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Quality Photos Can Make The Difference When Selling Your Home

Companies that sell products tend to be meticulous about the photography of the merchandise they’re advertising — the pictures are almost always crisp, detailed and attractive.

If you’ve surfed online for houses, you know what I’m talking about — the offending photos are so dimly lit you can’t tell how big the family room is. Or toys and family clutter are all over the place. Couldn’t they even bother to take the dirty dishes out of the sink before they photographed the kitchen?

A good understanding of color temperature, having proper lighting, quality, high-end equipment and a trained eye makes all the difference when creating professional marketing photos for any home that’s for sale. This photo is of a home I took in the Golden Eagle area. All Photos © George Martin, Jr., Hallmark Idaho Properties

Brian Balduf runs a company that provides photography services to real estate brokerages, and he has seen it all. He said the quality of real estate photographs didn’t used to matter much, but the growth of online real estate marketing and the advent of the iPad and photo-sharing sites has changed that. Balduf, chairman of Chicago-based VHT Inc., explained how it’s crucial these days that photographs of your house must really sell it:

Q: I suppose it’s easy to blame the real estate agents for poor real estate pictures — after all, they’re agents, not photographers. But why are so many of the photos so bad?

A: Agents, in the past, just marketed homes to other agents (by generally only placing photos on their multiple listing service). They weren’t marketing to consumers. Then the Internet came along, and (the photo quality) still didn’t matter a lot.

Until the iPads and tablet displays became really popular recently, all real estate photos on the Internet originated from the MLS, and the images just weren’t very detailed. But as soon as you started presenting them full screen on iPads or people were able to look at them on 50-inch, flat-panel television screens, consumers started realizing, gee, these photos are really bad.

It’s interesting, because consumers aren’t used to seeing bad (marketing) photos. Every other product they see online, even if it’s a $2 bucket at Wal-Mart, is going to have a good photograph.

And the photos are going to be critical for grabbing the attention of the people who are cruising through houses on the Net — if you didn’t get them with that first impression, you may never get that buyer back.

Q: If you’re listing a home for sale, what should you ask an agent about photography?

A: First, ask to see samples (of photos of previous listings), just like with any other service provider. And ask for photos (of current listings) that are being used to market the houses you’re competing with. If you’re selling a three-bedroom, two-bath, ask to see the photos of other three-bedroom, two-baths nearby.

Ask if the agents photos are optimized for the newer high-resolution displays such as Apple’s Retina displays used on most of their newer products.

The good, bad and ugly thing about these newer HD screens is they automatically make a great photo look even better, but really make a bad photo look even worst. What do you want the photos to say about your property?

Photo above is a lower priced home in Woodside, Hailey Idaho

You’re starting to see more progressive real estate firms saying this is important, and they’re having their listings professionally photographed. But it varies a lot, regionally, and the number of professionally shot houses is small, maybe 10 to 20 percent of the market. Chicago is fairly good about using professional photography. It’s starting to pick up more on the coasts. On the West Coast, you probably see the most professional photography in San Diego.


I took this photo from apx 30 feet in the air – Gimlet Area of Ketchum Idaho

In Florida, you’re seeing it more, and you’ll see more aerial photography there — that is, they might shoot a house from a crane or boom because buyers want to see what’s behind the house — a waterway, a pond, the Everglades.

Q: What goes into good real estate photography?

A: It’s harder than most people realize. Room photography is lighting, lighting, lighting. And when you photograph a home, you may be dealing with every kind of lighting — exterior lighting, incandescent, fluorescent — so without controlled lighting, every room is going to come out different. You may see a lot of bluish bathrooms and kitchens.That’s were a good understanding of color temperature comes into play.

Another challenge is balancing the light so you have a good photo of the interior while allowing the exterior views to shine through. Luxury contemporary home located in Sun Valley

Outside, you want to time the photograph to control for weird shadows; you also want to get rid of parked cars or garbage cans in the driveway.

Another aerial photo taken from apx 30 feet in the air. This home overlooks both Dollar and Baldy in Sun Valley Idaho and recently sold for 5+ million. The out of state buyer said the photos, aerial maps, etc. I posted on the internet for another agent played a large role in viewing the home prior to deciding to call a local realtor and fly into town to see the it in person and ultimately purchase.

