Thursday, January 30, 2014

2013 California Million Dollar Plus Home Sales Press Release

Million-Dollar Home Sales Jump in the Golden State


January 30, 2014

La Jolla, CA.----The number of California homes that sold for a million dollars or more rose last year to the highest level in six years, the result of rising home prices and an improving economy, among other factors. The strongest sales gains were at the luxury market's high end, with record sales above the $2 million mark, a real estate information service reported.

A total of 39,175 homes sold for a million dollars or more in 2013, up 45.1 percent from 26,993 in 2012. It was the highest number sold since 42,506 in 2007, according to San Diego-based DataQuick.

The all-time high was in 2005, when 54,773 homes sold for $1 million or more. Last year's 45.1 percent year-over-year increase in $1 million-plus sales easily eclipsed the state's housing market as a whole: Overall home sales totaled 446,319 last year, down 0.6 percent from 449,059 in 2012. Last year's increase in luxury home sales reflects the combination of rising demand and sharp price appreciation that pushed many homes up over the million-dollar threshold.

"The luxury home market is unique, always has been. It responds to its own set of economic factors. Things like job growth, mortgage interest rates and migration patterns do not play the same role as IPOs, stock market performance or how well one type of investment does compared to another, and where one wants to park one's excess money. The $2 million threshold seems to be a more interesting cutoff point. Homes selling below that level do seem more responsive to the more traditional market factors," said John Walsh, DataQuick president.

Price appreciation tugged many more homes up over the $1 million mark last year, but it was the multi-million-dollar home sales that set records. Statewide, 840 homes sold for more than $5 million last year, an all-time high and up 20.3 percent from the previous high of 698 in 2012. In the $4-$5 million range a record 596 homes sold, up 29.3 percent from 461 in 2012. In the $3-$4 million range, a record 1,455 homes sold, up 31.3 percent from 1,108 in 2012.

In the $2-$3 million range sales totaled 4,492, a record and up 37.4 percent from 3,269 in 2012. In the $1-$2 million range, 25,352 sold last year, up 42.5 percent from 17,791 in 2012 but still 26.1 percent behind the all-time high of 34,313 in 2005.

There were 6,440 sales where the price was unavailable, but where it could be determined that the price exceeded $1 million because of the size of the mortgage.

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

The million-dollar transactions include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, sales where no price or loan amount was available, teardowns, and large farm or ranch properties. Sales to companies and trusts were included.

Last year 10,602 of the homes that sold for $1 million or more were bought with cash, a record number, up from 7,791 in 2012. Cash was used more frequently the higher up the price scale. Of those who did finance their purchase last year, the median down payment was 30.0 percent of the purchase price.

The lending institutions most willing to provide mortgage financing for $1 million-plus homes were Wells Fargo, Bank of America and Union Bank.

The most expensive confirmed purchase last year was a 15,355-square-foot, 8-bedroom, 14-bathroom beachfront Malibu mansion built in 1993 which sold for $74,500,000 in January. The largest was a 25,447-square-foot, 16-bedroom, 18-bathroom mansion in Indian Wells that sold for $2,250,000.

In some communities virtually all of the home sales were in the million-dollar category. Among them: Santa Monica, Rancho Santa Fe, Atherton and Los Altos.

Newly-built homes accounted for 6.9 percent of last year's $1 million-plus sales, up from 4.9 percent in 2012. Condo sales made up 10.1 percent of the million-dollar category, up slightly from 9.2 percent the year before. Last year most $1 million-plus condos were sold in Los Angeles, San Francisco and San Diego counties.

The median-sized million-dollar home sold in California last year was 2,504 square feet, with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all $1 million-plus homes in 2013 was $682, up 6.9 percent from $637 in 2012. For the overall California market, the square-foot median was $208 last year, up 28.1 percent from $162 in 2012, DataQuick reported.

There are 8.8 million houses and condos in California. Of those, 270,591 are assessed for more than a million dollars by county assessor offices, DataQuick reported.

To see a ranked list of communities where the most million dollar homes sold, visit DQNews.com.

Source: DataQuick; DQNews.com

Media calls: Andrew LePage (916) 456-7157

Copyright 2014 DataQuick Information Systems. All rights reserved.

