Sep 03, 2013
Foreclosures, pending sales, even prices: Good news all around
03 Sep 2013
Posted by Andrew Kantor
Here’s a quick roundup of the last few days facts and figures — it looks like good news in general.
Foreclosures and delinquencies are down. According to CoreLogic, the number of homes in the U.S. in some stage of foreclosure was down 32 percent from a year ago, with existing foreclosure inventory being absorbed by the market — it’s already down 20 percent this year, and was down 32 percent from July to July.
Virginia is faring quite well – only seven states have a lower percentage of homes in foreclosure. (At last reading, only about 82 out of 1,000 homes for sale in Virginia were in foreclosure.) Click here for the full report.
And here’s a chart from Lender Processing Services showing foreclosures since 1995:
Pending sales are up. NAR’s Pending Home Sales Index, which counts contract signings but not closings, was up 6.7 percent from July 2012 to July 2013. (Not surprisingly, the index is down month to month, because that’s how cycles work.) The South fared better: Pending sales were up 7.7 percent year to year, and were even up — 2.6 percent — month to month.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 1.3 percent to 109.5 in July from 110.9 in June, but is 6.7 percent above July 2012 when it was 102.6; the data reflect contracts but not closings. Pending sales have stayed above year-ago levels for the past 27 months.
Finally, prices continue to rise, at least according to CoreLogic. Nationwide, they were up 12.4 percent in July from the year before. Virginia was, as usual, in the middle of the pack — prices in the commonwealth were up 7.84 percent from July to July. (Click here for the full CoreLogic report.)
Meanwhile, Redfin reports that price per square foot was up 19.3 percent from July 2012 to July 2013 (nationwide). It doesn’t have state data, but it does have info for selected cities. The only one in Virginia was the Washington, D.C., metro, where prices (per sq. ft.) were up a measly 7.9 percent year to year.