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January 20th, 2011

Interesting trends in the December home sales numbers

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Bank Owned Sale SignIt’s safe to say that the optimism surrounding a significant improvement in home sales in 2011 is still muted. We’re hoping to see improving trends, but are holding our breath in terms of a large audience returning to the market at a time when the job market is still unstable and credit conditions remain stringent.

December’s existing-home sales numbers were another indication of an improving trend, but yet another reminder that home sales still have a lot of recovering to do. December’s existing-sales saw a sizeable 12.3 percent increase from November, but still remain nearly three percent below December 2009 levels. The National Association of Realtors Chief Economist Lawrence Yun said he expects December’s figures to be indicative of what we can expect throughout 2011.

Interesting trends:

Distressed properties made up 36 percent of the existing sales in December, up from the 32 percent seen last year. (For more on how to buy distressed properties, be sure to read “Interested in buying “distressed” real estate? Here’s what you need to know.”) According to the NAR, distressed real estate typically sells for 10-15 percent less than non-distressed properties.

First-time buyers purchased 33 percent of the properties that sold in December; a decline from last year when the homebuyer tax credit drove even more first-timers into the market. HSH.com has a wealth of information geared specifically towards first-time homebuyers. Please check it out and let us know if you think any information is missing or if there’s a topic you’d like us to address.

Investors snapped up 20 percent of the existing homes for sale last month. The large presence of distressed properties on the market led to 29 percent all-cash sales this year — a decent increase when compared to last year (22 percent in December 2009).

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4 Responses to “Interesting trends in the December home sales numbers”

  1. Tweets that mention Interesting trends in the December home sales numbers | HSH Financial News Blog -- Topsy.com Says: January 21st, 2011 at 4:53 am

    [...] This post was mentioned on Twitter by Mortgage News, Rashawn McMullin. Rashawn McMullin said: DITR REI Update: Interesting trends in the December home sales numbers: Distressed propertie… http://bit.ly/edvDgx #realestate #invest [...]

  2. 2011 Guide to Obtaining a Mortgage. 2011 Mortgage Trends. Says: February 4th, 2011 at 7:27 am

    [...] light of this increased hassle/cost, an estimated 29% of buyers are opting to avoid the mortgage process altogether, by paying cash for properties. For those of [...]

  3. New Home Sales Lowest Since 1967 | Business Pundit Says: February 24th, 2011 at 11:25 am

    [...] powers economic recoveries” (or not), writes NPR. So what are people buying? According to the HSH blog, the end of the Obama tax credit means less first-time homebuyers are in the fray. More than 1/3 of [...]

  4. New Home Sales Lowest Since 1967 | LesBnB.com Says: February 24th, 2011 at 3:27 pm

    [...] powers economic recoveries” (or not), writes NPR. So what are people buying? According to the HSH blog, the end of the Obama tax credit means less first-time homebuyers are in the fray. More than 1/3 of [...]

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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