Tuesday, January 21, 2014

4Q13 California Home Foreclosures Press Release

California Foreclosure Starts Dip to Eight-Year Low


January 21, 2014

La Jolla, CA.--The number of California homeowners pulled into the formal foreclosure process dropped to an eight-year low last quarter, the result of an improving economy, foreclosure prevention efforts and higher home prices, a real estate information service reported.

A total of 18,120 Notices of Default (NoDs) were recorded by lenders and their servicers on California owners of houses and condos during the October-through-December period. That was down 10.8 percent from 20,314 for the prior quarter, and down 52.6 percent from 38,212 in fourth-quarter 2012. Last quarter's tally was the lowest since 15,337 NoDs were recorded during fourth-quarter 2005. NoDs peaked in first-quarter 2009 at 135,431. DataQuick's NoD statistics go back to 1992.

"Some of this decline in foreclosure starts stems from the use of various foreclosure prevention efforts - short sales, loan modifications and the ability of some underwater homeowners to refinance. But most of the drop is because of the improving economy and the increase in home values. Fewer people are behind on their mortgage payments. And of those who do get into trouble, many, if not most, can sell and pay off what they owe. Also, those who are underwater and close to slipping into foreclosure are far less likely to give up their homes now that appreciation has returned to the housing market. There's a strong incentive to hang on," said John Walsh, DataQuick president.

The median price paid for a California home was $364,000 in the fourth quarter, up 22.1 percent from $298,000 a year earlier. The median has risen more than 20 percent on a year-over-year basis for the last five quarters. It peaked in second-quarter 2007 at $485,500 and hit bottom at $235,000 in second-quarter 2009, DataQuick reported.

Continuing a years-long trend, mortgage defaults remained far more concentrated in the state's most affordable neighborhoods. Zip codes with 2013 median sale prices below $200,000 collectively saw 3.1 NoDs filed last quarter for every 1,000 homes in those zip codes. The ratio was 2.0 NoDs per 1,000 homes for zip codes with $200,000-to-$800,000 medians, while there were 0.7 NoDs filed per 1,000 homes for the group of zips with medians above $800,000.

Most of the loans going into default are still from the 2005-2007 period. The median origination quarter for defaulted loans is still third-quarter 2006. That has been the case for more than four years, indicating that weak underwriting standards peaked then.

On primary mortgages, California homeowners were a median 8.7 months behind on their payments when the lender filed the Notice of Default. The borrowers owed a median $20,066 on a median $302,000 mortgage.

On home equity loans and lines of credit in default, borrowers owed a median $5,491 on a median $68,770 credit line. The amount of the credit line that was actually in use cannot be determined from public records.

The most active "beneficiaries" in the formal foreclosure process last quarter were Wells Fargo (3,287), JP Morgan Chase (1,182) and Nationstar (1,096).

The trustees who pursued the highest number of defaults last quarter were Quality Loan Service Corp (for Wells Fargo and others), Trustee Corps (OneWest Bank and Green Tree) and Northwest Trustee Services (JP Morgan Chase).

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. Notices of Default are recorded at county recorders offices and mark the first step of the formal foreclosure process.

Although 18,120 default notices were filed last quarter, they involved 17,773 homes because some borrowers were in default on multiple loans (e.g. a primary mortgage and a line of credit).

Among the state's larger counties, loans were least likely to go into default last quarter in Marin, Santa Clara and San Mateo counties. The probability was highest in Tulare, Fresno and Riverside counties.

Trustees Deeds recorded (TDs), or the finalized loss of a home to the formal foreclosure process, totaled 8,205 last quarter - the second-lowest level in seven years, behind third-quarter 2013. Last quarter's foreclosure total was up 2.2 percent from 8,030 during third-quarter 2013 and down 61.2 percent from 21,127 during fourth-quarter 2012. The all-time peak was 79,511 foreclosures in third-quarter 2008. The state's all-time low was 637 in second-quarter 2005, DataQuick reported.

