|By Marketwired .||
|March 27, 2014 12:01 AM EDT||
IRVINE, CA -- (Marketwired) -- 03/27/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its February 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,083,241 in February, a 0.2 percent decrease from the previous month but still up 7 percent from a year ago. February marked the fourth consecutive month where sales activity has decreased on a monthly basis.
The decrease in sales volume nationwide was driven by monthly decreases in 31 states. Meanwhile sales volume decreased on a year-over-year basis in six states, including Massachusetts, California, Arizona and Nevada, and 21 of the nation's 50 largest metro areas, including seven California markets along with Phoenix, Orlando, Las Vegas and Detroit, among others.
"Supply and demand have reached a bit of a standoff in this uneven real estate recovery," said Daren Blomquist, vice president at RealtyTrac. "The supply of distressed properties -- which buyers and investors have come to rely on over the past few years -- is evaporating quickly in most markets, but that dwindling supply is not being adequately replenished by non-distressed homeowners listing their homes or by new homes being built. Meanwhile, a key source of demand over the past two years -- institutional investors purchasing single family homes as rentals -- is starting to decline, and it's not yet clear if that diminishing demand will be filled by first-time homebuyers and move-up buyers."
"While the Denver and Front Range markets are busy and robust, the historically low inventory is keeping the market from returning to normal," said Chad Ochsner, owner/broker of RE/MAX Alliance, covering the Denver, Colo. market. "Homeowners who are ready to sell their homes may not able to find replacement homes due to low inventory levels, causing them to either not sell or to sell and then rent, which is slowing the pace of the market."
The national median sales price of U.S. residential properties -- including both distressed and non-distressed sales -- was $164,667 in February, down 1 percent from the previous month but up 4 percent from February 2013. February marked the 20th consecutive month where the U.S. median price increased or stayed flat annually, but it was the second consecutive month with a monthly decrease.
"Tennessee's overall housing market is quite positive. Home sale prices in the Nashville-Murfreesboro MSA have increased for the past 12 consecutive months, while the number of distressed home sales continues to decrease," said Bob Parks, CEO of Bob Parks Realty, covering the Middle Tennessee market. "Housing inventory levels are still lower than normal, but we are looking forward to a much more robust spring market."
"During the month of February, Ohio noted a slight decrease in sales compared to the previous year. Much of the decrease appears to be weather related, as many consumers delayed listing their homes and refrained from viewing available inventory due to below-normal temperatures," said Michael Mahon, executive vice president of HER Realtors, covering the Cincinnati, Columbus and Dayton, Ohio markets. "As the March temperatures have warmed, so too has the Ohio real estate activity. Increased multiple-offer situations, as well as increased open house traffic, are indicators that March and April will likely be the benefactors of pent-up consumer demand, due to the frigid temperatures experienced during the first quarter of 2014."
Distressed sales and short sales account for 17 percent of all sales in February
Short sales and distressed sales -- in foreclosure or bank-owned -- accounted for 16.9 percent of all U.S. sales in February, up from 16.1 percent of sales in January but down from 19.1 percent of sales in February 2013. The median price of distressed properties -- in foreclosure or bank-owned -- was $96,606 in February, 44 percent below the median price of non-distressed properties: $172,339.
Short sales nationwide accounted for 5.7 percent of all sales, up from 5.5 percent in January but down from 6.9 percent a year ago. Metro areas with the highest percentage of short sales included Las Vegas (17.0 percent), Orlando (16.8 percent), Tampa (14.9 percent), Memphis (14.5 percent), and Miami (12.3 percent). The percentage of short sales decreased from a year ago in all of these metros.
"The last half of 2013 did not have nearly as much buyer demand as we've been seeing so far in the first half of 2014," said Craig King, COO of Chase International, covering the Lake Tahoe and Reno markets. "Last year distressed property sales mostly disappeared from our marketplace. This year we are finding that agents who have historically handled the largest numbers of short sales are reporting that they have moved away from short sales because there just aren't that many in our area."
Sales of bank-owned properties nationwide accounted for 9.7 percent of sales, up from 9.3 percent in January but down from 11.1 percent a year ago. Metro areas with the highest percentage of bank-owned sales in February included Cleveland (29.8 percent), Stockton, Calif. (25.5 percent), Las Vegas (25.4 percent), Detroit (23.0 percent), and Jacksonville, Fla. (21.1 percent).
"Bank-owned property sales in Salt Lake County accounted for 3.6 percent of homes sold and accounted for less than 1.5 percent of homes sold in the Park City resort areas of Summit County," said Steve Roney, CEO of Prudential Utah Real Estate, covering the Salt Lake City and Park City, Utah markets.
Sales at the public foreclosure auction accounted for1.5 percent of all sales nationwide in February, up from 1.3 percent in January and up from 1.1 percent in February 2013.
- 97 percent of all sales at the foreclosure auction were all-cash
- 35 percent of all sales at the foreclosure auction were to institutional investors
- 81 percent of all properties sold at the foreclosure auction sold for $200,000 or less
Metro areas with the highest percentage of foreclosure auction sales in February included Lakeland, Fla., (6.9 percent), Columbus, Ohio (5.4 percent), Charlotte, N.C. (4.7 percent), Miami (4.7 percent), and Las Vegas (4.6 percent).