And it takes a real camera. Technology is making it easier to shoot bad photos — camera phones don’t have enough flash or depth of field (for rooms). Your drunk friend at a Cubs game, a camera phone is great for that. But if you have a room that’s deep, you want to be able to see it.

A room needs to be shot on a tripod — it’s a must, because the shots have to be level. It can be a gorgeous home, but if the photos are dark or crooked or pixilated, you have either helped the buyer pass your home up or they’ll place less value on it.

Q: What if you have a very simple, ordinary, unadorned home? It may be a great place to live, but what if there’s nothing in it that would look particularly “gorgeous,” by room photography standards?

A: If you don’t have anything that’s unique about your property, then you want to make it look as good as possible. Good, clear photography of a neat, clean home may be your one competitive advantage if you’re on the market and competing against 20 similar starter homes. You may be able to make it sell before the guy who has the same house across the street.

You don’t have to own an expensive home to expect high quality marketing photos. One of the photos above is an affordable home in Woodside and another in Della View.


F.Y.I. The Della View property was just listed this past week and had 4 offers presented within 72 hours of posting the HD Photo Tour online.

Another picture perfect street side view in downtown “Old Hailey” Idaho

Local community and lifestyle photos also help people outside our area get a better understanding and feel for what Sun Valley and it’s surrounding communities are like.

Finally, quality photos are important, but they won’t make a difference if nobody sees them.

It’s critical for your listing agent to have the proper tools, knowledge, networks and syndication’s to give your property maximum exposure by reaching buyers outside the immediate area.



SOURCE: Chicago Tribune / Hallmark Idaho Properties

Home Prices Perk Up

For the last 12 months ending in May, U.S. home prices have increased 3.7 percent, according to the Federal Housing Finance Agency’s latest House Price Index. Home prices increased 0.8 percent from April to May on a seasonally adjusted basis, according to the index, which uses purchase prices of houses with mortgages that have been sold or guaranteed by Fannie Mae or Freddie Mac.

While prices are picking up, they still may have a long way to go in some markets. Home prices are about 17 percent below the peak reached in April 2007, according to the FHFA index. Prices are at about the same level they were at in May 2004, according to the index.

Still, other industry reports out recently are also showing an increasing in home prices.

The National Association of REALTORS® recently reported that median existing-home prices were up 7.9 percent in June from a year ago. In fact, existing-home prices in June posted their strongest gain since February 2006 and for the last four consecutive months have posted increases. NAR attributed most of the price gains to the fact that there were fewer distressed homes for sale in June.

SOURCE: Daily Real Estate News

30-Year Fixed-Rate Mortgage Averages a Record-Breaking 3.49 Percent

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgages rates continuing their streak of record-breaking lows. The 30-year fixed rate mortgage averaged 3.49 percent, more than a full percentage point lower than a year ago when it averaged 4.55 percent. Meanwhile, the 15-year fixed-rate mortgage, a popular choice for those looking to refinance, also set another record low at 2.80 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.49 percent with an average 0.7 point for the week ending July 26, 2012, down from last week when it averaged 3.53 percent. Last year at this time, the 30-year FRM averaged 4.55 percent.
  • 15-year FRM this week averaged 2.80 percent with an average 0.7 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.66 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged 3.25 percent.
  • 1-year Treasury-indexed ARM averaged 2.71 percent this week with an average 0.5 point, up from last week when it averaged 2.69 percent. At this time last year, the 1-year ARM averaged 2.95 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Market concerns over the strength of the economic recovery brought long-term Treasury yields to new lows this week allowing fixed mortgage rates to reach record levels.  The Conference Board Leading Economic Index showed the largest monthly decline in June since September 2011. Existing home sales fell to 4.36 million homes (annualized) in June and represented the slowest pace since October 2011. Similarly, new home sales fell in June to their lowest level since January of this year.”

Mortgage Applications Surge 16.9%

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, climbed 16.9 percent in the week ended July 13.

The MBA’s seasonally adjusted index of refinancing applications posted the biggest jump in seven months, rising 21.6 percent as mortgage interest rates hit record lows.

