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Golden State June Home Sales Strongest Since 2006

Market Edges Closer to Normalcy

Andrew LePage    |    Housing Trends

California June Home Sales

California’s housing market picked up steam last month, when it logged its highest June home sales in nine years and the largest year-over-year increase in sales for any month in nearly three years.

An estimated 46,095 new and existing houses and condominiums sold in the Golden State during June 2015, up 10.8 percent from May and up 16.8 percent from June 2014. Last month’s sales were the highest for the month of June since June 2006 (Figure 1), when 59,018 homes...

Cash Sales Made Up 34 Percent of All Home Sales in April 2015

Lowest Cash Sales Share Since September 2008

Molly Boesel    |    Housing Trends

Cash Sales Share by Sale Type

Cash sales made up 33.7 percent of total home sales in April 2015, down from 37.4 percent in April 2014. The year-over-year share has fallen each month since January 2013, making April 2015 the 28th consecutive month of declines. Month over month, the cash sales share fell by 0.9 percentage points. Due to seasonality in the housing market, cash sales share comparisons should be made on a year-over-year basis.

The cash sales share peak occurred in January 2011 when cash...

Foreclosure Inventory Falls 27 Percent in May 2015

Florida Has the Largest Year-Over-Year Drop in Foreclosure Inventory

Molly Boesel    |    Mortgage Trends

  • The foreclosure inventory fell 27.4 percent year over year in May 2015 to 491,000 loans.
  • The seriously delinquent inventory fell 22.7 percent year over year in May 2015 to 1.3 million loans.
  • Only three states and the District of Columbia had year-over-year increases in foreclosure inventory.

CoreLogic reported...

Strong Dollar Discourages Many Foreign Homebuyers in the US

Frank Nothaft    |    Housing Trends

U.S. Dollar Has Appreciated Against Most Currencies

Home sales in the U.S. during the first four months of 2015 have been the best in eight years. Relative to the same period one year ago, sales jumped 9 percent, helped by a drop in fixed mortgage rates of almost one-half a percentage point. However, one group of homebuyers has backed off over the past year: foreign buyers.

The National Association of Realtors reports that the number of U.S. homebuyers who identified as international dropped to 2.0 percent during the first four...

Distressed Sales Accounted for 11 Percent of Homes Sold Nationally in April 2015

Only Two States are Near ‘Normal’ Distressed Sales Share

Molly Boesel    |    Housing Trends

Distressed sales—real estate-owned (REO) and short sales—accounted for 11.1 percent of total home sales nationally in April 2015, down 3 percentage points from April 2014 and a 1.5 percentage point decrease from March 2015. Distressed sales shares typically decrease month over month in April due to seasonal factors, and this distressed sales share was the lowest for the month of April since 2007.

Within the distressed category, REO sales accounted for 7.4 percent and...

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