Institutional investor share down nationwide, up mostly in South, Midwest
Institutional investors -- entities that have purchased at least 10 properties in a calendar year -- accounted for 5.9 percent of all U.S. residential property sales in February, up from a revised 5.0 percent of sales in January but down from 7.2 percent of sales in February 2013. February was the third consecutive month where the institutional investor share of sales declined on a year-over-year basis after 19 consecutive months of year-over-year increases.
- 91 percent of all institutional investor purchases in February were all-cash
- 17 percent of all institutional investor purchases were properties in foreclosure or bank-owned
- 81 percent of all institutional investor purchases were properties priced $200,000 or lower
- 63 percent of all institutional investor purchases were properties with between 1,000 and 2,000 square feet
- 55 percent of all institutional investor purchases were properties built in 1990 or later
Among metropolitan statistical areas with a population of 500,000 or more, cities with the highest share of institutional investor purchases in February were Atlanta (25.2 percent), Columbus, Ohio, (21.4 percent), Knoxville, Tenn., (18.2 percent), Phoenix (15.2 percent), and Cape Coral-Fort Myers, Fla. (14.8 percent).
"Since Fannie Mae inventory is mostly comprised of completed home foreclosures with FHA loans, investors target these properties because they tend to be smaller homes that make for better rental property investments," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla., where the institutional investor share of purchases dropped from a year ago. "There is very little Fannie Mae inventory left, which coincides with the fact that institutional investors have slowly backed out of the market."
Metros with the biggest year-over-year increases in institutional investor share were Knoxville, Tenn., (from 3.3 percent in February 2013 to 18.2 percent in February 2014), Little Rock, Ark., (from 3.2 percent in February 2013 to 12.1 percent in February 2014), Milwaukee, Wis. (from 3.5 percent in February 2013 to 9.2 percent in February 2014), San Francisco (from 3.9 percent in February 2013 to 9.5 percent in February 2014), San Antonio, Texas (from 4.6 percent in February 2013 to 8.3 percent in February 2014), and Columbus, Ohio (from 13.3 percent in February 2013 to 21.4 percent in February 2014).
All-cash sales more than 35 percent of all sales for eighth consecutive month
All-cash sales accounted for 43.3 percent of all U.S. residential sales in February, up from a revised 42.1 percent in January and up from 20.2 percent in February 2013. February was the eighth consecutive month were cash sales accounted for 35 percent or more of all sales nationwide.
- 12 percent of cash sales were to institutional investors.
- 15 percent of cash sales were properties in foreclosure or bank-owned.
- 67 percent of cash sales were properties priced $200,000 or lower.
Metro areas with share of all-cash sales above 50 percent included Miami (71.3 percent), Tampa (65.9 percent), Orlando (62.3 percent), Las Vegas (59.5 percent), New York (57.1 percent), Atlanta (56.7 percent) and Detroit (56.0 percent).
The RealtyTrac U.S. Residential Sales Report provides counts and median prices for sales of residential properties nationwide, by state and metropolitan statistical areas with a population of 500,000 or more. Data is also available at the county level upon request. The report also provides a breakdown of cash sales, institutional investor sales, short sales, bank-owned sales and foreclosure auction sales to third parties. The data is derived from recorded sales deeds and loan data, which is used to determine cash sales and short sales. Sales counts for recent months are projected based on seasonality and expected number of sales records for those months that are not yet available from public record sources but will be in the future given historical patterns. Statistics for previous months are revised when each new monthly report is issued as more deed data becomes available for those previous months.
Residential property sales: sales of single family homes, condominiums/townhomes, and co-ops, not including multi-family properties.
Annualized sales: an annualized estimate of the number of residential property sales based on the actual number of sales deeds received for the month, accounting for expected sales records for that month that will be received in future months as well as seasonality.
Distressed sales: sale of a residential property that is actively in the foreclosure process or bank-owned when the sale is recorded.
Distressed discount: percentage difference between the median price of distressed sales and a non-distressed sales in a given geographic area.
Bank-Owned sales: sales of residential properties that have been foreclosed on and are owned by the foreclosing lender (bank).
Short sales: sales of residential properties where the sale price is below the combined total of outstanding mortgages secured by the property.
Foreclosure Auction sales: sale of a property at the public foreclosure auction to a third party buyer that is not the foreclosing lender.
All-cash purchases: sales where no loan is recorded at the time of sale and where RealtyTrac has coverage of loan data.
Institutional investor purchases: residential property sales to non-lending entities that purchased at least 10 properties in the last 12 months.
The RealtyTrac U.S. Residential & Foreclosure Sales report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
Data Licensing and Custom Report Order
Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. For more information contact our Data Licensing Department at 800.462.5193 or [email protected].
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jan. 22, 2017 08:30 PM EST Reads: 4,692
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 22, 2017 07:45 PM EST Reads: 3,863
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
Jan. 22, 2017 07:15 PM EST Reads: 3,633
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 22, 2017 06:30 PM EST Reads: 5,020
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 22, 2017 06:00 PM EST Reads: 1,541
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
Jan. 22, 2017 04:15 PM EST Reads: 4,526
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 22, 2017 03:15 PM EST Reads: 1,687
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 22, 2017 03:00 PM EST Reads: 1,202
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 22, 2017 02:30 PM EST Reads: 3,759
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 22, 2017 02:30 PM EST Reads: 2,640
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 22, 2017 02:00 PM EST Reads: 5,825
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 22, 2017 02:00 PM EST Reads: 5,290
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 22, 2017 01:45 PM EST Reads: 3,229
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jan. 22, 2017 01:00 PM EST Reads: 3,849
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 22, 2017 01:00 PM EST Reads: 4,392