Foreclosure activity last month dropped 9 percent from March 2011 and 34 percent from April 2010, according to RealtyTrac's latest U.S. Foreclosure Market Report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were reported on 219,258 U.S. properties in April, the lowest level in more than three years.
Freddie Mac last week released its U.S. Economic and Housing Market Outlook for May showing a pick-up in economic growth in the second half of 2011 and a projected 5 percent increase in 2011 home sales over 2010, on a calendar year basis.
As part of its multi-year effort to consolidate its management structure, PulteGroup will eliminate as many as 10 executives at the divisional president level or higher, according to a Wall Street Journal report. The cuts come several months after Pulte downsized its operations from six regions to four and eliminated the COO position.
The nation’s largest banks have offered to pay up to $5 billion to settle claims by federal and state officials of improper mortgage-servicing practices, according to the Wall Street Journal. This offer low-balls what was proposed by state and federal officials, some of whom are asking for more than $20 billion in penalties.
Mobile, Ala., and Tacoma, Wash., are among the 10 housing markets that will see the biggest rebound in 2011, according to 24/7 Wall St. Review, which analyzed data from Fiserve Case Shiller. The list indicates that two kinds of real estate markets are on the rise: one that was generally stable, but was hurt by the recession, and one that will rise because lower housing costs are making it affordable for residents to buy a home for the first time in decades.
Clear Capital released its monthly Home Data Index (HDI) Market Report, and reports prices have double dipped nationally 0.7 percent below prior lows experienced in March 2009. This month’s HDI Market Report provides the most current (through April 2011) and relevant analysis of how local markets performed compared to the national trend in home prices.
Trumark Homes, in a joint venture partnership with Resmark Equity Partners, is planning to build two residential communities in San Jose and Santa Clara, Calif. Once completed, the anticipated revenue from both developments will total approximately $148 million.
As more home builders flock to housing markets that have remained relatively healthy through the downturn, the increased competition is starting to impact sales, according to new data from John Burns Real Estate Consulting. Raleigh, N.C., and San Diego are among the presumed stronger markets that are seeing lower year-over-year net sales per community.
GreatSchools and Forbes have released their annual Top Cities to Live and Learn report, which ranks U.S. cities with the top-performing public schools in every housing price range. Among the 67 cities to make the 2011 list are: Pella, Iowa; Southlake, Texas; St. Johns, Fla.; Mercer Island, Wash.; and Manhattan Beach, Calif.
Home-sales contract activity has now increased six of the past nine months, as the Pending Home Sales Index saw gains in March, according to the National Association of Realtors. The index, a forward-looking indicator based on contract signings, rose 5.1 percent to 94.1 from a downwardly revised 89.5 in February.