Foreclosures remained most concentrated in the more affordable communities. Zip codes with 2013 median sale prices below $200,000 collectively saw 2.0 homes foreclosed on in fourth-quarter 2013 for every 1,000 homes in existence. That compares with 0.8 foreclosures per 1,000 homes for zips with $200,000-to-$800,000 medians, and 0.2 foreclosures per 1,000 homes for the group of zips with $800,000-plus medians.

On average, homes foreclosed on last quarter took 9.0 months to wind their way through the formal foreclosure process, beginning with an NoD. That's down a hair from an average of 9.1 months the prior quarter and up slightly from 8.9 months a year earlier.

At formal foreclosure auctions held statewide last quarter, an estimated 40.0 percent of the foreclosed properties were bought by investors or others that don't appear to be lender or government entities. That was down from an estimated 48.0 percent the previous quarter and down from 41.8 percent a year earlier, DataQuick reported.

Foreclosure resales - properties foreclosed on in the prior 12 months - accounted for 6.7 percent of all California resale activity last quarter. That was down from 7.7 percent the prior quarter and down from 16.6 percent a year earlier. Foreclosure resales peaked at 57.8 percent in first-quarter 2009. Among the state's larger counties last quarter, foreclosure resales varied from 2.0 percent in Marin County to 14.1 percent in Tulare County.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 12.5 percent of the state's resale market last quarter. That was down from an estimated 13.5 percent the prior quarter and 25.8 percent a year earlier. Last quarter's short sale level was the lowest since it was 11.7 percent in first-quarter 2009.

To view the county-by-county Default and Trustees Deed charts, visit DQNews.com.

Source: DataQuick; DQNews.com

Media calls: Andrew LePage (916) 456-7157

Copyright 2014 DataQuick. All rights reserved.

Wednesday, January 15, 2014

December California Home Sale Press Release

California December Home Sales


January 15, 2014

An estimated 34,949 new and resale houses and condos sold statewide last month. That was up 4.5 percent from 33,429 in November, and down 12.1 percent from 39,760 sales in December 2012, according to San Diego-based DataQuick.

December sales have varied from a low of 25,585 in 2007 to a high of 66,503 in 2003. Last month's sales were the lowest for a December since 2007 and were 19.7 percent below the average of 43,547 sales for all the months of December since 1988, when DataQuick's statistics begin. California sales haven’t been above average for any particular month in more than seven years.

The median price paid for a home in California last month was $365,000, up 1.4 percent from $360,000 in November and up 22.1 percent from $299,000 in December 2012. Last month was the 22nd consecutive month in which the state's median sale price rose year-over-year, and the 13th straight month with a gain exceeding 20 percent.

In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 6.7 percent were properties that had been foreclosed on during the past year. That was down from 6.8 percent in November and down from 15.8 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 15.5 percent of the homes that resold last month. That was up from an estimated 12.5 percent the month before and down from 26.7 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,473, up from $1,418 the month before and up from $1,054 a year earlier. Adjusted for inflation, last month's payment was 36.3 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 48.4 percent below the current cycle's peak in June 2006. It was 59.8 percent above the February 2012 bottom 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 decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

December Bay Area Home Sale Press Release

Bay Area Home Sales Drop to Six-Year Low; Prices Still Up Sharply Yr/Yr


January 15, 2014

La Jolla, CA.-----Last month’s Bay Area home sales were the slowest for a December in six years, the result of a constrained supply of homes for sale. Prices continued to rise on a year-over-year basis, although at a slower pace than earlier in 2013, a real estate information service reported.

A total of 6,714 new and resale houses and condos sold in the nine-county Bay Area last month. That was the lowest for any December since 2007, when 5,065 homes sold. Last month’s sales were up 0.8 percent from 6,659 in November, and down 12.7 percent from 7,688 in December 2012, according to San Diego-based DataQuick.

Sales almost always increase from November to December, usually around 8 percent. Last month’s sales were 21.3 percent below the December average of 8,529 since 1988, when when DataQuick’s statistics begin. Bay Area sales haven’t been above average for any particular month in more than seven years. The most active December was in 2003 when 12,349 homes sold, while the least active was in 2007, when 5,065 sold.

