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> NonDistressed
Ratios Drop
> Distressed
Sales
Decline
> Support for
the Military
> Home Prices
Soar
Issue 23 / October 2013
Non-Distressed Sales-to-List Price Ratio Declines
Sales-to-list price ratios for non-distressed properties declined in August, one month earlier than
the seasonal decline seen in 2012, according to the latest Campbell/Inside Mortgage Finance
HousingPulse Tracking Survey. The non-distressed sales-to-list price ratio fell to 97.6% in
August, based on the three-month moving average. Even with the decline, real estate agents are
optimistic about the non-distressed market. According to qualitative survey responses, most real
estate agents expect typical seasonality this fall with a limited impact from the spike in interest
rates that started in May, suggesting that sellers will continue to be assertive about pricing.
Distressed Property Market Rapidly Drying Up
Distressed properties accounted for 25.4% of home sales in August, based on the three-month
moving average, according to the latest Campbell/Inside Mortgage Finance HousingPulse
Tracking Survey. That was the sixth consecutive monthly decline in the share of home sales for
real estate-owned properties and short sales and shows a dramatic decrease since August 2011,
when distressed properties accounted for 41% of homes sold. If the trend continues, the
distressed property share of home sales will return to "normal" levels in about two years. The
shift toward non-distressed properties could prompt significant changes for real estate agents,
along with increased commissions. In August, the national average sales price for non-distressed
properties was $277,000, based on the three-month moving average—32.1% higher than the
national average sales price for move-in-ready REOs.
Jobs, Homes and Better Banking for the Military
Chase is proud to support our veterans, military servicemembers and members of the Guard and
Reserve. As part of this commitment, we’re awarding homes through the Military Warriors
Support Foundation "Homes 4 Wounded Heroes" program. We’re also one of the founding
members of the 100,000 Jobs Mission, with the goal of hiring 100,000 transitioning veterans and
military servicemembers by 2020—as of July 2013, the Mission has hired more than 77,000. In
addition, Chase Military Banking provides enhanced checking, savings and home loan products
for America’s best and bravest, including a closing-cost savings of $495. Visit ChaseMilitary.com
for details.
Home Prices Expected to Rise 10% for 2013
The combination of a downward trend in distressed sales, limited inventory and a pickup in
overall sales has fueled home prices in the second quarter, according to J.P. Morgan Fixed
Income research. The Case-Shiller HPI Index reported that Q2 2013 saw the highest quarterly
increase ever at 7.1%. Additionally, the CoreLogic index rose another 1.8% in July. Monthly
home price returns tend to have a seasonal peak in June and begin to decelerate in July. Despite
the seasonal drag and rising mortgage rates, this July’s pace is the fastest July return ever. We
continue to expect home-price growth of 10.1% in 2013, 4.9% in 2014 and 3.6% in 2015. Rising
borrowing costs are the main threat in the short run, and it may take a few months to see how
homebuyers will behave in the current economic environment.
Samantha A. Sample
Senior Mortgage Banker
Street Address Line 1
City, ST 12345
Phone: 123-456-7890
Fax: 098-765-4321
[email protected]
yourcompany.com
NMLS# 12345678
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Housing trends data used in this publication are from the Campbell/Inside Mortgage Finance
HousingPulse monthly survey. Survey results have been licensed to Chase for use in this
publication. All rights reserved by Campbell Surveys. For more information, go to
HousingPulse.com.
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