But the gauge of loan requests for home purchases, a leading indicator of home sales, dipped 0.1 percent.

The refinance share of total mortgage activity rose to 80.1 percent of applications from 77 percent the week before.

Fixed 30-year mortgage rates fell to yet another record low, averaging 3.74 percent and down 5 basis points from 3.79 percent.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

SOURCE: Mortgage Bankers Association

REUTERS: Prepping For The Summer Wave Of Short Sales

Coming soon to a neighborhood near you: A late-summer wave of short sales, as homeowners, mortgage bankers and potential buyers all race to settlement on bargain-priced homes that are worth less than the mortgages written on them.

“We’re seeing a rush already,” said Daren Blomquist of Realtytrac, a firm that monitors real estate foreclosures and distressed sales. “There was a big increase in the first quarter and we’re expecting that to continue.”

A short sale occurs when the lender agrees to let the property be sold for less than the amount owed on the mortgage.

2012 may be the year the short sale market peaks, because of a number of factors. Bankers, pressed by the Obama administration and their own bottom lines, realize they are better off accepting partial payment on a mortgage than taking a home in foreclosure, said Blomquist. Some have created expedited short sales procedures in which they will pre-approve a home for a distress sale and even pay the seller as much as $45,000 to get the deal done.

Sellers with one eye on the clock realize that they could lose a valuable tax break if they fail to complete their short sale by year end

Sellers with one eye on the clock realize that they could lose a valuable tax break if they fail to complete their short sale by year end. And some sellers — who have been hanging on “by tooth and nail” to homes worth less than their mortgages for years, according to Elizabeth Weintraub, a Sacramento, California, real estate agent who specializes in short sales — have decided now is the time.

“It seems to be doubling every year, but 2012 is particularly busy,” she said.

In the first quarter of 2012, some 109,521 properties were sold in pre-foreclosure — a proxy for short sales, according to Realtytrac. That was a 25 percent increase from the same quarter the previous year and a three-year high, Blomquist said.

So it seems like this is the time to make a move. Here is some advice for sellers and bargain hunters.

— Sellers should start with their banks. Several lenders including JPMorgan Chase & Co and Bank of America Corp now have expedited short sales programs in which they pre-qualify sellers and their homes for short sales at agreed-upon prices. That dramatically cuts down on the amount of time it takes to push through all the paperwork that a short sale requires. In addition, these big banks are cherry-picking some troubled properties for extra owner incentives: Your bank may actually pay you as much as $45,000 to agree to sell your distressed home. Weintraub said she has one client who was offered $25,000 to sell a $95,000 house.

— Sellers should start soon to get that tax break. Lenders are also routinely wiping away any extra debt left after the short sale. So if you owe $200,000 on your house, and you sell it for $150,000, the bank would theoretically be able to come after you for the additional $50,000. They are forgiving that, and it is that forgiven debt that is normally subject to income tax. It will not be, under a special provision that expires at the end of this year.

“If you can, you close this year,” Weintraub said she is telling her clients. That means would-be sellers should start soon, if they have not already — it can easily take three or four months to close a short sale once you have a buyer.

— Sellers should realize that “hardship” is a relative term. In order for a lender to approve a short sale, the seller is supposed to make the case that financial hardship will keep him or her from paying off the loan. But in their rush to get these deals done, banks are considering a wider array of situations to be hardships. An impending retirement or job change can be a “hardship” if the rest of the deal is right. “It’s a great opportunity,” says Blomquist.

— Buyers should look for deals but not expect anything amazing. Bankers and real estate investors have caught on to the fact that these distressed houses are a good deal, so there is competition. They are often a better buy than foreclosures, because short-sold homes typically are owner-occupied, well cared-for and come with guarantees. Foreclosures, on the other hand, may have been stripped of appliances (and walls) by displaced borrowers on their way out. Weintraub tells people to expect to pay market price for a short sale.

But that market price still could be good for the buyer. “The average price of these properties is $175,000 — that’s still 20 percent below the average price of properties not in distress,” said Blomquist.

