home buyers – government-insured FHA loans – accounted for 36.4 percent of all home purchase loans in November. That was up from 36.1 percent the prior month and down from 39.4 percent a year earlier. In recent months the FHA share has hovered a bit above or below 35 percent of purchase loans – the lowest level since early 2008. The current housing cycle’s peak for FHA use was 55.1 percent of all purchase loans in September 2008.

To view the home sale chart, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Copyright 2012 DataQuick. All rights reserved.

November California Home Sale Press Release

California November Home Sales

December 13, 2012

An estimated 37,481 new and resale houses and condos sold statewide last month, down 4.5 percent from 39,254 in October, and up 14.7 percent from 32,669 sales in November 2011, according to San Diego-based DataQuick.

A decline in sales from October to November is normal for the season. November sales in California have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004. Last month’s sales were 5.3 percent below the average of 39,594 sales for all months of November since 1988, when DataQuick's statistics begin.

The median price paid for a home in California last month was $291,000, up 2.1 percent from $285,000 in October and up 19.3 percent from $244,000 in November 2011. November was the ninth consecutive month in which the state's median sale price rose year-over-year. For the current cycle, the median hit bottom at $221,000 in April 2009, while it peaked at $484,000 in early 2007.

Of the existing homes sold in October, 16.6 percent were properties that had been foreclosed on during the past year. That was down from a revised 17.1 percent in October and down from 32.9 percent a year earlier. Last month's figure was the lowest for any month since foreclosure resales made up 16.0 percent of the resale market in October 2007. Foreclosure resales peaked at 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 26.3 percent of the homes that resold last month. That was down from an estimated 27.1 percent the month before and up from 24.9 percent a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,026. That was up from $1,009 in October and up from $955 a year earlier. Adjusted for inflation, last month's typical payment was 55.2 percent below the 1989 peak of the prior real estate cycle, and 63.7 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 remains high by historical standards but has been trending downward and is well below peak levels. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying remains at a high, DataQuick reported.

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

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

November Bay Area Home Sale Press Release

Further Gains for Bay Area Home Sales and Prices

December 13, 2012

La Jolla, CA.--The Bay Area housing market continued its march toward normalcy in November, with strong sales and rising sale prices fueled by increased demand, strained inventory, record-low mortgage rates and robust investor interest, a real estate information service reported.

A total of 7,296 new and resale homes were sold in the nine-county Bay Area last month. That was down 6.4 percent from 7,795 in October, and up 15.5 percent from 6,317 for November 2011, according to San Diego-based DataQuick.

A drop from October to November is normal for the season. Last month’s sales count was the highest for any November since 8,042 homes were sold in 2006. November sales have varied from 5,127 in 2007 to 11,906 in 2004. The average for all months of November since 1988, when DataQuick’s statistics start, is 7,873.

“Current trends are likely to stay with us well into spring, at least. One of the variables that could really impact the market would be supply – how many homes are put up for sale. There are still mortgage finance issues. Some loan categories are not active. But right now, low mortgage interest rates make up for that. With the mismatch between supply and demand, there’s upward pressure on prices,” said John Walsh, DataQuick president.

The median price paid for a home in the Bay Area was $438,000 last month. That was up 5.3 percent from $416,000 in October and up 20.5 percent from $363,500 in November a year ago. Last month’s median was the highest since August 2008, when it was $447,000.

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, as well as about half the median’s year-over-year increase this November, was the result of a shift in the sales mix. For example, today far fewer lower-cost foreclosures are re-selling compared with a year ago, and there are a lot more homes selling in the more expensive move-up markets.