The median price paid for a home in the Bay Area last month was $548,500. That was 0.3 percent lower than $550,000 in November, and 23.9 percent above $442,750 for December 2012. While the median has been at roughly the current level since last summer, it has increased year-over-year for 21 consecutive months.

The Bay Area median peaked at $665,000 in June and July 2007, then dropped to a low of $290,000 in March 2009. While much of the median's ups and downs in recent years can be attributed to shifts in the types of homes sold, it now appears most of the current year-over-year gain reflects a rise in home values.

For 14 consecutive months the Bay Area median has risen more than 20 percent on a year-over-year basis.

“If current trends hold, including year-over-year price appreciation of 20-plus percent, the typical home would be selling for $50,000 to $60,000 more by spring. Perhaps twice that at the upper end of the market. That could loosen up quite a bit of inventory. The question then is, how much of the pent-up demand that accumulated during the down years is still there? An additional issue is the fussy mortgage market, although things are moving in the right direction there, slowly,” said John Walsh, DataQuick president.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 22.0 percent of the Bay Area’s home purchase loans in December. That was up from 20.0 percent in November, and up from 11.0 percent in December 2012. It was the highest since 25.4 percent in July 2008. ARMs hit a low of 3.0 percent of loans in January 2009. Since 2000, ARMs have accounted for 47.2 percent of all Bay Area purchase loans.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 49.2 percent of last month’s purchase lending, down slightly from a revised 49.8 percent in November, and up from 40.1 percent a year ago. Jumbo usage dropped to as low as 17.1 percent in January 2009. Before the credit crunch hit in August 2007, jumbos accounted for more than 60 percent of Bay Area purchase loans.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 11.3 percent of all Bay Area home purchase mortgages in December, up from 10.4 percent in November and down from 13.8 percent a year earlier. In recent months the FHA share has been the lowest since early 2008, mainly because of tighter FHA qualifying standards and the difficulties first-time buyers have competing with investors and cash buyers.

Last month the number of homes that sold for less than $500,000 dropped 28.9 percent year-over-year, while the number that sold for more increased 12.3 percent, DataQuick reported.

Distressed property sales – the combination of foreclosure resales and “short sales” – made up about 15.0 percent of the resale market last month. That was up from 13.2 percent the prior month and down from 35.7 percent a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 4.5 percent of resales in December, up from 3.7 percent the month before, and down from 12.1 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 10 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 10.5 percent of Bay Area resales last month. That was up from an estimated 9.5 percent in November and down from 23.6 percent a year earlier.

Last month absentee buyers – mostly investors – purchased 23.0 percent of all Bay Area homes. That was up from November’s revised 20.6 percent and down from 26.0 percent in December 2012. Absentee buyers paid a median $439,000 last month, up 35.1 percent from $325,000 a year earlier.

Buyers who appear to have paid all cash – meaning no sign of a corresponding purchase loan was found in the public record – accounted for 22.5 percent of sales in December, up from a revised 22.1 percent in November and down from 29.9 percent a year earlier. The monthly average going back to 1988 is 13.3 percent. Cash buyers paid a median $468,500 in December, up 48.3 percent from a year earlier.

In December, Bay Area home buyers put $1.72 billion of their own money on the table in the form of a down payment or as an outright cash purchase. That number hit an all-time high of $2.64 billion last May. They borrowed $2.56 billion last month in mortgage money from lenders.

The most active lenders to Bay Area home buyers in December were Wells Fargo with 13.0 percent of the purchase loan market, Bank of America with 4.5 percent and Stearns Lending with 3.8 percent.

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 Francisco and San Mateo counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $2,219. Adjusted for inflation, last month’s payment was 22.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 42.5 percent below the current cycle's peak in July 2007. It was 76.3 percent above the February 2012 bottom of the current cycle.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.

To view the county-by-county chart, please visit DQNews.com.

Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157
Copyright 2014 DataQuick. All rights reserved.

Tuesday, January 14, 2014

December Southland Home Sale Press Releasse

Southland December Home Sales at Six-Year Low; Median Price Jumps


January 14, 2014

La Jolla, CA---Southern California home sales fell to a six-year low for the month of December as investor activity eased again and buyers struggled with a tight inventory of homes for sale. The median price paid for a home jumped to the highest level in nearly six years, the result of demand outstripping supply, declining distress sales and a slight increase in the share of sales in mid- to high-end areas, a real estate information service reported.

