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Posts Tagged ‘loans’

June Home Sales Update

July 7th, 2011 Comments off
Highest Home Sales YTD!  

June closed with 1,242 home sales, the most home sales seen since June 2010! Average home sales prices for the month were $128,566, the highest since December 2010!  

Bank sales continue to decline, down 23% from June 2010 and down 2% from May 2011 with 325 closed for the month and an average sales price of $73,168, up 16% from the prior month.

New home sales were up 25% from May with 77 closed for the month averaging $220,335. 

Foreclosures were down 9% from last year with 364 recorded and an average foreclosure amount of $123,373. Foreclosure activity was highest in Frayser (38127), Raleigh (38128), Oakhaven/Parkway Village(38118) and Hickory Hill North (38115). 830 foreclosure notices were issued in June, down 8% from the prior year. 

54% of all home sales were sold for under $100,000. The largest home sale was for a property located on Grandview Ave. The 5,300 sqft home closed on June 1st for $962,500. 

Join us Wednesday, July 27th for a complete review of Shelby County’s 2nd Quarter results in our “Master Your Market” seminar where we’ll cover residential and commercial sales, foreclosures, loan activity, new housing and more! Click here for details.   

Click here to view our June and 2nd Quarter 2011 Residential Market Trend reports.

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May 2011 Lender Analysis Report

June 9th, 2011 Comments off
There were 1,408 loans filed in Shelby County for the month of May totalling $216.7 million.
  
The average residential loan amount on a new home purchase was $144,451. Of the 602 residential loans filed at time of sale, 28% were between $50,000-$99,999 and 23% were between $100,000-$149,000.
  
297 of the loans for new home purchases were conventional fixed rate loans, 209 were FHA fixed rate.
  
Community Mortgage Bank, Magna Bank and Regions Bank rounded out the Top Lenders list for residential mortgages at time of sale.
  
Regions Bank, Wells Fargo and Community Mortgage Bank made the top three for Top Lenders for all residential loans including loans at time of sale, refinances and second mortgages.
  
The largest residential loan was filed for a property on Massey Estates Cove for $1.5 million by Triumph Bank. The 7-year loan was filed on May 20 and matures on June 10, 2018.
  
The largest commercial loan was $6.1 million filed by Lancaster Pollard Mortgage Co. issued to Applingwood Long Term Care Facility located at 1535 Appling in Cordova.  
  
Click here to review our complimentary Residential Market Trend reports. 
  
Please contact wendy@chandlerreports.com if you would like to purchase our monthly, online Lender Analysis Reports, the cost is $25/month for existing online subscribers and $35/month for non-subscribers.
The reports include:  
  • Top 25 Residential Lenders-All Loans
  • Top 25 Commercial Lenders-New Purchases
  • Top 30 Residential Lenders-New Purchases
  • Residential Foreclosures By  Mortgage Type
  • Residential Loan to Value at Time of Sale by Zip
  • Residential Loans by Mortgage Type  

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May 2011 Home Sales Update

June 2nd, 2011 Comments off

There were 1,117 home sales in May for Shelby County, down 13% from May 2010. Total home sales revenue for the month was $132 million compared to $166 million last year. Home sales prices were also down from the prior year to $118, 375.

Home sales figures for the first half of this year will be skewed compared to last year’s largely in part to the new home-buyers tax credit that expired last June.

On a positive note, compared to April 2011, home sales were up 2% and average home sales prices were up 10%! Year-to-date, home sales are down 13% and average sales prices are down by only 2%.

Cordova-North (38016) had the most home sales, with 74 total and an average sale price of $137,404. 31% of the total sales in 38016 were bank sales.

Bank sales continue to decline, down 16% from May 2010 and down 8% from April 2011 with 329 closed for the month and an average sales price of $62,192.

Foreclosures were down 22% from last year with 354 recorded and an average foreclosure amount of $87,942. Foreclosure activity was highest in Frayser (38127), Raleigh (38128), Southeast Shelby County (38125) and Cordova-North (38016). There were 665 foreclosure notices issued in May, down 32% from the prior year.

New home sales made up 5% of all home sales for the county with 54 total, down 23% from the prior year and down 4% from April. Average new home sales prices were also down to $209,421.

59% of all home sales were sold for under $100,000. The largest home sale was for a property located on Valleybrook Drive in East Memphis. The 7,200 sqft home closed on May 19th for $1.75 million.

Click here to read an article from The Daily News covering our 1st Quarter “Master Your Market” Update.

You may review our complimentary Market Trend reports here.

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April Lender Analysis

May 26th, 2011 Comments off

There were 1,540 total loans filed in Shelby County for April including loans at time of sale, refinances and second mortgages with a total of $241 million in total loan revenue.

The Top Lenders based on number loans and total loan revenue were:

  • Regions Bank: 125 loans valued at $19.3 million
  • Wells Fargo: 109 loans valued at $16.8 million
  • SunTrust Bank: 77 loans valued at $10.1 million

For residential loans placed at time of sale, Community Mortgage led with 65 loans and an average loan amount of $151,127 followed by Magna Bank with 51 loans averaging $189,730 per loan.

The majority of residential loans were Conventional Fixed Rate with 244 filed for the month averaging $166,492 closely followed by FHA Fixed loans with 215 filed averaging $135,034.

Cordova North (38016) had the most loans filed for the month with 56 total, an average mortgage amount of $131,801 and an average loan to value ratio of 97%.

First Tennessee led for the most commercial loans at time of sale with 3 for the month averaging $184,333.

The largest loan for the month was a $3.4 million loan to Greer Land Co-Restaurants out of KY by The Metropolitan Bank. The loan was filed on April 29th with the $1.35 million sale of property located at 7864 Winchester Road. The anticpated use is for a 8,600 square foot Cheddars restaurant in the Centennial Commons Retail Center.

Click here to review our complimentary Market Trend reports.

If you would like to subscribe to our monthly Lender Analysis Reports, please contact wendy@chandlerreports.com.

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