The number of Bay Area homes sold in November for less than $500,000 decreased 12.7 percent year-over-year while the number sold for more increased 36.0 percent, DataQuick reported.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 35.0 percent of the resale market. That was down from 35.2 percent in October and down from 50.1 percent a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 11.5 percent of resales in November, down from a revised 11.7 percent in October, and down from 25.2 percent a year ago. Last month was the lowest since 10.1 percent in November 2007. 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 23.0 percent of Bay Area resales last month. That was down from an estimated 23.5 percent in October and down from 24.9 percent a year earlier. While short sales’ share of the overall market does not appear to have changed much, the number of short sales in November was about 6 percent higher than a year ago.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 40.1 percent of last month’s purchase lending, up from a revised 39.5 percent in October, and up from 29.0 percent a year ago. 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.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 11.5 percent of the Bay Area’s home purchase loans. That was the same as a revised 11.5 percent in October, and down from 12.4 percent in November last year. Since 2000, ARMs have accounted for 49.0 percent of all purchase loans. ARMs hit a low of 3.0 percent of loans in January 2009.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 17.0 percent of all Bay Area home purchase mortgages in November, up from 15.8 percent in October and down from 21.0 percent a year earlier.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 14.8 percent of the market, RPM Mortgage with 3.7 percent and Stearns Lending with 3.4 percent.

Last month absentee buyers – mostly investors – purchased 24.4 percent of all Bay Area homes, up from 23.7 percent in October, and up from 21.7 percent a year ago. The monthly average back to 2000 is 14.7 percent. Absentee buyers paid a median $309,000 in November, up 22.1 percent from $253,000 a year earlier.

Buyers who appear to have paid all cash – meaning there was no evidence of a corresponding purchase loan in the public record – accounted for 28.7 percent of sales in November. That was down from 29.6 percent in October, and was the same as a year ago. The monthly average going back to 1988 is 12.7 percent. Cash buyers paid a median $320,000 in November, up 27.0 percent from $252,000 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, San Mateo and San Francisco counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,544. That was up from $1,472 in October, and up from $1,387 a year ago. Adjusted for inflation, last month’s payment was 45.3 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 59.6 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 well below peak levels reached over the last three years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.

To view the county-by-county chart, go to DQNews.com.

Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157
Copyright 2012 DataQuick. All rights reserved.

November Southland Home Sale Press Release

More Year-Over-Year Gains for Southland Home Sales and Prices

December 12, 2012

La Jolla, CA---Southern California’s housing market continued its gradual recovery last month, logging the highest November sales in six years amid strong demand from investors and move-up buyers. The median sale price rose nearly 17 percent from a year earlier, the result of price appreciation as well as the ongoing shift toward fewer foreclosure resales and more mid- to high-end activity, a real estate information service reported.

A total of 19,285 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 8.5 percent from 21,075 sales in October, and up 14.2 percent from 16,884 sales in November 2011, according to San Diego-based DataQuick.

A decline in sales from October to November is normal for the season. Last month’s sales were the highest for the month of November since 23,005 homes sold in November 2006, though they were 11.3 percent below the November average of 21,730 since 1988, when DataQuick’s statistics begin. The low for November sales was 13,173 in 2007, while the high was 31,987 in 1988.

The median price paid for a home in the six-county Southland was $321,000 last month, up 1.9 percent from $315,000 in October and up 16.7 percent from $275,000 in November 2011. The September, October and November medians are the highest since the median was $330,000 in August 2008. The Southland median has risen or held steady month-to-month for 10 consecutive months and has increased year-over-year for eight consecutive months.

The median and other price gauges are rising mainly for two reasons: First, higher demand, triggered largely by ultra-low mortgage rates, has coincided with a dwindling supply of homes for sale, which has pushed prices up. Second, the market is rebalancing: Discounted foreclosures are becoming a much smaller portion of sales, while more expensive move-up homes are responsible for a larger share of sales. This change in the market mix puts upward pressure on the median sale price.

“The government’s offered people an amazing gift in the form of extraordinarily low mortgage rates. But that’s not the only thing fueling these sales gains. Investor activity and cash purchases remain unusually high, and more buyers feel confident about their jobs, the economy, and the likelihood housing prices have bottomed and are likely to rise. We’re also seeing more non-distressed sales, where people sell at a profit and buy another house, triggering more move-up activity,” said John Walsh, DataQuick president.

Activity rose sharply in most mid- to-higher-cost markets in November. Home sales between $300,000 and $800,000 – a range that would include many move-up buyers – jumped 34.6 percent year-over-year. November sales over $500,000 rose 47.5 percent year-over-year, while sales over $800,000 rose 46.8 percent compared with November 2011.