— Buyers should go for long locks on their mortgage rates. It is a long trip from finding an appealing property on a site like Realtytrac to actually buying the property. If you have a buyer’s agent, you can also ask your agent for a list of properties that are in distress. In the meantime, you can try to line up a mortgage at today’s near-record-low interest rates. Don’t even think about the 30-day locks; even 60 days may not be enough to get you through to closing. Buying a home that has been pre-approved through one of the banks’ accelerated programs can cut closing times down to as little as 10 days, said Weintraub.

SOURCE: Reuters

Foreclosed Homes: Now They’re Hot Properties

“Once considered damaged goods, fit for only the bravest investors, foreclosures have not only lost their stigma, they’ve become hot properties,” according to a recent article in The Christian Science Monitor.

The attraction? Foreclosures can be found in posh neighborhoods, and they tend to come at a big discount. This home was in “The Valley Club”.

Now, many real estate agents even report bidding wars on distressed properties. For example, David Welch with RE/MAX told The Christian Science Monitor that he recently had a couple submit an offer on a foreclosed home that was $8,000 above the asking price, but by the time they submitted their offer, they found that there were already 17 other offers on the Orlando property.

The interest in foreclosures has been growing rapidly over the past few years. In a 2009 survey conducted by the National Association of REALTORS®, one-quarter of buyers said they’d consider buying a foreclosed home. According to a more recent survey from May, 92 percent of buyers now say they’d be interested in buying a foreclosed home.

Plus, with inventories of for-sale homes shrinking, Errol Samuelson, president of Realtor.com, says that more buyers have had to explore other options. Samuelson says he also thinks buyers are less scared about the process of buying a foreclosure than they once were.

SOURCE: Realtor Daily News

It’s Possible to Recover From Foreclosure

Foreclosure is a traumatic experience, financially and emotionally.

But there is life after the ordeal.

“Yes, of course,” said Todd Mark, vice president of education at Consumer Credit Counseling Service of Greater Dallas. “We have no choice but to move on.”

Foreclosure can happen to homeowners for various reasons.

“Some people chose to go that way; other people, it was forced upon them,” Mark said. “Regardless of how you get there, your first step is to rebuild your financial life. You won’t be able to get a fresh start until you deal with what caused your financial crisis in the first place.

It may be possible to negotiate a deed in lieu of foreclosure or short sale-type event that includes removal of deficiency held against you for the balance owed.

“Whatever caused the foreclosure — is it still going on in your life?” Mark said. “Most people think of the foreclosure as the crisis itself, but remember that the foreclosure is an outcome of whatever underlying crisis is going on in your life that either impacted your income or caused expenses that made your mortgage unaffordable.

“You need to identify the root cause of any financial crisis in your life and if those are still going on, what are your steps toward addressing them?”

If your foreclosure was caused by an income crisis, such as unemployment, you need to determine how much income you have for basic needs, such as housing, transportation, utilities, food and any necessary medical care.

“What income and resources do they have and is it enough to cover their base needs?” Mark said.

TIME HEALS WOUNDS:

While you may be tempted, don’t rush back into homeownership.

“That just really shouldn’t be your biggest financial priority if you’re coming off of foreclosure,” said Greg McBride, senior financial analyst at Bankrate.com. “Your biggest financial priority needs to be re-establishing your financial life.”

That’s not to say that you won’t ever own a home again.

“Long term, your goal is probably going to be how long it will be before you qualify for another mortgage,” Mark said. “A key is that it’s never as long as you think, but it doesn’t mean it’s easy, and it doesn’t mean it’s immediate.”

For one thing, you have to wait three years from the date of foreclosure before you’re eligible to apply for a new mortgage insured by the Federal Housing Administration and seven years before applying for a conventional mortgage, said Craig Jarrell, president of the Dallas region for Iberiabank Mortgage Co.

Second, a foreclosure stays on your credit report for seven years and can knock down your credit score by as much as 280 points, especially if your score was high to begin with.

“It may be that it’s wise and prudent to separate from the foreclosure from a time standpoint,” Mark said. “Time heals the credit wounds of the past, so the more time that’s expired since the event, the less impact it has on your credit report and score.”

FICO, the company that developed the widely used FICO credit score, said “it’s a common misconception” that a foreclosure will ruin your credit score for a long time.

“If you keep all of your other credit obligations in good standing, your FICO score can begin to rebound in as little as two years,” it said.