A total of 18,415 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 6.5 percent from 17,283 sales in November, and down 9.2 percent from 20,274 sales in December 2012, according to San Diego-based DataQuick.

December’s sales gain from November is normal for the season, though it was weaker than usual. On average, sales have increased 12.4 percent between November and December since 1988, when DataQuick’s statistics begin.

Last month’s sales were 24.1 percent below the average number of sales – 24,254 – in the month of December. Southland sales haven’t been above average for any particular month in more than seven years. December sales have ranged from a low of 13,240 in December 2007 to high of 36,865 in December 2003.

“Sales have fallen short of the same period a year earlier for three consecutive months now, and the pitifully low inventory is the main culprit. The jump in home values over the last year suggests we’ll eventually see a lot more people interested in selling their homes, which would help ease the inventory crunch. More supply would put downward pressure on prices, as would rising mortgage rates. But there are reasons to believe we’ll continue to see upward pressure on prices, too. Home building has risen but remains at relatively low levels, meaning no major boost to the overall supply of homes for sale. Meanwhile, demand is being fueled by a gradually improving economy. Also, some of the people who lost homes during the foreclosure crisis will be looking to own again,” said John Walsh, DataQuick president.

The median price paid for all new and resale houses and condos sold in the six-county region last month rose to $395,000 – the peak for 2013 and the highest for any month since the median was $408,000 in February 2008. Last month’s median was up 2.6 percent from $385,000 in November and up 22.3 percent from $323,000 in December 2012. Until last month the median had more or less moved sideways – ranging from $382,000 to $385,000 – since last June.

The median sale price has risen on a year-over-year basis for 21 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 17 months.

The December median stood 21.8 percent below the peak $505,000 median in spring/summer 2007.

It appears most of last month’s 22.3 percent year-over-year increase in the Southland median sale price reflects rising home prices, while a small portion reflects a change in market mix. This mix change consists of a significant increase in mid- to high-end sales over the last year and a big decline in sales of lower-cost distressed properties.

In December, the lowest-cost third of the region's housing stock saw a 21.9 percent year-over-year rise in the median price paid per square foot for resale houses. The annual gain was 19.7 percent for the middle third of the market and 12.7 percent for the top, most-expensive third.

Home sales in many middle and up-market areas continued to post year-over-year gains, while more affordable markets generally saw activity drop.

Last month the number of homes sold from $300,000 through $799,999 – a range that includes many move-up buyers – rose 1.7 percent year-over-year. The number that sold for $500,000 or more increased 11.9 percent from one year earlier, while $800,000-plus sales rose 5.8 percent.

In December, 34.5 percent of all Southland home sales were for $500,000 or more, up from a revised 32.7 percent the month before and 26.0 percent a year earlier.

The number of Southland homes sold below $200,000 last month dropped 45.6 percent year-over-year, while sales below $300,000 fell 38.0 percent. Low-end deals have fallen largely because of an inadequate supply of homes for sale. Many owners still can’t afford to sell their homes because they owe more than they are worth, and lenders aren’t foreclosing on as many properties, further limiting supply.

Foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 5.8 percent of the Southland resale market in December. That was down from 6.3 percent the prior month and was down from 14.2 percent a year earlier. Last month’s foreclosure resale rate was the lowest since it was 5.4 percent in May 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 13.2 percent of Southland resales last month. That was up slightly from 12.8 percent the prior month and down from 26.7 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 26.2 percent of the Southland homes sold last month. That’s the lowest share for any month since it was 25.1 percent in November 2011. Last month’s absentee level was down from 26.6 percent the month before and down from 30.4 percent a year earlier. The absentee share has trended lower almost every month since hitting a record 32.4 percent in January 2013. The monthly average since 2000, when the absentee data begin, is 18.5 percent.

Last month’s absentee buyers paid a median $323,250, up 1.0 percent from the month before and up 24.3 percent year-over-year.

