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Distressed Properties Account for Half of Home Purchases
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You're Now Reading:
Distressed Properties Account for Half of Home Purchases
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Distressed Properties Account for Half of Home Purchases
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February 23, 2011 (Chris Moore)
mortgage-distressed-properties-image
Calling the latest data released in its January report “an ominous sign,” Campbell/Inside Mortgage Finance reports in this month’s HousingPulse Tracking Survey that a staggering 49.6 percent of home purchase transactions were distressed properties, the highest level in nearly a year.

The share of distressed properties, which includes bank-owned properties (REO) and short sales, was up from 47.2 percent in December, and well above the 44.5 percent share seen back in November.

California broke the bank with an even larger share of distressed purchases, at 66 percent, followed by Florida with 63 percent and it was even worse yet in the combined markets of Arizona and Nevada, where a whopping 72 percent of home sales were distressed properties.

Campbell/Inside predicts if market trends continue the majority of all homes sold in the United States will be distressed properties within just a few months.

Comments from real estate agents collected as part of the HousingPulse survey confirmed the growing share of distressed properties. “I have noticed that less than 40 percent of what is on the market is property that is just ‘For Sale’ and not a short sale or REO,” commented one agent in California. “We are primarily an REO/short sale market with (only) about 20 percent conventional sale at this juncture,” added an agent in Nevada. “Short sales occupy 65 percent of market share, REO’s occupy 30 percent of market share, non-distressed are 5 percent or less,” reported another agent in Nevada.

First-time homebuyer activity slipped to 35 percent in January, down from 37.7 percent in December as mortgage rates crept higher and the FHA loans got more expensive. FHA lending garnered just a 27.7 percent share of mortgages, down from 30.2 percent in December.

The survey predicts additional downward pressure on pricing as the amount of distressed properties increases and the amount of first-time buyer’s decreases, especially for the categories of damaged REO properties and move-in ready REO properties.

Over the past 12 months, time on market for the REO categories has strongly increased while the average number of offers has decreased. Also over the past 12 months, average prices for damaged REO have declined by 16 percent while average prices for move-in ready REO have declined 20 percent. Non-distressed prices have declined only 4 percent while the prices for short sales have been nearly flat.

Tags: Campbell/Inside Mortgage Finance, HousingPulse Tracking Survey, distressed properties, REO, first-time homebuyer

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

February 23, 2011 (Chris Moore)
mortgage-distressed-properties-image
Calling the latest data released in its January report “an ominous sign,” Campbell/Inside Mortgage Finance reports in this month’s HousingPulse Tracking Survey that a staggering 49.6 percent of home purchase transactions were distressed properties, the highest level in nearly a year.

The share of distressed properties, which includes bank-owned properties (REO) and short sales, was up from 47.2 percent in December, and well above the 44.5 percent share seen back in November.

California broke the bank with an even larger share of distressed purchases, at 66 percent, followed by Florida with 63 percent and it was even worse yet in the combined markets of Arizona and Nevada, where a whopping 72 percent of home sales were distressed properties.

Campbell/Inside predicts if market trends continue the majority of all homes sold in the United States will be distressed properties within just a few months.

Comments from real estate agents collected as part of the HousingPulse survey confirmed the growing share of distressed properties. “I have noticed that less than 40 percent of what is on the market is property that is just ‘For Sale’ and not a short sale or REO,” commented one agent in California. “We are primarily an REO/short sale market with (only) about 20 percent conventional sale at this juncture,” added an agent in Nevada. “Short sales occupy 65 percent of market share, REO’s occupy 30 percent of market share, non-distressed are 5 percent or less,” reported another agent in Nevada.

First-time homebuyer activity slipped to 35 percent in January, down from 37.7 percent in December as mortgage rates crept higher and the FHA loans got more expensive. FHA lending garnered just a 27.7 percent share of mortgages, down from 30.2 percent in December.

The survey predicts additional downward pressure on pricing as the amount of distressed properties increases and the amount of first-time buyer’s decreases, especially for the categories of damaged REO properties and move-in ready REO properties.

Over the past 12 months, time on market for the REO categories has strongly increased while the average number of offers has decreased. Also over the past 12 months, average prices for damaged REO have declined by 16 percent while average prices for move-in ready REO have declined 20 percent. Non-distressed prices have declined only 4 percent while the prices for short sales have been nearly flat.

Tags: Campbell/Inside Mortgage Finance, HousingPulse Tracking Survey, distressed properties, REO, first-time homebuyer

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

February 23, 2011 (Chris Moore)
mortgage-distressed-properties-image
Calling the latest data released in its January report “an ominous sign,” Campbell/Inside Mortgage Finance reports in this month’s HousingPulse Tracking Survey that a staggering 49.6 percent of home purchase transactions were distressed properties, the highest level in nearly a year.

The share of distressed properties, which includes bank-owned properties (REO) and short sales, was up from 47.2 percent in December, and well above the 44.5 percent share seen back in November.

California broke the bank with an even larger share of distressed purchases, at 66 percent, followed by Florida with 63 percent and it was even worse yet in the combined markets of Arizona and Nevada, where a whopping 72 percent of home sales were distressed properties.

Campbell/Inside predicts if market trends continue the majority of all homes sold in the United States will be distressed properties within just a few months.

Comments from real estate agents collected as part of the HousingPulse survey confirmed the growing share of distressed properties. “I have noticed that less than 40 percent of what is on the market is property that is just ‘For Sale’ and not a short sale or REO,” commented one agent in California. “We are primarily an REO/short sale market with (only) about 20 percent conventional sale at this juncture,” added an agent in Nevada. “Short sales occupy 65 percent of market share, REO’s occupy 30 percent of market share, non-distressed are 5 percent or less,” reported another agent in Nevada.

First-time homebuyer activity slipped to 35 percent in January, down from 37.7 percent in December as mortgage rates crept higher and the FHA loans got more expensive. FHA lending garnered just a 27.7 percent share of mortgages, down from 30.2 percent in December.

The survey predicts additional downward pressure on pricing as the amount of distressed properties increases and the amount of first-time buyer’s decreases, especially for the categories of damaged REO properties and move-in ready REO properties.

Over the past 12 months, time on market for the REO categories has strongly increased while the average number of offers has decreased. Also over the past 12 months, average prices for damaged REO have declined by 16 percent while average prices for move-in ready REO have declined 20 percent. Non-distressed prices have declined only 4 percent while the prices for short sales have been nearly flat.

Tags: Campbell/Inside Mortgage Finance, HousingPulse Tracking Survey, distressed properties, REO, first-time homebuyer

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