Real Estate Market Trends

In the first half of 2015, the number of homes entering foreclosure was down 4% from the same time one year ago and down 18% from before the housing bubble burst in 2006. However, the average length of time required for these homes to complete the foreclosure process has greatly increased in the same time. Therefore, while the number of homes entering foreclosure is down, those that do complete the process have often sat vacant for a far greater length of time. The longer a distressed home remains unoccupied, the more likely it is to be in poor condition. This means that banks are generally willing to sell them at an even greater discount than usual!

Nationwide has just released its latest Leading Index of Healthy Housing Markets (LIHHM) report, which examines the near-term outlook for the housing markets of 400 metropolitan areas across the country. The report analyzes employment, demographics, mortgage market, and house price data for each quarter in order to assign a score assessing the health of each market. Scores range from 75 to 125, with scores above 100 indicating more positive markets and scores below 100 indicating more negative markets. According to the new report, several cities in Arkansas can boast having housing markets among the healthiest in the nation!

Earlier this week, the National Association of REALTORS released their newest housing report, which looked at existing-home sales in the month of May. The findings? May's existing-home sales rose to their highest point in nearly six years, thanks in large part to a substantial increase in first-time home buyers. Here are some of the most important statistics to take away from the report: