In this new article from BUILDER, John McManus takes a deep look into RealtyTrac’s U.S. Home & Foreclosure Sales Report for May, and highlights some very promising results for the housing market.
It’s official. It took six grueling years since the Great Recession ended, but now, the housing recovery enters the second half of 2015 as a fundamentals-driven rebound.
What does it mean now that housing – and its infinite mosaic of geographical fiefdoms down to the submarket and lot-line level – has healed its gravest wounds? What does it mean to developers and builders that buyers and sellers of home properties are people to people, not desperate people to institutions? What does it mean when we say that a housing cycle’s trajectory has moved decisively from a focus on investors’ resources to an exchange of values from owner-occupier to someone who wants to be an owner-occupier of a primary residence?
RealtyTrac’s latest U.S. Home & Foreclosure Sales Report shows that all of the benchmarks for abnormal residential real estate behavior – cash sales, distressed sales, bank-owned sales, and in-foreclosure sales – dramatically subsided in the past month and, even more dramatically so in the past 12 months.
