April 27, 2012
BITS & PIECES FROM THE NATIONAL ASSOCIATION OF REALTORS:
- The foreclosure process can take years to complete — literally. The states with the five longest times to complete foreclosures, according to first quarter data, are:
1. New York: 1,056 days
2. New Jersey: 966 days
3. Florida: 861 days
4. Illinois: 628 days
5. Maryland: 618 days
- Appearance may matter when it comes to selling homes, at least according to researchers in a newly-published study in an industry journal, Applied Financial Economics.
Physically attractive real estate agents — both on the listing and selling side — tend to sell homes for higher prices, the researchers found. According to the study, that “beauty” effect on housing prices is about twice as large on the listing side as it is on the selling side.
- Nationwide, inventory of existing homes on the market is down 21% comparing March 2012 with March 2011. All 146 markets showed a decrease except for Hartford, Connecticut and Philadelphia, Pennsylvania. Last year at this time, inventory was up 26% and list prices were down 4.81%
- Morgan Stanley estimates that 95% of distressed homes are in bad shape and unsuitable for renting out. In a report sent to their clients, they estimated a cost of 25% of purchase price was necessary for renovation work.