Tag Archives: North Dakota

Real Estate

Almost Half of States Near Home Appreciation Peaks

Photo courtesy of: http://www.funnypica.com/
Photo courtesy of: http://www.funnypica.com/

Home prices are continuing to rise heading into the summer months, according to CoreLogic’s latest Home Price Index, which shows nationwide home prices, including distressed sales, rising 10.5 percent in April compared to year-ago levels.

“The purchase market continues to suffer from a dearth of inventory, which we expect will continue to drive prices up over the year,” says Anand Nallathambi, president and CEO of CoreLogic.

In fact, no states posted drops to their home prices in April, according to CoreLogic’s index. What’s more, several states surpassed their previous home price peaks, including: Colorado, Louisiana, Nebraska, Oklahoma, North Dakota, South Dakota, Texas, and Wyoming.

Twenty-three states as well as the District of Columbia also are at or within 10 percent of their home price appreciation peak, according to CoreLogic.

The five states with the highest home appreciation (including distressed sales) in April year-over-year are:

  • California: 15.6%
  • Nevada: 14.8%
  • Hawaii: 14.1%
  • Oregon: 11.8%
  • Michigan: 11.3%

Source: CoreLogic

Read more:

Analysts Still Bank on 7% Home Appreciation
This Housing Market Is Sizzling

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Real Estate

Home Prices to Increase Next 12 Months

Photo Courtesy of: http://www.pleated-jeans.com/
Photo Courtesy of: http://www.pleated-jeans.com/

March 25, 2014

REALTORS® expect home prices to continue to rise over the next 12 months. But they expect them to do so at a moderate pace, given tight credit conditions and the chipping away of home affordability, according to the latest REALTORS® Confidence Index, a monthly survey distributed to more than 50,000 real estate practitioners to gauge expectations over home sales, prices, and market conditions.

Real estate professionals reported a median price expectation of 3.9 percent over the next 12 months.

The states where practitioners are predicting the biggest increases—5 to 7 percent—are in California, Florida, Alaska, and Hawaii. Tight inventories have helped to lift home values in these areas, according to the survey.

“In states with booming economies like Washington, North Dakota, Texas, Michigan, and the D.C.-metro area, the expected price increase is about 3 to 5 percent,” according to the report.

Real estate professionals also expressed several concerns over the housing market holding back some buyers, particularly due to “unreasonably” tight credit conditions.

“Access to credit was often cited as a deterrent to home buying,” according to the report. “About 13 percent of REALTORS® who did not close a sale in February reported having clients who could not obtain financing.”

In those cases, about 6 percent of the professionals said their buyer gave up, while 7 percent said their buyer continued to seek new or other financing. Other transaction hang-ups were lack of agreement on a price (accounting for 11 percent); buyer losing a home to competition (10 percent); and appraisal issues (3 percent).

By REALTOR® Magazine Daily News

 
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Real Estate

How Long Are Loans Delinquent in Foreclosure?


Loans in foreclosure have been delinquent an average of 624 days — a record high, according to Lender Processing Services’ September report.

The time loans spend in foreclosure continues to increase. For example, 40 percent of home owners with loans in foreclosure have failed to make a payment within two years, and 72 percent of home owners have failed to make a payment in a year or more.

The time from the last payment to foreclosure sale has been found to be even longer in judicial states, in which foreclosures must be approved by the courts. The time span in judicial states is averaging 761 days, six months longer than non-judicial states, LPS reports.

While loans are spending longer in foreclosure, the number of foreclosure starts is decreasing. Foreclosure starts decreased 11.2 percent in September compared to August, and foreclosure starts are 15 percent below a year earlier, LPS notes in its recent report.

The states with the highest percentage of loans in delinquency or foreclosure are:

  • Florida
  • Mississippi
  • Nevada
  • New Jersey
  • Illinois

The states with the lowest: North Dakota, South Dakota, Wyoming, Alaska, and Montana.

Source: “LPS: Foreclosures Delinquent an Average of 624 Days,” HousingWire (Nov. 1, 2011) and Lender Processing Services

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