October 4, 2013
- Realty Trac released the August 2013 sales report showing that U.S. residential properties sold at an estimated annualized pace of 5.6 million, up 12% from 5.0 million in August 2012. All cash purchases represented 45% of all residential sales, up from 30% in 2012. Short sales were 15% of all sales in August, up from 8% in August 2012. Banked owned properties were at 10%, up from 9% in 2012.
- Pending home sales declined in August.
- The Millennial generation numbers 105 million, larger than the Baby Boomer generation and 20% bigger than Generation X. They rely on their peers when making decisions and leverage their social networks for help with that decision making.
THE NATIONAL REAL ESTATE POST:
- The FHA is looking for a bailout of $1.7 billion to maintain its required reserve of at least 2% of their projected losses. These losses are from reverse mortgage accounts. Interestingly, their general account has $30 billion, but they are not allowed to move money from one account to another. Instead, they have to ask the government for $1.7 billion.
- HUD is delaying the implementation of a new rule disallowing dual agency on FHA short sales that was supposed to go into effect on October 1st. This rule would have prevented listing agents from selling their short sale listing. It also would have prevented transactions in which 2 agents are in the same company and one represents the seller and the other represents the buyer.