RealtyTrac

Existing Home Sales Crush Recovery Narrative, Plunge Most Since Nov 2015

Following yesterday's 7 standard deviation beat in New Home Sales, Existing Home Sales for July missed expectations by 2 standard deviations dropping 1.64% YoY - the first annual decline since Nov 2015. The blame for this collapse - according to NAR's Larry Yun - is "frustratingly low inventory levels."

'Cost-Burdened-Renters' Surge To Historic Highs As Hillbama-nomics Fails For Low-Income Faithful

As we have discussed many times in the past, for the Average American, owning a home is increasingly unaffordable. This has led to a dramatic surge in rents, and ultimately to a significant squeeze on the cash flow of renters across the nation. As Hillbama slam any fiction-peddler as unpatriotic, the inconvenient trith is that while nearly universal among lowest-income households, cost burdens are rapidly spreading among moderate-income households as well, especially in higher-cost coastal markets.

Residents Flee, Home Sales Collapse 44% Following Biggest Gas Leak In History

The "Fukushima class disaster" that emerged from Aliso Canyon's worst ever gas leak has left behind more than just medical and human issues. According to RealtyTrac, in the three months following the discovery of the gas leak in late October 2015, home sales in the Porter Ranch zip code (91326) plunged 44%, and "market disruption is further signified by the number of families that requested relocation out of the Porter Ranch area."

For The Average American, Owning A Home Is Increasingly Unaffordable

Home prices are rising faster than wages in most of the United States, making homeownership increasingly difficult for average Americans in some of the most populous areas of the country, according to a report released on Thursday. The report found that home price growth exceeded wage growth in nearly two thirds of the nation's housing markets so far this year, with urban centers like San Francisco and New York City among the least affordable.

80% Of All New Home Buyers In Irvine Are Chinese

"We are seeing more globalization as Southern California has become a destination for international buyers," said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. "Eighty percent of new construction in Irvine last year was sold to Chinese buyers. International buyers are driving home prices up and sometimes out of reach for many local residents."

The Vacant Dead: The 50 US Cities With The Most "Zombie" Foreclosures

For those concerned if their city is among the top most frequented by this particular, and very unpleasant, breed of "zombies", here are the top 50 cities in the US in which zombie foreclosures represent the highest percentage of all properties in foreclosure. For those readers certainly located among the Top 10, now may be a great time to hit a bid, any bid and get out while the getting is good.

Home Flipping Profits Hit Record As Wall Street Drives Speculation (Again)

There's never been a better time to be a home flipper. Not only are average returns at all-time highs (you can double your money in Baltimore), you can even obtain cheap financing from Wall Street as opposed to dealing with pesky local banks. Better still, there's a very good chance you won't have to deal with annoying aspiring homeowners because according to RealtyTrac, the percentage of flipped homes sold to other "investors" is at a four-year high.