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Posts Tagged ‘lender’

Memphis & Shelby County November Foreclosure Analysis

December 10th, 2013 Comments off

Residential foreclosures were down 18% in November with 225 recorded compared to 274 recorded last year.  

The average amount of a foreclosed property was $82,829 and the average tax appraisal value was $112,519, both down from November 2012.  

Year-to-date foreclosures are down 14% from the same period last year. The decline in foreclosure activity has impacted bank sales which are down 21% YTD compared to the same period in 2012.

November foreclosure activity was down for every municipality except for Bartlett which had a slight increase. Foreclosures in the city of Memphis were down 23% from last November.  

Foreclosure notices were down 25% for the month with 437 recorded compared to 575 recorded in November 2012.  

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 227 homes valued at $11.2 million.  

Southeast Shelby County (38125) had the most foreclosure inventory revenue with $21 million followed closely by Cordova North (38016) with $20 million. 

Fannie Mae owned the most foreclosed properties with 350 total valued at $42 million.  

Click here to download our Detailed Foreclosure Analysis reports.

Residential Foreclosure Analysis - Shelby County

“Master Your Market” Presentations Available Online

September 16th, 2013 Comments off

If you missed our latest “Master Your Market” event on June 25th you can still receive all of the valuable information covered in our mid-year market trends seminar. Download our latest presentation with extensive trends and analysis for all of Memphis and Shelby County going back to 2003! Highlights are noted for residential and commercial sales activity, foreclosures, new housing, mortgages and more!

Master Your Market Presentations

Click here to read about the event on The Daily News Online.

Memphis & Shelby County August Home Sales Update

September 9th, 2013 Comments off

Home Sales

1,710 home sales were recorded in August, up 15% from 1,483 in August 2012.

Average home sales prices were up 12% to $139,223 from $124,726 last year.

Year-to-date home sales and average sales prices are both up 11% from the same time last year.

Bank sales accounted for 16% of total home sales for the month and were down 31% from last August with 275 recorded. Year-to-date bank sales are down 20% from the same period last year.

24 out of 33 zip codes in the county had an increase in overall sales activity in August and 27 zip codes had an increase in average sales prices.

51% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 300% from last year with 3 recorded compared to 0 recorded in August 2012.

Click here to download our Residential Market Conditions reports.

You may review our complete Pulse Report covering all residential and commercial sales activity, foreclosure analysis and mortgage trends here: http://conta.cc/17FkIoZ

Click here to subscribe to our FREE monthly Pulse Report covering Memphis & Shelby County real estate trends.

 

2nd Quarter New Housing Analysis for Memphis & Shelby County

August 22nd, 2013 Comments off

With Shelby County’s new housing market recovery steadily underway at the mid-year mark, we continue to see new home prices rise with this year’s 2nd quarter new home sale prices averaging $257,931 making this the highest 2nd quarter sale price we’ve seen since 2008 when the average new home sale price was $280,372.

This year’s average new home sale price is a 6% jump over 2012’s second quarter average price of $243,677. During this year’s second quarter we also saw new home sales jump by 17% with 260 new home sales compared to 223 sales during 2012’s second quarter.

This is the most new home sales we’ve seen since 2nd quarter 2010. New home starts remained steady with 269 starts during 2013’s second quarter unchanged from 269 starts during 2012’s second quarter. Regency Homes continues to be Shelby County’s top builder with 65 new home starts and 58 new home sales during this year’s second quarter.

With sales outpacing new home starts for the quarter, we saw a slight 2% drop in unsold inventory with 870 houses in inventory as of 6/30/2013, compared to 887 houses as of 6/30/2012. The current unsold inventory accounts for 3.3 quarters, or 11.1 months, supply of new housing. At the end of last year’s second quarter, there were 4 quarters, or 13.1 months, supply of new housing.

As the new housing market continues to push forward there is some growing concern among local builders over the current lot supply within Shelby County which has continued to dwindle over the last 7 years slowly pushing up lot prices and in turn continuing to push up new home prices affecting the affordability of new homes in the county. At the end of this year’s second quarter lot prices averaged $43,079 up 13% from year-end 2012’s average lot price of $38,285. This is something builders will continue to keep a close eye on going forward. With increasing lot prices and the dwindling supply, we will likely see new home prices continue to rise through out the remainder of the year.

