Sales (ETSLTOTL) of previously owned homes rose 5 percent in December from the previous month to the highest level since January 2011, the National Association of Realtors said last week. Distressed properties -- comprising foreclosures and short sales, where the price is less than the mortgage balance -- accounted for almost a third of all purchases.
The number of Americans signing contracts to buy existing houses fell 3.5 percent last month after a 7.3 percent gain in November, figures from the Realtors showed yesterday.
Home-loan applications decreased in the period ended Jan. 20 after jumping 23 percent in the prior week, according to the Mortgage Bankers Association. The measure of purchase loans dropped 5.4 percent, while the refinancing index fell 5.2 percent, the Washington-based group said yesterday.
To contact the reporter on this story: Brian Louis in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Daniel Taub at email@example.com
The views, opinions, positions or strategies expressed by the authors and those providing comments or external internet links are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of First Capital, we make no representations as to accuracy, completeness, current, suitability, or validity of this information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Any information provided does not constitute an offer or a solicitation to lend. Providing information to purchase does not guarantee a loan approval. All registered trademarks, copyright, images, or other items used are property of their respective owner and are used for editorial purposes only.
First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a direct lender, Dept. of Corporations file #413-0713
Visit First Capital Online or call: 310-458-0010