Home sales in August were up 4% over July and 18% higher than one year prior in 53 markets nationwide, according to the Re/Max National Housing Report. Traditionally, June is the highest sales month, but this year, it was topped by the other two summer months.
Like what you see? Click here to sign up for a National Mortgage News free trial and daily newsletter to get the latest feature stories, news headlines, data, and in-depth analysis on the issues impacting the mortgage industry.
There were 47 markets which reported a year-over-year increase in sales, including Pittsburgh, up 61%, Minneapolis, up 48%, Albuquerque, N.M., up 43% and Milwaukee, up 37%.
The median sales price for August was $189,831, down less than 1% from July and nearly 4% from August 2010. Still 14 markets did record an increase in median price when compared with July, while 10 saw prices increase over August. The latter group includes Detroit, up nearly 16%, Orlando, up over 14% and Milwaukee, up 11%.
Average days a property was on the market increased to 90 in August from 88 in July. There is a 6.8 month supply of homes on the market, down from 7.2 months in July and 9.2 months in August.
Daily Briefing | Friday, September 16, 2011
IBM Unit Gets a Piece of the B of A MSR Package
Fannie Mae has apparently doled out part of a large subservicing contract on Bank of America MSRs to the residential servicing division of International Business Machines, according to industry advisors who have been briefed on the deal.
FHA Tweaks REO Process and Sales Blossom
The Federal Housing Administration is selling 11,000 to 13,000 foreclosed homes a month after re-engineering the way it manages and markets REO.
As GSE Loan Limit is Set to Expire, a GOP Bill is Introduced
It’s not looking good for fans of keeping the higher GSE loan limits, but that hasn’t stopped housing, realty and mortgage trade groups from promoting the issue through their elected officials.
Walter Investment Changes Titles of Green Tree Executives
Now that Walter Investment Corp., has officially purchased subservicer Green Tree Servicing, St. Paul, Minn., and its parent company, GTCH Holdings, LLC, it has changed certain job duties of executives that joined the firm.
Top Banks Quietly Flunk Fannies Mortgage Servicer Tests
Some of the nations top banks including Bank of America and JPMorgan Chase which also rank first and third, respectively in terms of housing receivables — flunked Fannie Mae’s latest test of mortgage servicers, but the GSE isnt exactly saying that.
HELOCs Coming Under New Regulatory Scrutiny
Bank examiners are exploring whether the nation’s depositories have accurately valued $845 billion of home equity and second liens, according to seven people with direct knowledge of the matter, according to a report by Bloomberg.
Originations Booming at CMG Mortgage
CMG Mortgage, San Ramon, Calif., originated $275 million of home mortgages in August, a 44% increase from the prior month.
New CFPB Leader Pledges Tough Enforcement Regime
In his first speech since taking over for Elizabeth Warren as the public face of the Consumer Financial Protection Bureau, Raj Date warned that the agency will take a firm stance when it identifies practices that are harmful for consumers.
Subprime CDS Rally Ends, Glimmer of Hope in Mods
A Fitch Solutions report Friday shows the summer rally in U.S. subprime credit default swaps ended abruptly in August when most performance trends were negative and only an improvement in certain modifications seemed hopeful.
REITs Reject Suitor
The boards of three related non-exchange traded real estate investment trusts are calling on shareholders to reject unsolicited tender offers made by the investment firm of MacKenzie Patterson Fuller LP.