Current homeowners accounted for 54 percent of October’s non-distressed market, up from 50 percent in June, according to a new survey by Campbell/Inside Mortgage Finance. This as the share of non-distressed sales surged to 64.7 percent, up from 55.7 percent as recently as February.
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What’s more, buyers of distressed properties have become gun shy due to the foreclosure processing problems, according to a Campbell/Inside Mortgage Finance survey of real estate agents. The poll found 14 percent of owner-occupant homebuyers and 6 percent of investors refused to view foreclosed properties in October.
So who do Americans think is responsible for the foreclosure mess? The mortgage lenders are to blame, according to 45 percent of poll respondents; 26 percent thought that homebuyers who purchased beyond their means are the guilty party; another 20 percent blames both sides. Cara Habegger of Akron, OH, summed up the last point of view.
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The ongoing controversy surrounding foreclosures is taking its toll as homebuyers refused to look at distressed properties in October, and foreclosure sales suffered from delays, according to the.
Current homeowners are now driving the housing market, as even investor traffic fell in June for the fourth straight month, according to Campbell/Inside Mortgage Finance. That could mean slower sales going forward, as still tight inventory keeps move-up buyers in place. That, and negative home equity.” (“Investors are moving out of housing.
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Despite growing signs that the housing market is starting to recover from the depression-like conditions of the past few years, first-time homebuyers don’t seem to be benefiting from that recovery.The recent Campbell/Inside Mortgage Finance HousingPulseTracking Survey results, besides being really confusing by combining and capitalizing different words, showed that the first-time homebuyer.