Sales of properties with foreclosure filings accounted for 53% of all residential sales in Nevada during the first quarter, the highest of any state, but down from 59% in the first quarter of 2010. Because so many of the sales there are foreclosures, and have been for so long, the discount rate is declining, Sharga says, reaching 18% in the first quarter.

California foreclosures accounted for 45% of all residential sales during the first quarter, up from 43% in the previous quarter, but down from 48% at the same time last year.  The average foreclosure property in the Golden State sold for 34% less than the average price of homes not in foreclosure.

Foreclosures made up 45% of all residential sales in the first quarter in Arizona, down from 50% the previous quarter, and 47% in the same period a year earlier. Foreclosures here traded for a 25% discount to the average traditional listing.

Other states where foreclosures accounted for at least one-quarter of all sales were Idaho, Florida, Michigan, Oregon, Virginia, Colorado, Illinois, Georgia and Ohio.

The biggest discounts on foreclosure properties were in Ohio and Illinois, where foreclosures traded at an average 41% discount to the average nondistressed listing.

Original Article By: Melinda Fulmer of MSN Real Estate

The NAR’s Pending Home Sales Index, based on contracts signed but not closed, showed a 5.1% gain in March, but still fell 11.4% below the same period last year. Overall, the NAR projects a 1.8% drop in the median price of U.S. existing homes, steeper than the 1% it had predicted in March.

What will you find out there in the market? This year, it’s not first-time buyers leading the pack; it’s repeat buyers, rich folks and investors looking to snap up bargains.

• All-cash sales accounted for a record 35% of total sales.
• Investors accounted for 22% of all purchases.

And the bargains are there: The national median existing-home price for all housing types was $159,600 in March, down 5.9% from March 2010.

You can view the original article by Melinda Fulmer of MSN Real Estate at msn.com

The current interest rates shown below are based on a purchase of a single-family, primary residence. For current refinance rates, use our Calculate Rates & Payments Tool.

Interest rates displayed below require that you pay 1% of your loan amount toward the loan origination charge.
For information on the many other loan options we have available, Wells Fargo Home Mortgage.

as of 05/11/2011

Today’s Rates

The current interest rates shown below are based on a purchase of a single-family, primary residence. For current refinance rates, use our Calculate Rates & Payments Tool.

Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said.

The PHSI in the West the index jumped 18.2 percent to 123.3 and is 0.4 percent above a year ago.

“If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume,” Yun said.

For perspective, Yun said that the U.S. has added 27 million people over the past 10 years. “However, the number of jobs is roughly the same as it was in 2000 when existing-home sales totaled 5.2 million.

“All the indicator trends are pointing to a gradual housing recovery,” Yun said.

Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4 percent in 2012.

~ Original Article Written by: Walter Molony

MSN Money

It’s no secret: We’ve just been through an economic nightmare.

But that’s old news. And many, including value investor and hedge fund operator Bill Ackman of Pershing Square Capital, who made billions shorting housing-related bond insurer MBIA (MBI, news, msgs) in the last days of the boom, are now calling for its resurrection.

In a leaked research report titled “How To Make A Fortune,” Ackman doesn’t just say the path to wealth through homeownership has been restored. He says this road has seldom been easier.

Why it’s time to buy

Basically, the bull’s case as outlined by Ackman can be boiled down to a few simple bullet points:

• Home prices are at their lowest valuation in at least a generation.

• A large number of forced sellers gives buyers negotiating power.

• Attractive, low-rate financing.

• Still favorable long-term supply dynamics as the U.S. has one of the best demographic outlooks in the developed world.

• Housing is an out-of-consensus idea that is under-owned by institutional investors.

The most important factor is affordability.

With home prices down by nearly one-third from their high, housing affordability as calculated by the National Association of Realtors has moved to the highest levels since the recordkeeping started in 1971.