In December 5.8 percent of all Southland homes sold on the open market were flipped, meaning they had previously sold in the prior six months. That’s up from a flipping rate of 5.7 percent the month before and up from 5.5 percent a year earlier. Flipping peaked at 7.0 percent last February. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Buyers paying cash in December accounted for 27.7 percent of home sales, down from 28.0 percent the month before and down from 35.8 percent a year earlier. The cash share of purchases has trended sideways or lower each month since hitting an all-time peak of 36.9 percent last February. In December the cash share was at its lowest level since it was 26.2 percent in September 2010. Since 1988 the monthly average for cash buyers is 16.4 percent of all sales. Cash buyers paid a median $351,500 last month, up 1.0 percent month-to-month and up 29.9 percent from a year earlier.

In December Southern California home buyers forked over a total of $3.99 billion of their own money in the form of down payments or cash purchases. That was up from a $3.78 billion in November and down from $4.51 billion a year ago. The out-of-pocket total peaked last May at $5.41 billion.

Credit conditions don’t seem to have changed much month-to-month but the difference from a year earlier is significant.

In December, 12.9 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs) – double the ARM rate of a year earlier. Last month’s figure was up from 11.3 percent the month before and up from 6.2 percent a year earlier. Since 2000, a monthly average of about 31 percent of Southland purchase loans have been ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 28.4 percent of last month’s Southland purchase lending. That was up from 27.9 percent the prior month and up from 22.8 percent a year earlier. In the months leading up to the credit crunch that struck in August 2007, jumbos accounted for around 40 percent of the home loan market.

All lenders combined provided a total of $5.29 billion in mortgage money to Southern California home buyers in December, up from $4.93 billion in November and up from $3.62 billion in December last year.

The most active lenders to Southern California home buyers last month were Wells Fargo with 7.7 percent of the total home purchase loan market, Bank of America with 2.7 percent and IMortgage with 2.2 percent.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 19.6 percent of all purchase mortgages last month. That was down from 20.3 percent the month before and down from 23.1 percent a year earlier. In recent months the FHA share has been the lowest since early 2008, mainly because of tighter FHA qualifying standards and the difficulties first-time buyers have competing with investors and cash buyers.

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 $1,594, up from $1,517 the month before and up from $1,139 a year earlier. Adjusted for inflation, last month’s typical payment was 33.3 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 45.4 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.

To view the county-by-county chart, visit DQNews.com.


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

Copyright 2014 DataQuick. All rights reserved.

Thursday, January 9, 2014

November Portland Home Sale Press Release

Portland Region November Home Sales


Portland-area November home sales rose slightly year-over-year to the highest level for that month since 2009 thanks to a jump in new-home transactions that compensated for a drop in resales. The median price paid for a home held at $260,000 for the third consecutive month but rose 13 percent compared with November 2012, a real estate information service reported.

A total of 2,615 new and resale houses and condos closed escrow during November in the five-county Portland-Vancouver-Beaverton metro area. Sales fell 16.8 percent from the prior month and rose 2.8 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 have fallen 10.8 percent between October and November since 1994, when DataQuick's complete Portland-area statistics begin.

While November sales were up only slightly from a year earlier, sales for all of 2013 are on track for a larger increase. A total of 33,805 homes sold in the five-county Portland region between January and November 2013, up 16.1 percent from the same 11-month period in 2012. Sales of newly built homes rose 22.9 percent year-over-year during the January-through-November period, while condo resales rose 14.8 percent and resale house sales increased 15.3 percent.

Although November's sales tally was the highest for that month in four years, it was 16.2 percent short of the average sales total for all months of November since 1994. Sales of existing (not new) single-family detached houses and condos combined were 12.6 percent below the historical November average, while new-home sales were 32.4 percent below average. However, sales of newly built homes have been trending higher, rising 28.3 percent in November compared with a year earlier. November condo resales fell 2.3 percent year-over-year, while single-family house sales dipped 0.4 percent.

The number of homes that sold for less than $100,000 in November fell 38.0 percent year-over-year, while sub-$200,000 deals declined 20.6 percent and sub-$300,000 sales fell 6.8 percent. Sales above $300,000 rose 30.5 percent, while sales over $500,000 rose 39.3 percent.

