Morning Minute: Cash sales of homes slow in June

The number of buyers purchasing a home with cash in June fell to the lowest level since September 2008, according to the latest report from CoreLogic. Cash sales accounted for 33 percent of all U.S. homes sold in June, far below the peak in early 2011 when cash purchases accounted for 46.2 percent of the housing market. In Illinois, as the CoreLogic map shows below, cash sales were below the national average at 31 percent in June.

Source: CoreLogic

 

Morning Minute: U.S. pending home sales climbed again in July

The National Association of REALTORS® (NAR) reported today that U.S. pending home sales rose 3.3 percent in July compared to a month earlier and the Pending Home Sales Index, which tracks contract signings, is at its highest level since August 2013. Annually, pending sales are slightly lower, down 2.1 percent compared to July 2013, according to NAR.

In other headlines:

4 Signs the Economy Is Gradually Returning to Normal – Freddie Mac

Lower Rates Give Loan Demand Slight Boost – Daily Real Estate News

Morning Minute: Foreclosure activity down in Chicago area

Some good news on the distressed property front: foreclosure activity in Chicago, and the U.S., dipped in July, the Chicago Tribune reports. While Illinois still ranks high when it comes to foreclosure rates, there has been downward movement with activity down 12 compared to June and down 7 percent from a year ago. Read more in the Tribune article, “Foreclosure activity continues to fall in Chicago area, U.S.

In other headlines:

8 Best Cities to Be a Real Estate Agent (Rockford ranks No. 3!) – Daily Real Estate News

Fixed Mortgage Rates Edge Lower – Freddie Mac

Morning Minute: Housing market moving to healthier, sustainable levels, NAR reports

Nationally, home price growth slowed in the second quarter of this year, but the National Association of REALTORS® (NAR) says the pace is a healthy one. Homeowners can continue to build equity while prices are still within reach of potential buyers looking for a home, said NAR Chief Economist Lawrence Yun. Read more.

In other headlines:

Where is real estate booming across America? – HousingWire

FHA Commissioner Says She’ll Step Down – REALTOR® Magazine

 

Morning Minute: U.S. pending home sales slow in June, but rise in Midwest

The number of pending home sales slowed slightly from May to June, but in a few regions of the country — the Midwest and West — pending sales inched up compared to last month, according to the latest Pending Home Sales Index released today by the National Association of REALTORS®.

The overall index declined 1.1 percent compared to May. In the Midwest, the pending sale index increased 1.1 percent and in the West, it was up 0.2 percent. All regions are lower when comparing year-over-year.

NAR Chief Economist Lawrence Yun said lower housing inventory, tight credit and employee wages that have remained flat continue to be factors impacting the housing market, but he is looking for sales to move upward through the rest of the year. Read more from Yun and NAR.