Campbell Surveys
By Krista Franks | 10/24/2011
Refinance applications and appraisal complications are holding up home sale closings, according to a HousingPulse survey released Monday. The report states that the normal timeline for a closing is about 30 days. That timeline has been extended to between 45 and 60 days. However, the delay is even more exacerbated among short sales and sales of foreclosed homes - which according to the survey made up 44.4 percent of the market in September.
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By Carrie Bay | 09/26/2011
Processing delays have taken their toll on first-time homebuyer interest in short sales, according to the latest HousingPulse Tracking Survey released Monday. First-time homebuyers were a part of 39.7 percent of the short sale transactions completed in August. That's the lowest percentage for this buyer segment ever recorded by the survey. The study found that the average time-on-market for short sales is 16.6 weeks, with the majority of that time spent waiting for approval.
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By Carrie Bay | 07/25/2011
Home prices, which have been sputtering along for much of the year, are likely to dip further by the end of 2011, according to the results of a nationwide industry survey of real estate agents.
Factors cited as driving an expected decline include restricted financing for real estate investors, a large gap between the supply of distressed properties and demand from first-time homebuyers, and the shadow inventory of both foreclosed and short sale properties.
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By Carrie Bay | 05/23/2011
First-time homebuyers - a segment that typically targets distressed homes - currently make up just one-third of the market, according to the research firm Campbell Surveys. While this is what would be considered their "normal" market share, the company says this is not enough demand to absorb the excess supply coming from defaulting homeowners and will likely make for a poor spring and summer buying season. Survey respondents in April reported that potential first-time buyers are having trouble finding foreclosed homes in move-in ready condition.
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By Carrie Bay | 04/25/2011
An industry study released Monday shows that nearly half of home sales activity last month involved distressed properties, a trend that is likely to continue as the backlog of foreclosures and mortgage defaults make their way through the pipeline. Within this distressed property segment, the market analysis shows a boom in short sales during the month of March to a record-high 19.6 percent, and a drop in the proportion of damaged REO, which the report says should be a positive for home values in future months.
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By Carrie Bay | 03/22/2011
For many homebuyers, mortgage financing is hard to come by these days. Lenders have tightened up credit requirements in an about-face from the lax lending of pre-crisis days that's fueled record-high delinquencies. According to two separate industry surveys, cash transactions set a new record in February, accounting for 33 percent of home purchases. One report notes that the increase in cash purchases paralleled a rise in activity among investors who have their sights set on distressed properties that can be scooped up at a discount.
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By Carrie Bay | 02/22/2011
The percentage of distressed properties in home purchase transactions climbed to its highest level in nearly a year last month, according to an industry report released Tuesday. The distressed property index tracked as part of the report indicates that the share of sales transactions involving distressed homes climbed to 49.6 percent in January. Comments from real estate agents collected as part of the survey confirms the growing share of distressed properties, particularly in hard-hit markets.
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By Carrie Bay | 01/24/2011
Sales of distressed properties surged in December as many banks resumed foreclosures following the suspensions prompted by robo-signing issues last fall, according to an industry study conducted by Campbell Surveys.
The company's distressed property index jumped to 47.2 percent last month, reflecting the distressed share of home sales transactions. December's level was up from 44.5 percent in November and nearly matched the index's peak recorded in September, before the robo-signing controversy came to light.
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By Carrie Bay | 12/20/2010
Rising mortgage rates pushed first-time homebuyers to buy properties in November, while investors lost their enthusiasm for distressed properties, according to a new report from Campbell Surveys.
The research firm found first-time buyers' share of home purchases jumped from 34.4 percent in October to 37.2 percent last month as long-term rates began to climb from record lows set in early November. Meanwhile, investor activity continued a two-month decline.
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By Carrie Bay | 11/22/2010
The ongoing controversy surrounding deficiencies in foreclosure documentation is taking its toll on the housing market as a significant share of home shoppers refused to even look at distressed properties in October, according to a study conducted by Campbell Surveys.
Not only did reports of major servicers pulling REO properties off the market spook would-be homebuyers, but servicing problems resulted in 12 percent of scheduled closings being delayed or canceled due to REO title issues, the company found.
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