Last month 24.1 percent of all Southland sales were for $500,000 or more, up from 23.7 percent in October, and up from 18.3 percent a year earlier. Last month’s level of $500,000-plus sales was the highest since July 2008, when it was 26.1 percent.

Lower-cost areas again posted the weakest sales compared with last year. The number of homes that sold below $200,000 fell 18.7 percent year-over-year, while sales below $300,000 dipped 7.8 percent. Sales in the more affordable markets have been hampered by the slowdown in foreclosure activity, which results in fewer foreclosed properties listed for sale. Also, lower-cost markets typically have a relatively high percentage of homeowners who owe more than their homes are worth, meaning they can’t sell and move.

While inventory and sales have declined in many of these lower-cost areas, higher demand has pushed prices up. In November, price levels for the lowest-cost third of Southern California's housing stock rose 24.4 percent year-over-year, while they increased 11.6 percent in the middle and 8.7 percent in the top third of the market.

Last month foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 15.3 percent of the Southland resale market. That was down from 16.3 percent the month before and 31.6 percent a year earlier. Last month’s level was the lowest since foreclosure resales were 13.6 percent of the resale market in September 2007. In the current cycle, foreclosure resales 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 26.6 percent of Southland resales last month. That was down slightly from an estimated 27.6 percent the month before and up from 25.4 percent a year earlier.

Credit conditions didn’t seem to change much in November, though the share of purchase loans above $417,000 edged higher.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 21.0 percent of last month’s Southland purchase lending, up from 20.7 percent the prior month and up from 14.6 percent a year earlier. In recent months the jumbo share has been the highest since December 2007, when jumbos made up 21.7 percent of the purchase loan market. In the months leading up to the credit crunch that struck in August 2007, jumbos made up close to 40 percent of the market.

With rates on fixed 30-year loans so low, and aversion to risk in the marketplace so high, the use of adjustable-rate mortgages (ARMs) remains extraordinarily low in an historical context. Last month 5.7 percent of Southland home purchase loans were ARMs, compared with 6.0 percent in October and 6.2 percent a year earlier. Since 2000, a monthly average of about 33 percent of Southland purchase loans were ARMs.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 15.9 percent of all purchase mortgages last month. That was about even with 15.8 percent in October and down from 21.7 percent a year earlier. In recent months the FHA share has been the lowest since summer 2008. To some extent the decline reflects tighter FHA qualifying standards implemented in recent years as well as the difficulties first-time buyers are having competing with investors.

The most active lenders to Southland home buyers last month were Wells Fargo with 8.3 percent of the market, Prospect Mortgage with 2.8 percent and IMortgage.com with 2.3 percent.

Investors continue to account for a near-record share of sales.

Absentee buyers – mostly investors and some second-home purchasers – bought 28.3 percent of the Southland homes sold last month. That was about even with 28.4 percent the prior month and was up from 25.1 percent a year earlier. The record was 29.9 percent in February this year, while the monthly average since 2000 is 17.6 percent. Last month’s absentee buyers paid a median $254,523, up 27.3 percent from a year earlier.

Buyers paying with cash accounted for a near-record 33.0 percent of November home sales, up from 32.8 percent the month before and up from 29.5 percent a year earlier. Cash purchases peaked at 33.7 percent of all sales this February, and since 2000 the monthly average is 16.8 percent. Cash buyers paid a median $263,000 last month, up 27.1 percent from a year ago.

Not all investors pay cash, and not all cash buyers are investors. Last month about 62 percent of the Southland homes bought by absentee buyers were purchased with cash. About 54 percent of the homes purchased with cash were sold to absentee buyers.

Home flipping edged higher. Last month 6.2 percent of all homes sold had sold twice on the open market within a six-month period, up from 6.1 percent in October and up from 3.7 percent a year earlier.

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 last month was $1,146, up from $1,115 the month before and up from $1,049 a year earlier. Adjusted for inflation, last month’s typical payment was 51.7 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 60.4 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity, while above long-term averages, continues to drop and is far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.

