- Mortgage applications for new home purchases decreased 9 percent month over month in May 2015 from April 2015.
- Conventional loans comprised 67.4 percent of loan applications.
- FHA loans comprised 19.1 percent of loan applications.
- RHS/USDA loans comprised 1.2 percent of loan applications.
- VA loans comprised 12.3 percent of loan applications.
- The average loan size of new homes increased from $315,670 in April 2015 to $320,744 in May 2015.
- The number of owner-vacated “zombie” foreclosures at the end of the second quarter stood at 127,021, representing a 10 percent decline in volume compared to the second quarter of 2014.
- Zombie foreclosures account for roughly 1 in 5 properties in foreclosure nationally.
- The estimated market value of an owner-vacated foreclosure is nearly $196,000, 22 percent below the average estimated market value of an owner-occupied foreclosure.
- During the second quarter, the number of zombies decreased by 28 percent in Chicago and 46 percent in Miami — the largest decrease of any metro.
- Of the nation’s top 20 cities, 10 saw a decline in zombie volume in comparison to the second quarter of 2014. Dallas (27 percent decline), Atlanta (33 percent decline) and Phoenix (14 percent decline) represent some of these cities.
- On the flip side, 10 major metros saw a rise in zombie volume — led by San Diego/Carlsbad, a 292 percent increase, and Southern California’s Inland Empire, a 165 percent spike.
- Out of the 183 metro areas RealtyTrac covers, 91 reported an increase in zombie volume.
- The highest zombie rates among these 183 areas were found in Atlantic City, New Jersey (1 in 130 housing units); Trenton, New Jersey (1 in 166 housing units); Tampa, Florida (1 in 218 housing units); Binghamton, New York (1 in every 260 housing units); and Ocala, Florida (1 in every 262 housing units).
Bankrate’s updated mortgage rates:
- 30-year fixed-rate mortgage: 4.15 percent
- 15-year fixed-rate mortgage: 3.39 percent
- 5/1 adjustable-rate mortgage: 3.24 percent
- 30-year jumbo mortgage: 4.17 percent
Email market updates to email@example.com.