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Bill Cobb

What Percentage of FHA Financing Used For Baton Rouge HomePurchases In 2013 YTD?

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Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

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August 30, 2013 10:38 PM

What Percentage of FHA Financing Used For Baton Rouge Home Purchases In 2013 YTD?

There’s much talk nationally about the unbelievable percentage of home sales that are “Cash Sales”! RealtyTracsays up to 40% of July 2013 home sales were cash sales.

Cash Sales Surge; Distressed Sales Remain Elevated – RealtyTrac“Of particular note in the RealtyTrac report was data on cash sales. The company found cash transactionsaccounted for 40 percent of all sales in July compared to 35 percent in June and 31 percent in July 2012. There were especially notable month-over-month increases in cash sales in some cities; Dallas was up 82 percent,St. Louis 66 percent and Los Angeles 32 percent.”

What Percentage Is FHA Financed? This made me think of what percentage of East Baton Rouge Parish home sales were financed FHA as of08/29/2013?

THE ANSWER: 637 out of 3270 Sales or 20% FHA FINANCED

Will FHA Financing Total Percentage of 20% Decline In TheFuture Because FHA Imposed "Permanent MortgageInsurance" for the life of the loan effective July 1, 2013?

FHA Financed Percentage By Month: May 2013: 19%June 2013: 19%July 2013: 15%August 2013 YTD: 16%

Only time will tell on this trend. As long as FMHA RD Rural Development financing is available, FHA percentage willprobably continue to decline below 20%.

Read More Here: How Much Will Permanent FHA Mortgage Insurance Cost Me?And, the image source of the FHA Mortage Insurance Permanent is the above article and by Scott Schang.

GBRMLS NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2013 to08/29/2013. This information was extracted on 08/29/2013.

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