Click here to download our complete 2nd Quarter New Housing Inventory Analysis & Charts report outlining new housing activity by zip code and subdivision.

July Residential Foreclosure Analysis-Memphis & Shelby County

August 15th, 2013 Comments off

Residential foreclosures were down 18% in July with 287 recorded compared to 350 last year.

The average amount of a foreclosed property was $84,802 and the average tax appraisal value was $116,999, both down 2% from July 2012. 

Year-to-date foreclosures are down 15% from the same period last year.

Foreclosure activity was down in July for virtually every municipality. Arlington and Germantown had slight increases while the city of Memphis had an 18% decrease. 

Foreclosure notices were down 15% for the month with 561 recorded compared to 659 last July. 

Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 239 homes valued at $11.6 million. Frayser was a close second with 231 properties.

Fannie Mae owned the most foreclosed properties with 372 total valued at $40 million.

Click here to download our Detailed Foreclosure Analysis reports.

July Home Sales Update for Memphis & Shelby County

August 8th, 2013 Comments off

There were 1,694 home sales recorded in July, up 19% from 1,420 in July 2012.

Average home sales prices were up 10% to $156,310 from $142,180 last year.

Year-to-date home sales are up 10% and average sales prices are up 10% to $136,552.

Bank sales accounted for 15% of total home sales for the month and were down 20% from last July with 260 recorded. Year-to-date bank sales are down 18% from the same period last year.

22 out of 33 zip codes in the county had an increase in overall sales activity in July and 26 zip codes had an increase in average sales prices.

43% of all home sales for the month were valued under $100,000.

Home sales over $1 million were up 100% from last year with 6 recorded  compared to 3 in July 2012.

Click here to download our Residential Market Conditions reports or click here to read our Pulse Report for a review of commercial sales, foreclosure activity, new housing and builder trends and activity with mortgages and lending.

Improving Real Estate Market Offers Hope

July 29th, 2013 Comments off

Article by Amos Maki of The Daily News

The 2013 countywide reappraisal resulted in a historic drop in property values, but improving real estate metrics are providing a glimmer of hope for the local economy.

That was the message industry professionals heard Thursday, July 25, at real estate information company Chandler Reports’ 2013 Mid-Year Master Your Market seminar at the Memphis Marriott East.

The 2013 Shelby County reappraisal has touched every property owner and forced city and county governments to raise taxes to just produce the same amount of revenue before the overall tax base dropped.

For the first time in recorded history Shelby County property values – including those in the city of Memphis and all of its suburban municipalities – dropped, by 3.9 percent.

Click here to read the full article.

Master Your Market: Mid-Year Review

July 18th, 2013 Comments off

Shelby County home sales are on the rise and foreclosure activity and bank sales are historically low. Attend our “Master Your Market: Mid-Year Review” on Thursday, July 25th at the Memphis Marriott East from 3:00PM-4:30PM to learn about the latest real estate trends in Memphis and Shelby County.

Guest speakers Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 property tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the status of new housing and builder activity.

Eric Barnes, Publisher for the The Daily News and The Memphis News, will present Chandler Reports market trends and will moderate the event.

The cost is $10 for Chandler Reports subscribers and $15 for non-subscribers. Attendees will receive an electronic copy of the presentation along with copies of our most popular 2nd Quarter trend reports.

Please click here for additional details or to register.

2nd Qtr 2013 Commercial Market Trends

July 12th, 2013 Comments off

Commercial Market Conditions - Shelby CountyOur 2nd Quarter 2013 Commercial Market Trends Reports are now available for download! Review all commercial sales and foreclosure activity in Memphis and Shelby County by zip code.

Reports include:

  • Commercial Foreclosures by Zip Code
  • Commercial Sales by Property Groups
  • Commercial Sales by Property Type
  • Commercial Sales by Zip Code – Bank v. Non-Bank
  • Commercial Sales by Property Type – Bank v. Non-Bank
  •  

    Click here to download today!

    June 2013 Real Estate Update

    July 9th, 2013 Comments off

    Home Sales

    June closed out the second quarter with 1,444 home sales, up 9% from 1,327 in June 2012.