The Portland metro area statistics in this report and in the tables 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 November was $260,000, the same as in September and October, and up 13.0 percent from a year earlier. The highest median so far in 2012 came in July, at $263,700, which was the highest median for any month since October 2008, when it was $269,900. The median has risen on a year-over-year basis for 21 consecutive months.

The November median sale price was 10.0 percent below the peak $289,000 median in October 2007, and it was 33.3 percent higher than the post-peak trough of $195,000 in January 2012.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 17 percent of the Portland area's resale market in November, up from around 15 percent the prior month and down from around 26 percent a year earlier.

On a year-over-year basis, home foreclosures rose nearly 7 percent in November but during the first 11 months of 2013 they fell 36.3 percent from the same 11-month period in 2012.

To view further November Portland highlights, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2014 DataQuick. All rights reserved.

Thursday, January 2, 2014

November Seattle Home Sale Press Release

Seattle Region November Home Sales


Seattle-area home sales fell year-over-year in November for the first time in 29 months as an increase in mid- to high-end transactions and condo resales failed to compensate for an overall drop in sales below $300,000. The median price paid for a home dipped month-to-month again and its gain from a year earlier was the lowest in 17 months, a real estate information service reported.

A total of 4,101 new and resale houses and condos closed escrow during November in the Seattle-Tacoma-Bellevue metro area encompassing King, Snohomish and Pierce counties. Seattle-area sales fell 19.4 percent from the prior month and fell 3.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

The number of homes sold this November was the lowest for that month since November 2011, when 3,741 homes sold, and was 6.6 percent below the average for all months of November since 1994, when DataQuick's complete Seattle-area statistics begin. Sales of existing (not new) single-family detached houses were 7.3 percent below the historical average for November, while condo resales were 36.8 percent above average and sales of newly built homes were 33.6 percent below the November average.

Although November sales were lower than a year earlier, home sales for all of 2013 are on pace to rise sharply from 2012. Between January and November 2013 Seattle-area home sales totaled 54,424, up 19.2 percent from the same 11-month period in 2012. Condo resales during the January-through-November period saw the sharpest gain from 2012, rising 31.1 percent, while resale houses posted an 18.4 percent year-over-year increase and newly built homes rose 9.6 percent.

In November the region's mid- to high-priced neighborhoods saw sales increase compared with a year earlier, while sales in the lower-priced areas declined. The number of Seattle-area homes sold in November for less than $150,000 dropped 21.1 percent year-over-year, while sub-$300,000 deals fell 10.4 percent. Sales of homes priced above $300,000 rose 8.0 percent, while sales over $700,000 increased 10.7 percent.

Buyers paid a median $315,000 for all new and resale houses and condos sold in the three-county Seattle area in November, which is the lowest the median has been since it was $302,725 in April 2013. The November median fell 1.7 percent from the prior month and increased 8.3 percent from a year earlier. November marked the fourth consecutive month in which the median has fallen slightly from the prior month. The $329,000 median in July is so far the highest median for any month in 2013.

On a year-over-year basis the median has risen for 20 consecutive months. Prior to November these year-over-year increases were double-digit, ranging from 10.4 percent to 16.4 percent, for 14 consecutive months. November's 8.3 percent year-over-year gain is the lowest since the median rose 8.2 percent in June 2012.

The November median was 13.7 percent lower than the Seattle area's peak $365,200 median in June 2007, and it was 31.3 percent higher than the post-peak trough of $240,000 in January 2012. During the housing downturn the median fell 34.3 percent between the peak and the trough, a decline of $125,200.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 27 percent of the Seattle area's resale market in November, up slightly from about 26 percent the prior month and down from around 35 percent a year earlier.

In the Seattle region's luxury home market, sales jumped in 2013. Between January and November this year, 237 homes sold for $2 million or more, up 43.6 percent from the same 11-month period in 2012. Multi-million-dollar sales are identified based on a price or loan amount found in the public record. The month of November ran counter to the overall trend for 2013. November saw 12 multi-million-dollar home sales, down from 29 the month before and 16 a year earlier.

For additional November Seattle home sale data, please visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2013 DataQuick. All rights reserved.