Statistics Category
Real Estate Market Update: 2011 Foreclosure Numbers Are In
January 17th, 2012 categories: Buyers, Foreclosures, Market Trends, Statistics
The numbers are in. That is, the 2011 Year End Foreclosure Report put out by RealtyTrac, and online resource solely dedicated to foreclosure statistics and sales across the United States. So, what do these numbers mean for the Knoxville real estate market, and other areas of the nation? Check out the breakdown of statistics below to see how this 2011 compares to recent years pas.
- In 2011, there were 1,887,777 foreclosure filings (including default, auction, and bank repossession notices) in the U.S. Though, 1.9 million homes seems like a daunting number, it is actually the lowest it has been since 2007. The 1.9 million homes that went into foreclosure in 2011 is down 34% from 2010, 33% from 2009, and 19% from 2008.
- Nationally, in December 2011, 1 in every 634 homes received a foreclosure filing. The Knoxville real estate market fares significantly better than the national ranking. In Knox County, 1 in 1136 homes received a foreclosure notices. To see how other East Tennesee counties fared, check out the Foreclosure Rate Heat Map on RealtyTrac.com. Read the rest of this entry »
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Bank Reposessions Top 100,000 In A Month For The First Time Ever
October 14th, 2010 categories: Buyers, Foreclosures, Market Trends, Sellers, Statistics
The number of foreclosure filings rose 3 percent in September, according to foreclosure-tracking firm RealtyTrac. The term “foreclosure filing” is a catch-all word for housing, comprising default notices, scheduled auctions, and bank repossessions.
September marked the 19th straight month that the number of filings topped 300,000, and the first month in which 100,000 repossessions were logged.
As usual, a small number of states dominated the national foreclosure figures, accounting for more than half of all repossessions.
- California : 17% of all repossessions
- Florida : 13% of all repossessions
- Michigan : 7% of all repossessions
- Arizona : 7% of all repossessions
- Texas : 5% of all repossessions
- Georgia : 5% of all repossessions
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Banks Are Stopping Foreclosures…Will It Hurt Or Help??
October 11th, 2010 categories: Buyers, Knoxville Short Sales, Market Trends, Sellers, Statistics
You have probably heard the news about all the lenders out there stopping foreclosures to see if they have been following proper procedures. I understand why GMAC would do it our dealing with them for the most part on short sales have been a mess. Compared to most lenders they are pretty unorganized when it comes to getting a Knoxville Short Sale approved.
It’s hard to miss the news in real estate today: major lenders are investigating issues in their foreclosure processes. To date, GMAC (now Ally Financial), JPMorgan Chase and Bank of America have announced foreclosure freezes to review how their companies are handling the process. While most lenders have stalled foreclosure procedures in roughly half the nation, Bank of America recently extended their freezes to all 50 states.
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Housing Starts Rise In August, But By Less Than The Headlines Report
September 30th, 2010 categories: Buyers, Existing Home Sales, Housing Starts, Market Trends, Sellers, Statistics
The number of single-family Housing Starts rebounded in August, climbing 4 percent from July’s 14-month low.
A “Housing Start” is defined as a home on which construction has started and the August increase represents 18,000 single-family units nationwide.
If you only read the headlines, however, you would think the data was stronger. This is because the Housing Starts data is actually a composite of 3 types of homes — single-family, multi-family, and apartments — but the press tends to lump them all three together.
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A Simple Explanation Of The Federal Reserve Statement (September 21, 2010 Edition)
September 21st, 2010 categories: Market Trends, Mortgage Guidelines, Mortgage Rates, Statistics
Today, in its 7th meeting of the year, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged.
The Fed Funds Rate remains at a historical low, within a Fed’s target range of 0.000-0.250 percent.
In its press release, the FOMC said that the pace of economic recovery “has slowed” in recent months. Household spending is increasing but remains restrained by high levels of unemployment, falling home values, and restrictive credit.
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August 2010 Jobs Report Pushes Mortgage Rates Higher
September 7th, 2010 categories: General, Market Trends, Statistics
On the first Friday of each month, the Bureau of Labor Statistics releases Non-Farm Payrolls data for the month prior.
The data is more commonly called “the jobs report” and it’s a major factor in setting mortgage rates for residents of Tennessee and homeowners everywhere. Especially today, considering the economy.
This is because, although it’s believed that the recession of 2009 is over, there’s emerging talk of new recession starting.
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The Year Is Half-Over. How Did The Housing Experts Fare On Their Predictions?
July 1st, 2010 categories: Statistics
As 2009 was ending, the “experts” were busy making forecasts about the U.S. economy and what to expect in 2010.
With respect to the housing markets, two predictions were made again and again:
- Home prices would fall in the first half of 2010
- Mortgage rates would be higher in 2010
Well, it’s July 1 and the year is half-over. Both predictions are proving to be incorrect. Home values are rising in most markets and mortgage rates are down. Way down.
It reminds us that economists are much more skilled with analysis of the past versus predictions of the future.
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Relocate America’s Top 100 Places To Live..Knoxville TN Does It Again!! (2010 Edition)
May 12th, 2010 categories: Rankings, Statistics
Relocate To Knoxville TN BIG Orange Country!!
Once again just like we did in 2009 Knoxville TN was picked by Relocate America as one of the BEST Places to Live
Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not.
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Knoxville Home Resales Boom Into The End Of The Tax Credit And Around The Country
April 28th, 2010 categories: Buyers, Existing Home Sales, Home Values, Homebuyer Tax Credit, Market Trends, Pending Home Sales, Statistics
Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.
Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent.
“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person. It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.
Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:
- Year-over-year sales are higher for the 9th straight month
- Real estate investors represented 19 percent of all homes purchased
- First-time home buyers account for 44 percent of all buyers
Also worth noting is that the supply of available homes is down on a broader basis. At the current rate of sales, the existing home inventory will be exhausted in 8 months.
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Knoxville TN Pending Home Sales Soar In February
April 7th, 2010 categories: Buyers, Market Trends, Pending Home Sales, Sellers, Statistics
As Expected Buyers Are Out In Force In Knoxville TN and Other Areas Around The Country..
Home buyers have been out in force in Knoxville and other areas around the country taking advantage of the tax credit and low interest rates.
As expected, the Knoxville TN Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.
Versus the month prior, February’s index rose 8 percent but remains well off the highs set last October.
For today’s home buyers and seller, the Pending Home Sales Index is an important measurement. This is because a “pending home” is a property that is under contract to sell, but not yet closed.
According to the National Association of Realtors®, 80% of homes under contract close within 60 days, historically. Therefore, a higher Pending Sales figure in February projects that April’s Existing Home Sales will be higher, too.
If you’re a Knoxville home buyer today, no doubt you’ve noticed the extra market activity.
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