Posts from February 2015
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Housing Market Continues to Improve Thanks to Cash Sales
Two major economic indicators, the percentage of distressed sales and the level of cash home buyers, continue to trend toward a more normalized housing market nationally – a trend we are also seeing in the Bend real estate market as well. This week CoreLogic reported a reduction in the level of foreclosed homes at the end of 2014 to be just 552,000, down from 840,000 at the end of 2013 (34.3 % reduction). This continues the streak of reduction of foreclosed homes inventory to 38 months in a row. Also, the percentage of cash buyers in the market continues to decline from its peak, where just four years ago one out of every two homes was purchased by a cash buyer. Cash sales at the end of 2014 now make up just 36% of all home sales… a favorable trend, but still quite a bit higher than the pre-2006 rates below 20%. The reasons given by CoreLogic for the number of cash buyers still being high are 1) a higher level of discretionary income among investors,...
1
Boomerang Buyers are Coming Back
Bend Homebuyers Coming Back
The first wave of "boomerang buyers", those homeowners who lost their homes due to foreclosures and short sales during the 2008 real estate "crash", are now "re-entering the market" in the Bend and national real estate markets as the seven-year window passes necessary to repair their credit and again qualify for buying a home. An estimated 7.3 million boomerang buyers are expected to re-enter the US markets over the next seven years starting in 2015 and increasing each year in number through 2018 before tapering off until 2022. According to RealtyTrac, the markets most likely to see the most boomerang buyers will be those with the highest percentage of foreclosed homes along with the lowest median home prices and a largest amounts of Gen-X'rs and Baby Boomers such as Las Vegas Nevada, and Merced or Stockton California. However, we expect to see boomerang buyers in all markets including Be...