Keeping Up With The Wells-es

Below are some key stats from DataQuick on Bay Area real estate last month. I’m leading with a bullet on lender market share stats. My mortgage bank is the only private firm mentioned among the big dogs. Feels pretty good. It’s been a long slog since 2007, and it’s nice to see some positive signals along the way … for my company and for all my fellow Bay Area home owners.

– The most active lenders to Bay Area home buyers In August were Wells Fargo with 17% of the market, RPM Mortgage with 4.6% and Bank of America with 3.3%. A year ago, Bank of America’s market share was 8.2%.

– The Bay Area posted its strongest home sales for the month of August in six years

– 8,579 new and resale homes were sold in the nine-county Bay Area In August, up 1.4% from July and up 14.2% from August 2011.

– Jumbo loans (above $417k) accounted for 38.7% of August purchase lending, up from 32.9% a year ago. This was the highest since 43.4% in November 2007. Before jumbos froze in August 2007, jumbos accounted for nearly 60% of Bay Area purchase loans.

– Government-insured FHA home purchase loans accounted for 16.1% of all Bay Area home purchase mortgages in August, down from 21.1% a year earlier.

– Distressed sales, including both foreclosures (14.9%) and short sales (18.9%), made up 33.8% of Bay Area’s resale market in August, down from 43.8% a year ago.

– Investors purchased 23% of all Bay Area homes sold in August, up from 21.2% a year ago.

– Cash buyers accounted for 28% of August sales, up from 27.5% a year ago.


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Reference:
Bay Area August Home Sales Highest Since 2006 (DataQuick)

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