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The contribution made to household wealth by homeownership is underlined in ATTOM Data Solutions' third-quarter U.S. Home Sales Report. The company said that a typical homeowner who sold a home during the quarter had a gain of $85,000. This was $10,000 more than that realized by sellers in the previous quarter and up from $66,000 in the third quarter of 2019. This typical home-sale profit represented a 38.6 percent return on investment (ROI) compared to the original purchase price. The typical ROI in the previous quarter was 37.5 percent and it was 33.7 percent a year ago. The report says that both the raw-profit and return-on-investment figures were the highest since the U.S. economy began recovering from the Great Recession in 2012. They represent a continued increase even as the Coronavirus pandemic has damaged the economy and led to spikes in unemployment throughout the country this year. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The number of FHA and VA loans in forbearance rose slightly last week, however, the overall numbers of forborne loans fell nationally by 11,000. Black Knight's weekly survey of the COVID-19 mortgage forbearance measures found that, as of October 20, there were 2.98 million borrowers in active plans, 5.6 percent of the nation's 53 million active loans. About 5,000 loans were added to the number of loans in portfolios serviced for FHA and VA investors, bringing the total to 1.155 million loans or 9.5 percent of the total. Loans serviced for investors in GSE securities (Fannie Mae and Freddie Mac) declined by 14,000 to 1.09 million or 3.9 percent of those 28 million active mortgages. There was a 2,000-loan decrease in portfolio-held and private label securitized (PLS) loans to 729,000, 5.6 percent of the total. The total unpaid principal balance of these loans is $616 billion. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Existing home sales rose again in September and are now blowing the doors off last year's numbers. The National Association of Realtors® says sales of single-family homes, townhomes, condominiums, and co-ops, rose 9.4 percent from August to a seasonally adjusted annual rate of 6.54 million units in September. After four straight months of increasing sales, the seasonally adjusted rate is now 20.9 percent higher than in September 2019. Single-family home sales rose 9.7 percent month-over-month to a seasonally adjusted rate of 5.87 units and are now 21.8 percent higher than a year earlier. Existing condominiums and co-ops sold at annual rate of 670,000 units, increasing 6.3 percent and 13.6 percent from the two earlier periods. Analysts had expected sales to remain on a winning streak but were looking for an annual rate of 6.2 million sales. Forecasts of those polled by Econoday ranged from 5.8 million to 6.4 million units, all falling short of the actual number. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.