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Sales are quickening their pace as the time to sell a home decreases and falls more in line with a “balanced” housing market, according to new research by the National Association of REALTORS®.

The median time a home listed for sale was on the market in July was 69 days, down from 98 days one year earlier. Broken down further, one-third of homes purchased in July were on the market for less than a month, and one in five of homes purchased in July were on the market for at least six months.

“As inventory has tightened homes have been selling more quickly,” says Lawrence Yun, NAR’s chief economist. “A notable shortening of time-on-market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”

By the end July, a 6.4-month supply of homes were on the market at the current sales pace. That is 31.2 percent below year-ago levels, when there was a 9.3-month supply.

With supplies of homes tighter, economists expect home prices to continue their trend upward.

“Our current forecast is for the median existing home price to rise 4.5 to 5 percent this year and about 5 percent in 2013, which is somewhat stronger than historic norms because of the inventory shortfall that is most pronounced in the low price ranges,” Yun says.

Source: National Association of REALTORS®

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With short sales, home owners work with a bank on a solution to get out of a house they may no longer be able to afford or have to sell urgently for some reason. That’s why some argue short sales shouldn’t damage a person’s credit score in the same way as foreclosures, which can be much more costly for banks.

So should the penalty for a foreclosure more severely damage a borrower’s credit score than a short sale? No, maintains a new FICO study.

FICO conducted a study to determine the credit risk associated with “mortgage stress events,” such as foreclosures and short sales, by analyzing data from October 2009 to October 2011.

“While it is true that short sales represent slightly better risk than foreclosures, they do not perform well enough to merit a more positive treatment in the FICO Score,” according to a recent blog post on the FICO Web site.

The blog post goes on to explain that one out of every two borrowers who undergo a short sale go on to default on another account within two years. Also, according to researchers, an overwhelming majority of borrowers who went through a short sale also had some other mortgage delinquency in their credit history.

“From a weighting perspective, all these mortgage events – short sale, foreclosure, deed in lieu – fall into the same heavyweight class, because they correlate with exceptional riskiness,” the FICO blog post notes. “They aren’t alone in that class either. Based on the data, consumers with short sales perform no better than consumers who have a severe delinquency (90-plus days past due), a collection, or a derogatory public record (e.g., bankruptcy, tax lien, etc.) on file.”

Source: FICO Banking Analytics Blog

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Fixed-rate mortgages continued to hover near all-time lows, keeping home buyer affordability high.

Freddie Mac reports the following averages in this week’s mortgage market survey:

30-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.7 point, dropping from last week’s 3.59 percent average. A year ago at this time, 30-year rates averaged 4.12 percent. 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.6 point, holding steady from last week’s average. A year ago, 15-year rates averaged 3.33 percent. 5-year adjustable-rate mortgages: averaged 2.75 percent, with an average 0.7 point, dropping from last week’s 2.78 percent average. Last year at this time, 5-year ARMs averaged 2.96 percent. 1-year ARMs: averaged 2.61 percent, with an average 0.4 point, falling from last week’s 2.63 percent average. A year ago, 1-year ARMs averaged 2.84 percent.

Source: Freddie Mac

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Steve Jobs and Walter Bagehot Quotes

"You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new."

— Steve Jobs Quote

"The greatest pleasure in life is doing what people say you cannot do."

Walter Bagehot  Quote

Steve Jobs Quote

How To Positive Thinking

Bruce Lee Quote

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