REBUILD YOUR CREDIT:

Spend that time re-establishing a pattern of financial responsibility and stability.

“The important thing to keep in mind is that a foreclosure is a single negative item, and if you keep this item isolated, it will be much less damaging to your FICO score than if you had a foreclosure in addition to defaulting on other credit obligations,” FICO said.

So paying your bills on time is critical.

“Don’t make any new late payments after the foreclosure on anything,” Jarrell said.

“That’s the single biggest factor in your credit score,” said McBride. “Second is, keep your debts modest and pay down your debt. That is the second biggest component of your credit score.”

On revolving credit, don’t use more than 10 percent of your available credit.

“If you keep your debt-to-available credit ratio below 10 percent, it actually boosts your credit score,” McBride said. “Anything above 30 percent hurts your score.”

So only use credit that you can pay off on time and in full each month.

You should also use this time to clean up your credit report.

You’re entitled to a free credit report once every 12 months from each of the three national credit bureaus — Experian, TransUnion and Equifax. Get a copy of each and check them for any inaccuracies.

If you find errors on your credit report, dispute them.

REPLENISH SAVINGS:

“Everybody focuses on credit in this area, but it’s important to point out that you have to rebuild your savings, too,” McBride said.

“If somebody’s been through foreclosure, a lot of times it’s been because they were out of work and so they may have run up other debts like credit cards and depleted all of their savings — perhaps even raided their retirement account,” he said.

“Replenishing those is more important than worrying about your credit.”

AVOID A HANGOVER:

You want to be sure that you don’t owe anything on your old mortgage. Sometimes proceeds from a foreclosure sale aren’t enough to cover what’s owed on the mortgage, which would leave you owing the difference.

That foreclosure hangover is called a “deficiency judgment.”

“Do they know whether or not they have escaped any sort of deficiency judgment?” Mark said. “If somebody has negotiated to do a deed in lieu of foreclosure or short sale-type event, they may have negotiated where they’re not going to have the deficiency held against them.”

But he added: “A lot of people won’t know, and if they don’t know, there’s a good chance they’ve got a deficiency judgment. So they need to figure out, OK, the house may be gone, but do you still owe on it?”

A foreclosure isn’t the end of the world, but you must have a clear plan on how you will restore your financial health.

SOURCE: LoanSafe-org

Idaho’s Drop In Foreclosures Outpaces That Of Nation

Foreclosure filings in the first half of the year fell by 10.6 percent nationally and 54.5 percent in Idaho, RealtyTrac reported.

Other reductions from states where the housing market boomed previously included 61.2 percent in Nevada, 36.5 percent in Arizona and 22.5 percent in Florida.

More Idaho short sales are going through as the housing market improves

Lenders are modifying more Idaho loans instead of foreclosing, and more lenders are holding back on starting the foreclosure process, said Jesse Hamilton, general counsel with Pioneer Title in Boise.

Many lenders delayed foreclosures after Idaho legislation took effect Sept. 1, he said. The state law requires lenders to better inform borrowers about their options, including their right to request a loan modification, and about how the foreclosure process is progressing.

Earlier this year, the federal government and large mortgage servicers reached a regulatory and financial settlement over foreclosure practices.

More Idaho short sales are going through as the housing market improves, Hamilton said. In a short sale, the lender agrees to accept less than the borrower owes. Bank of the Cascades Idaho Region President Mike Mooney said a short sale benefits the lender in that it gets the loan off the bank’s books faster than a foreclosure, partly because the homeowner is motivated to sell, and is less expensive.

A short sale benefits the lender in that it gets the loan off the bank’s books faster than a foreclosure, partly because the homeowner is motivated to sell, and is less expensive

At a foreclosure sale, the bank submits a bid for the amount of the loan and then sells the home. “That takes longer and you have uncertainty about price, and also commission and other expenses,” he said.

Distressed properties have been selling in Ada and Canyon counties, and their percentage of the total resale home inventory has been dropping, said Mike Pennington of John L. Scott Real Estate in Boise. Distressed properties were 36.7 percent of resale inventory in the first half of 2012 in Ada County and 56.6 percent in Canyon County, down from 57.3 percent in Ada and 73.6 percent in Canyon in January 2011, he said. Prices are rising slightly as buyers compete, he said.

