This Month in Real Estate-July 2012

Foreclosures hit a record high — and more coming

The Mortgage Bankers Association on Thursday released their quarterly report which said that "1 percent, or roughly 447,723 loans, fell into foreclosure during the January-to-March period that surpassed the previous high of 0.83 percent over the last three months in 2007."

The report also found that more homeowners slipped behind on their monthly payments. The delinquency rate jumped to 6.35 percent — or 2.87 million loans — compared with 5.82 percent for the previous three months. Payments are considered delinquent if they are 30 or more days past due.

Todays News

Existing home sales hit 9-year low

More good news for buyers bad news for sellers. Existing homes fell to the lowest level in nearly a decade in January and the median price for a home dropped for the fifth straight month.

The National Association of Realtors released data today that shows sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.

In Oklahoma, market data reflects the average single-family home sold for $155,168 which was down over $1800 from the previous month.


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