ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 06/13/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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Inventory of unsold homes on the market declined in April as the share of underwater homeowners rose, according to a monthly report from data aggregator CoreLogic.
The number of unsold homes on the market was at its lowest level in more than five years in April -- a 6.5-month supply. While that supply level is considered "reasonably healthy," it also means that there are "significantly fewer buyers" on the demand side of the market, according to Anand Nallathambi, CoreLogic's president and CEO.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
"Historically, current homeowners trading up represent the biggest segment of the purchase market," he wrote in the report. "But with more than 20 percent of homeowners underwater, another 25 percent of all homeowners possessing less than 20 percent equity in their homes, and tightened underwriting requirements, this potential pool of buyers has effectively been eliminated."
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
"While the rapid decline in months' supply is typically good news because it indicates a better balance between demand and supply, this decline is occurring less because of an increase in sales and more because of a drop in unsold inventory as a result of negative equity," wrote Sam Khater, CoreLogic's senior economist.
"The presence of negative equity not only drives foreclosures, reduces the availability of purchase down payments and impedes refinances, but also restricts the ability of owners to list their homes for sale as the demand side of the market improves," he added. Because negative equity tends to be higher among homes with lower home values, supply also tends to be tighter, and that has spurred a rise in prices at the lower end of the price spectrum, the report said.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
"We have transitioned from pricing dynamics driven by economic weakness and high shares of distressed sales to one of restricted supply, which will likely exist for some time to come -- a reason for optimism in many hard-hit markets," he added.
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