Magazine article Mortgage Banking

Positive Indicators

Magazine article Mortgage Banking

Positive Indicators

Article excerpt

You don't have to look very far these days to find signs of recovery in the nation's real estate markets. Certainly, the numbers on home prices have been steadily retracing their steps back up from the depths of the crisis. And much of this is due to the fact distressed sales have become a less dominant share of overall property sales.

If you look at the data provided to Mortgage Banking by CoreLogic in our Marketrac[R] section, you will find stark evidence of the declining share of distressed sales. In the June 2012 issue, Las Vegas topped the list of markets with the highest share of distressed sales at 55.63 percent, based on February 2012 data.

One year later, Marketrac data shows that the Las Vegas market is still the market leader with the highest share of distressed sales, but the share has dropped to 42.85 percent. And short sales went from 18.75 percent of housing sales in that market to 31.32 percent one year later. During that same period (February 2012 to February 2013), real estate-owned (REO) sales went from 36.88 percent to just 11.53 percent in the Las Vegas market.

Yes, there has been housing market improvement, but the improvement has been uneven and sharply dependent on the part of the country you are looking at. In California, there is stark evidence of a very strong rebound in housing markets. While in other markets, such as Chicago and St. Louis, the improvement has been muted.

Let's look again at what Marketrac shows us. In the June 2012 issue of Mortgage Banking, seven out of 10 of the markets with the highest share of distressed sales were in California. …

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