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After suffering a major drop in November 2015, existing-home sales turned the tables with the largest monthly increase ever recorded in December. With the backlog caused by TRID delays largely cleared, existing-home sales rose 14 point 7 percent to a seasonally adjusted annual rate of 5 point 46 million in December, up from 4 point 46 million in November, according to the National Association of Realtors’ report released Friday.
Year-over-year, existing-home sales are up 7 point 7 percent in December. Overall in 2015, existing-home sales posted their best numbers since 2006. NAR Chief Economist Lawrence Yun stated, quote, While the carryover of November's delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015. Close quote
On Friday, Freddie Mac announced its largest bulk non-performing loan transaction yet—an auction of residential NPLs serviced by Nationstar Mortgage totaling 1 point 6 billion dollars in unpaid principal balance. Both GSEs have made a substantial push in the last year to follow the directive of their conservator, the Federal Housing Finance Agency, to sell off NPLs and deeply delinquent loans from their residential mortgage portfolios.