The June 2012 total of foreclosure starts in Ada and Canyon counties was similar to the June 2008 number, said Charlie Nate, who heads foreclosure tracking company Idaho Data Providers. The total peaked in March 2010 and has been falling since, he said. Ada County’s June total was 194, down from 201 a year earlier and 224 in June 2008, he said. The high was 597 in March 2010.

Foreclosure rates were 1.1 percent last month and 1.6 percent in June 2011 for loans the Idaho Housing and Finance Association services.

“The decline in IHFA’s foreclosure rates is due to aggressive borrower education efforts, use of federal mitigation resources, and a modestly improving economic climate,” President and Executive Director Gerald Hunter said.

SOURCE: Idaho Business Review

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Goldman Sachs Sees ‘Strong’ Recovery Starting for Housing

U.S. homebuilders are an attractive investment as the housing market starts a “strong” recovery that may drive a surge in new-home sales, Goldman Sachs Group Inc. said in a report today.

Housing has a “long list of positives,” including rising prices, job growth, supportive government policies and a decline in the so-called shadow inventory of homes, Goldman Sachs analysts Joshua Pollard and Anto Savarirajan wrote in a note to clients. They raised their rating on the homebuilding industry to attractive from neutral.

Public homebuilders, which have been taking market share from closely held companies, reported increasing orders this year as mortgage rates fell to record lows and the supply of existing homes for sale shrank. Construction of single-family houses rose 4.7 percent in June to a 539,000 annual rate, the fastest in two years, the Commerce Department said last week.

The super cyclical housing market has turned and a strong recovery in new-home sales is ahead

“The super cyclical housing market has turned and a strong recovery in new-home sales is ahead,” the Goldman Sachs analysts wrote. “Over the last year a number of risks to the housing market have abated, giving us confidence that rising home prices will drive a 3-7 year up-cycle in the U.S. market.”

Pollard and Savarirajan added MDC Holdings Inc. (MDC) to its conviction buy list, raised KB Home (KBH) to buy from neutral, increased Ryland Group Inc. (RYL) to neutral from sell and lowered NVR Inc. (NVR) to sell from neutral. They maintained buy ratings on Toll Brothers Inc. (TOL) and PulteGroup Inc. (PHM)

Stocks Gain

MDC Holdings jumped 5.7 percent, the most since February, to $33.18 in New York trading. KB Home climbed 3.6 percent to $10.16, while Ryland added 3.5 percent to $26.64.

The 13-member Bloomberg Industries homebuilder index reversed earlier losses and increased 1.1 percent. The measure has rallied 55 percent this year, compared with a 7.4 percent gain in the Standard & Poor’s 500 Index.

Housing has a “long list of positives,” including rising prices, job growth, supportive government policies and a decline in the so-called shadow inventory of homes

The U.S. economy has created enough jobs since the end of the recession in 2009 to fuel new-home sales at an annual rate of 550,000 to 600,000, the analysts said. New houses sold at a pace of 369,000 in May, the highest rate since 2010, the Commerce Department reported last month.

The Goldman Sachs analysts estimated new-home sales would reach 700,000 in 2014.

U.S. Policies

Government policies have improved in the past year by addressing supply instead of demand, the analysts wrote. Recent programs include the bulk sale of foreclosed single-family homes to investors who are converting them to rentals, and the expanded Home Affordable Refinance Program, which allows refinancing of properties worth less than their mortgages.

Investors “have yet to grasp the significant decline in shadow inventory,” as the supply of homes for sale has fallen to six months from 10 months in the past two years, Pollard and Savarirajan wrote. Shadow inventory, or the homes projected to hit the market through foreclosures and short sales, is down 15 percent in Arizona, California, Florida, Nevada and Texas, while growth in building permits indicates a 34 percent increase in demand in those states, they said.

“Investors are quickly swallowing new foreclosure supply, limiting shadow inventory and creating a floor for home prices,” Pollard and Savarirajan wrote. “We expect any further decline in inventory to serve as a platform for price appreciation, further aiding sales.”

SOURCE: Bloomberg