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Distressed Properties Contribute to Low Average Market Time

first_imgHome / Daily Dose / Distressed Properties Contribute to Low Average Market Time Subscribe The National Association of Realtors (NAR) released their May Existing Home Sales Index on Tuesday showing that, even though inventory saw a slight uptick compared to April, it is still low, and median home prices continue to rise. Seasonally adjusted, there were 5.62 million existing homes for sale, which is a 1.1 percent increase from last month, a 2.7 percent increase from last year, and the third highest amount year-over-year. May reported a total housing inventory of 1.96 million homes, up 2.1 percent from last month but down 8.4 percent since last year—this marks the 24th consecutive month that inventory has fallen year-over-year. If the pace of sale remains constant, unsold inventory will dry up in 4.2 months. Consequently, unadjusted median sale prices have hit a new high, at $252,800, beating the previous record of $247,000 that was set in June of 2016. That’s a 5.8 percent increase in comparison to this time last year, which saw an unadjusted median sale price of $238,900.Low inventory is also responsible for a reduction in the average time homes sat on the market, which, in May, was 27 days—the lowest recorded since NAR began compiling existing home sales in May 2011. A month ago, the average time was 29 days, and a year ago, the average time was 32 days. While non-distressed homes sold the quickest at three days shy of a month, foreclosure sales averaged 48 days on the market and short sales averaged 94 days. Distressed sales, in total, accounted for 5 percent of sales in May. The past month also marked a record-setting 55 percent of all houses on the market sold in less than a month. So, who’s buying? NAR accounts that 33 percent of the market are first-time homebuyers, which is down from April’s amount of 34 percent, but up from a year prior, which was 30 percent.  How long will this trend last? Lawrence Yun, Chief Economist, doesn’t believe it will last long. “Home prices keep chugging along at a pace that is not sustainable in the long run. Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”The next monthly NAR Existing Home Sales Index will be released on July 24. distressed properties Existing Home Sales Report Foreclosure NAR National Association of Realtors 2017-06-21 Staff Writer Share Save June 21, 2017 1,773 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Distressed Properties Contribute to Low Average Market Time Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Freddie Mac Announces Second Seasoned Loan Transaction Next: VRM Mortgage Services Receives 10-Year VA Contract Servicers Navigate the Post-Pandemic World 2 days ago About Author: Staff Writer The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: distressed properties Existing Home Sales Report Foreclosure NAR National Association of Realtors Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily  Print This Postlast_img read more

Lazio, Inter keep Champions League push alive, Benevento relegated

first_imgRoma and Lazio both have 67 points from 34 games with Roma ahead on head-to-head clashes. Inter Milan are just outside the Champions League places in fifth one point behind after a hard fought 2-1 win over Chievo.Lazio dominated Sampdoria in their Stadio Olimpico with Sergej Milinkovic-Savic breaking through after 32 minutes and a Stefan de Vrij’s diving header giving the hosts a second just before the break.Immobile tapped in a Milinkovic-Savic assist five minutes from the end, quickly adding a second to consolidate his position as leading Serie A scorer with 29 goals this season.“We’re not in the top four by chance, we’ve earned this on the pitch,” said Lazio coach Simone Inzaghi. “Roma and Inter are also going strong, but we’ll fight to the end and hope to leave one of them behind us.“We’ll give our heart and soul to make it.”Sampdoria, meanwhile, are now four points off the Europa League places with four games to play.After being pegged back in the first half by 16th-placed Chievo, Inter’s top scorer Mauro Icardi broke through on 50 minutes — for his 26th Serie A goal this season second behind Immobile — with Ivan Perisic adding a second six minutes later.Mariusz Stepinski pulled a goal back for Chievo who are just two points above the drop zone.The battle for Europe could go down to the wire with Lazio hosting Inter in their final game of the season.“I don’t know if it’ll be the key, but this team has realised it’s in the running right to the end,” said Inter coach Luciano Spalletti.– Benevento relegated –Atalanta moved sixth into the Europa League places with a 2-1 win over Torino at the expense of AC Milan who dropped to seventh after a 1-0 defeat at home to bottom club Benevento on Saturday.Benevento’s relegation from Serie A was confirmed after just one year in Italy’s top flight and less than 24 hours after an impressive 1-0 win at AC Milan. Crotone’s 2-1 victory away to Udinese on Sunday condemned Benevento to an immediate return to the second division after they were left 14 points from safety with just four matches to play.The club based some 60 kilometres to the east of Naples began the season in disastrous fashion, losing 14 consecutive matches to break the record for the worst start to a campaign in any of Europe’s top five leagues.The arrivals of Bacary Sagna, Sandro and giant Malian striker Cheick Diabate — who has scored seven goals in eight games — in the winter transfer window helped Benevento improve but couldn’t spare them from the inevitable drop. 0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Lazio’s Ciro Immobile celebrates with Dutch defender Stefan de Vrij © AFP / Andreas SOLAROTurin, Italy, Apr 22 – Lazio and Inter Milan kept their push for Champions League football alive on Sunday with champions Juventus and Napoli set to meet in a top of the table clash in Turin.Ciro Immobile scored a brace as Lazio crushed Sampdoria 4-0 to return joint third with Roma who warmed up for next week’s Champions League semi-final against Liverpool with a 3-0 win at SPAL on Saturday.last_img read more