ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL- 11/09/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/09/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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Home prices and home sales both showed strong annual growth during the third quarter, according to the latest report by the National Association of Realtors.

The national median existing single-family home price jumped 7.6 percent from a year ago, to $186,100 — the strongest year-over-year increase for any quarter since first-quarter 2006, when prices were up 9.4 percent from the previous year.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Sales of existing homes rose 10.3 percent during the third quarter, to a seasonally adjusted annual rate of 4.68 million, up from 4.25 million a year ago. The annual pace of sales grew in the South 11.7 percent in the third quarter with median existing-home prices rising 5.7 percent to $165,400.

Median prices posted annual gains in 120 of 149 metros tracked, up from 110 metros showing gains in the second quarter of 2012 and 39 metros with price appreciation during the third quarter of 2011.

Inventory of existing homes for sale was down 20 percent from a year ago, to 2.32 million. The combination of rising prices and tight inventory on a quarterly basis indicate that the housing recovery is settling in, said Lawrence Yun, NAR’s chief economist, in a statement.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Housing affordability numbers also fared well for the housing market. With a third-quarter national median family income of $61,700, NAR calculated that with a 5 percent down payment, a household would need only $40,900 to afford a home at the third-quarter national median price, assuming a 4 percent mortgage interest rate and 25 percent of gross income devoted to mortgage principal and interest.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

The proportion of first-time buyers didn’t change in the third quarter from last year, but held steady at 32 percent, nearly twice the 17 percent share of investors who purchased homes in the quarter. The share of all-cash buyers was down on a yearly basis in the third quarter to 27 percent from 29 percent in third quarter 2011.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL– 11/09/2012

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