    Average home sales prices were up 11% to $158,056 from $142,341 last year.

    Year-to-date home sales are up 9% and average sales prices are up 10%. 2nd Quarter sales were up 11% from 2Q 2012.   

    Bank sales accounted for 15% of total home sales  for the month and were down 39% from last June with 214 recorded. Year-to-date bank sales are down 18% from the same period last year.

    21 out of 33 zip codes in the county had an increase in overall sales activity in June and 22 zip codes had an increase in average sales prices. 

    45% of all home sales for the month were valued under $100,000.

    Home sales over $500,000 were up 12% from last year with 47 recorded  compared to 42 in June 2012. 

    Attend our “Master Your Market” 2013 Mid-Year Review for a full recap of real estate trends through the first half of the year. Guest speaker Cheyenne Johnson, Shelby County Assessor, will discuss the 2013 tax reappraisal and Don Caylor, President of the Memphis Area Home Builders Association, will review the latest in new housing and builder activity. Click here to register.

    Click here to download our Residential Market Conditions reports.

    Commercial Sales

    Commercial sales were down 14% in May with 61 recorded compared to 71 in May 2012.

    Average sales prices were down 70% to $560K compared to $1.8 million last year. 

    Through the first 5 months of the year overall commercial sales are up 5% and average prices are down 21% from the same period last year.

    The largest commercial transaction recorded in May was the sale of 5155 Citation Drive in Oakhaven for $11.3 million. The 398,992 square-foot warehouse was purchased by Exeter Property Group on May 21st. Click here to read the full details of the transaction.

    Office and Special Purpose properties saw an increase in overall sales activity in May while all other property types had decreases or were unchanged from May 2012.

    Vacant Land Over 1 Acre (10), Apartments (9) and Warehouses (8) had the most sales by property type in May. 

    Click here to download our latest Commercial Market Conditions reports.

    Residential Foreclosure Analysis

    Residential foreclosures were down 16% in June with 253 recorded compared to 301 last June.

    The average amount of a foreclosed property was $78,418 and the average tax appraisal value was $109,009, both down slightly from June 2012. 

    Year-to-date foreclosures are down 15% from the same period last year.

    Foreclosure activity was down in June for virtually every municipality. Arlington and Millington had slight increases while the city of Memphis had a 13% decrease. 

    Foreclosure notices were down 7% for the month with 601 recorded compared to 646 last June. 

    Westwood (38109) had the most properties in foreclosure inventory at the end of the month with 237 homes valued at $11.4 million. Frayser, Raleigh and Oakhaven all have over 200 properties in their foreclosure inventory. 

    Fannie Mae owned the most foreclosed properties with 372 total valued at $40.7 million.

    Click here to download our Detailed Foreclosure Analysis reports.

    New Housing & Builder Activity

    New home sales were up 9% in June with 79 sales recorded compared to 70 in June 2012.

    The average sales price of a new home was up 11% to $255,581.

    Year-to-date new home sales are up 17% and average new home sales prices are up 6%. 

    Arlington (18), Collierville (17) and Southeast Shelby County (7) had the most new home sales recorded for the month.  

    105 new home permits were filed in May, up 4% from May 2012. Collierville had the most new home permits filed in May with 20 total averaging $297,184. 

    Regency Homebuilders was the top builder in May based on new home sales and new home permits with 21 sales recorded averaging $240,256 and 28 permits filed averaging $219,309.

    Click here to download our New Housing Inventory & Analysis reports.

    Mortgage Trends & Lending Analysis

    802 residential loans were filed in June at the time of sale, up 8% from June 2012.

    The average mortgage amount was up 7% from last year to $183,958 with an average sales price of $211,731 making the average loan to value ratio 87%.

    Collierville had the most loans recorded at the time of sale with 106 total averaging $255,650.

    480 loans filed were conventional fixed rate, 185 were FHA fixed rate, 40 were VA fixed rate and 10 were short term loans, loans due within one year.

    The top lenders in June based on the total number of residential loans filed at time of sale were Magna Bank with 90 loans, Community Mortgage Bank with 69 loans and BancorpSouth Bank with 47 loans.

    Click here to download our Residential Lender Analysis reports.