Friday Facts 7-30-10

July 30, 2010

HUD’s 2009 Housing Survey reveals that 68% of US homes are owner occupied. 51% are located in suburban areas, 29% are in central cities, and 20% are outside of metropolitan areas. The median size is 1800 square feet. 53% have 6 or more rooms. 85% have a porch, deck or balcony. The most common heating fuel is gas. Most families with young children live within one mile of a public elementary school.

According to RealTrends, the Treasury has launched HAUP (Home Affordable Unemployment Program) which reduces or suspends mortgage payments for at least three months for those who have lost their job. To qualify, a first lien mortgage must have been originated before January 1, 2009, have an unpaid balance of $729,750 or less, and the mortgage must be in default or imminent default.

The New York Times reports that 25% of all homes under $200,000 sold in the U.S. are mobile homes. They state that the FHA is going to increase the number of lenders who can do loans on property not secured by real property.

Inman News says that cash buyers have made up at least 25% of home purchasers since the 1st of the year. These buyers most commonly include investors, parents buying homes for grown children, move-up buyers, retirees buying second homes and foreigners buying vacation homes. According to NAR, investors made up 14% of buyers nationwide in May.

NAR’s Profile of International Homebuyer Activity for 2009 shows the following distribution of purchases by foreign buyers in the U.S. – New England, 8.9%, the Midwest, 12.1%, the South, 47.1% and the West, 29%.