To view the county breakout, see DQNews.com.


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

Copyright 2012 DataQuick. All rights reserved.

October Portland Home Sale Press Release

Portland Region October Home Sales

Portland-area October home sales rose sharply from a year earlier in October, with condo resales hitting a seven-year high. The median price paid for all homes sold in the five-county region rose year-over-year for the eighth consecutive month as move-up activity increased and foreclosure resales declined, a real estate information service reported.

A total of 2,898 new and resale houses and condos closed escrow during October in the five-county Portland-Vancouver-Beaverton metro area. Sales rose 9.4 percent from the prior month and rose 35.5 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales between September and October have dipped 1.4 percent since 1994, when DataQuick's complete Portland-area statistics begin.

October's sales tally was the highest for that month in three years, but remained low in a historical context, falling nearly 18 percent short of the average sales total for all months of October since 1994. While sales of existing (not new) single-family detached houses and newly built homes were the highest for an October since 2009, condo resales were the highest for an October since 2005.

Like many other Western metro areas, the Portland region has seen a significant drop in lower-cost sales over the past year and a jump in mid- to high-end deals. October sales below $100,000 fell 19.6 percent year-over-year, while sub-$150,000 deals declined 5.2 percent. However, sales between $200,000 and $600,000 (a typical move-up range) jumped 57.5 percent from a year earlier, while sales over $500,000 rose 35.5 percent. Looked at different, this October sales over $200,000 made up 61.6 percent of total sales, compared with 53.5 percent in October 2011.

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.

The median price paid for all new and resale houses and condos that closed escrow in the Portland region during October was $229,900, up 1.1 percent from the prior month and up 9.5 percent from a year earlier. It was the median's eighth consecutive year-over-year increase.

October's median was 20.4 percent lower than the peak $289,000 median in October 2007, and it was 17.9 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 $141 in October. That was the same as the month before and was up 9.3 percent from a year earlier. October's figure was 29.5 percent below the June 2007 peak of $193.

Among the Portland region's counties, the median paid per square foot in October for resale detached houses rose 10.0 percent from a year ago in Clackamas County, while the median rose 18.9 percent year-over-year in Multnomah County. The price paid per square foot gained 8.6 percent year-over-year in Washington County, fell 2.1 percent in Yamhill County, and increased 9.4 percent in Clark County, Washington.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 28 percent of the Portland area's resale market in October. That's about the same as the month before and down from about 32 percent a year earlier.

Foreclosure resales - homes foreclosed on in the prior 12 months - made up 11.5 percent of the October resale market, down from 12.0 percent the month before and down from 18.1 percent a year earlier.

Short sales - transactions where the sale price fell short of what was owed on the property - accounted for an estimated 16.9 percent of the October resale market. That was up from 16.3 percent the month before and up from 13.5 percent a year earlier.

Meanwhile, lenders foreclosed on 225 single-family houses and condo units in the five-county Portland area during October, down 31.8 percent from the month before and down 70.4 percent from a year earlier. During the first ten months of this year, foreclosures totaled 3,417, down 26.5 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 26.6 percent of total October home sales, down from 27.4 percent the month before and up from 18.1 percent a year earlier. (The absentee data series goes back to 2000). Absentee buyers paid a median $207,200 in October, up 21.0 percent from a year earlier.

Among these investors are many buyers who pay cash - a group that accounted for 23.8 percent of all Portland-area home sales in October. That was down from 24.4 percent the month before and down from 26.6 percent a year earlier. Cash buyers paid a median $180,000 in October, up 12.5 percent from a year earlier.

Government-insured FHA loans, a popular, low-down-payment option for many first-time buyers, represented 21.9 percent of all home purchase loans used in the Portland area in October. That was up from 19.7 percent the month before and down from 27.5 percent a year ago. In recent months the FHA level has been the lowest since the first half of 2008. The peak for FHA use during the current housing cycle was 42.3 percent in November 2009.

To view the Portland Home Sale Chart, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2012 DataQuick. All rights reserved.