Active Listings by Type 2011 06
Posted: July 28, 2011 Filed under: Active Listings, Foreclosures, Short Sales | Tags: 2011, Foreclosures, Listings, Loudoun, Market Trends, Short Sales Leave a comment »Distressed Listings on the Decline
Comparing active listings in January to those in June 2011 by type we see that the total number of active listings increased by 32 percent. Over the same period, the actual number of listings for standard (non-distressed) sales also increased 44 percent. However, the number of bank-owned listings declined from January to June by 27 percent. Total short sale listings also declined by 16 percent.
In January, there were 216 active distressed listings for a 19 percent share of the total. With only 175 distressed listings on the market (11 percent of total active listings) in June, it appears that Loudoun County has made significant strides in working through its supply of distressed homes foretelling a stronger housing market in the months to come.
Median Sales Price 2011 06
Posted: July 27, 2011 Filed under: Foreclosures, Median Sales Prices, Short Sales | Tags: 2011, Foreclosures, Loudoun, Market Trends, Median Sales Price, Price Changes, Short Sales Leave a comment »Median Sales Prices on the Rise Despite Declining Prices for Distressed Sales
In Loudoun County in June 2011, the median sales price for standard sales was 5 percent higher than in June 2010. This despite the 15 percent decline in the median sales price for bank-owned properties month-over-year and 17 percent for short sales.
A partial explanation is that the share of distressed sales (bank-owned properties and short sales) has steadily declined this year in Loudoun. After five consecutive months of decreases, the share of distressed sales was only 20.4 percent of total sales in June 2011. Compare that to the 30 percent share last June.
YTD Distressed Sales 2011 07 26
Posted: July 27, 2011 Filed under: Foreclosures, Short Sales | Tags: 2011, eastern loudoun, Foreclosures, leesburg, Market Trends, Short Sales, western loudoun Leave a comment »
Share of Distressed Sales on the Decline in Loudoun County
The graph below illustrates the aggregate number of short sales and foreclosures (bank-owned properties) along with the percentage of total existing home sales that were distressed in Loudoun County this year. Totals are also presented for the three areas within Loudoun County. So far this year, less than 30 percent of the total existing home sales in Loudoun County were distressed. By contrast, at the end of June in 2010, the share of distressed sales was 34 percent. Unlike other counties in the metropolitan Washington, DC market, short sales outpace foreclosures; 68 percent of all distressed sales so far this year were short sales and the remaining 32 percent were bank-owned properties.
Short Sales
Short sales in Loudoun accounted for 18 percent of total sales this year. In Eastern Loudoun, 20 percent of 2011 sales were short sales; the same figure in Leesburg was 17 percent and it was 13 percent in Western Loudoun.
Foreclosures (Bank-Owned Properties)
There is a different dynamic for bank-owned properties. So far this year, 11 percent of total sales were foreclosures in Loudoun County and in the subsets of Eastern Loudoun and Leesburg as well. The share in Western Loudoun was 12 percent with the total number of short sales about equal to the total number of foreclosures there.
Share of Distressed Sales 2011 05
Posted: June 30, 2011 Filed under: Foreclosures, Median Sales Prices, Short Sales | Tags: 2011, Foreclosures, Loudoun, Market Trends, Median Sales Price, Short Sales Leave a comment »
Share of Distressed Sales Hits New Low
For the third consecutive month, the share of distressed sales fell below 30 percent and posted the fourth consecutive monthly decline. It also reached the lowest point since distressed sales became a forced field in the listing service in April 2009. Of the 109 distressed sales last month, 75 were short sales and 34 were bank-owned properties.
Last year at this time, 27.6 percent of total sales were distressed, slightly higher than the May 2011 share of 27.3 percent. Leesburg had the highest share of distressed sales in April, 32 percent. Eastern Loudoun’s share amounted to 27 percent while 21 percent of the closings in Western Loudoun were short sales or bank-owned properties.
Compare the median sales price of distressed closings in Loudoun last month, $276,000, to the median for all sales types, $380,000 (-27 percent).
Share of Distressed Sales 2011 04
Posted: May 19, 2011 Filed under: Foreclosures, Short Sales | Tags: 2011, eastern loudoun, Foreclosures, leesburg, Loudoun, Market Trends, Median Sales Price, Price Changes, Short Sales, western loudoun Leave a comment »
Loudoun Share of Distressed Sales 2011 03
Posted: April 26, 2011 Filed under: Foreclosures, Loudoun County Sales, Median Sales Prices, Short Sales | Tags: 2011, eastern loudoun, Foreclosures, leesburg, Loudoun, Market Trends, Median Sales Price, Short Sales, western loudoun Leave a comment »
Loudoun Share of Distressed Sales 2011 02
Posted: March 18, 2011 Filed under: Foreclosures, Median Sales Prices, Short Sales | Tags: 2011, eastern loudoun, Foreclosures, Loudoun, Market Trends, Median Sales Price, Pricing, Short Sales, western loudoun Leave a comment »
Loudoun County Share of Distressed Sales 2011 01
Posted: February 18, 2011 Filed under: Foreclosures, Loudoun County Housing Update, Short Sales | Tags: 2011, eastern loudoun, Foreclosures, leesburg, Loudoun, Market Trends, Sales, Short Sales, western loudoun Leave a comment »
Loudoun County Share of Distressed Sales – 2010 12
Posted: January 20, 2011 Filed under: Foreclosures, Loudoun County Sales, Short Sales | Tags: 2010, Foreclosures, Loudoun, Market Trends, Short Sales Leave a comment »
New HAFA Guidelines 2011 01 18
Posted: January 18, 2011 Filed under: Short Sales | Tags: 2010, Short Sales Leave a comment »Treasury Department Amends HAFA Program to Increase Borrower Eligibility
On December 28, 2010, the Treasury Department released an update to the Home Affordable Foreclosure Alternatives Program (HAFA). The changes will increase the number of eligible borrowers who may participate in the program and should expedite approvals:
(1) A borrower’s reason for relocation no longer needs to be connected to employment nor be of a certain distance from the property. Borrowers may have moved up to 12 months before certain dates in the HAFA process but may not have purchased another home.
(2) Servicers are not required to determine if the borrower’s total monthly mortgage payment exceeds 31% of gross income. Borrowers will still be required to show a hardship.
(3) Servicers are now required to communicate approval, disapproval, or a counter offer no later than 30 calendar days after receiving an (i) executed sales contract, (ii) Alternative Request for Approval of Short Sale, and (iii) a signed Hardship Affidavit.
(4) If an unsolicited borrower requests HAFA, the servicer has 30 calendar days to determine the borrower’s eligibility and, if eligible, send the borrower the Short Sale Agreement.
(5) HAFA will no longer impose a 6% cap on payments to each subordinate mortgage/lien holder. The $6,000 aggregate limit is still in effect.
The update also clarifies vendors of the servicer may not be paid from the real estate commission. Servicers must implement the changes by February 1, 2011.
https://www.hmpadmin.com/portal/programs/docs/hafa/sd1018.pdf
