Realtors® in the news

FOX 13 news anchor Hope Woodside on Dec. 22 interviewed DeAnna Dipo, President of the Salt Lake Board of REALTORS. Woodside declared that 2012 would prove to be a good year for those in the "real estate game."

You can watch the interview here.

A year ago Salt Lake County had a housing inventory of a nine-month supply. Today, that inventory has dropped to less than a seven-month supply. "A seven-month supply is a healthy market," Dipo said. "Typically, if you go below a six-month supply it turns into a sellers' market. Our inventory is really low in comparison to years in the past."

November was the sixth consecutive month of increasing home sales in Salt Lake County. Home sales in November were up 15 percent compared to the same month in November 2010. 

 

August 2011

Housing Trends Update is derived from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey

It is based on a national survey of more than 2,500 real estate agents each month and provides up-to-date intelligence on home sales and mortgage usage patterns throughout the United States, broken down by region.

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Housing Trends Update

Housing Trends Update is published monthly and is available only to real estate agents who are part of the Campbell/Inside Mortgage Finance HousingPulse survey panel.

For information on joining the panel contact John Campbell at Campbell Surveys.

202-363-2069

john@housingpulse,com

Copyright © 2011 by Campbell Surveys

www.housingpulse.com

Distressed Properties Continue to Put Pressure On Home Prices, Latest HousingPulse Finds

December 2011

States

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housingpulse.

Despite solid demand for home purchases overall, a glut of distressed properties is continuing to put downward pressure on home prices, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

Distressed properties accounted for a hefty 46.1% of home purchase transactions in November as reported in the HousingPulse Distressed Property Index (DPI), using a three-month rolling average. Significantly, November marked the 23rd month in a row that the DPI has been above 40%.

At the same time, however, homebuyer demand for housing appears surprisingly strong, especially for lower-priced foreclosed properties or real estate owned (REO). Time on market for move-in ready REO was just 10.1 weeks in November, the lowest in 15 months, according to HousingPulse. Time on market for damaged REO was even lower at 9.0 weeks in November, also the lowest in 15 months.

Short sales were the largest segment of the distressed property market during the month of November, accounting for 17.6% of total home purchase transactions tracked in the HousingPulse survey. Move-in ready REO was the next largest group of distressed properties with a 15.2% share, followed by damaged REO with a 13.3% share of total transactions. Non-distressed home purchases accounted for the remaining 53.9% of home purchases in November.

Average pricing for distressed property was substantially lower than for non-distressed property. The average short sale sold for $209,200 in November, while the average move-in ready REO sold for $189,700. Damaged REO sold for far lower at $98,600. At the same time, non-distressed properties sold for $258,900.