Interesting little tidbit from the good people over at Housing Intelligence.
Based on their market data, banks and mortgage lenders have been selling more homes than homebuilders over the past year and a half.
In December 2005, the share of regular resale home sales peaked at 80 percent.
About a year later, in November 2006, new home sales accounted for nearly 20 percent of transactions, a peak share.
At the same time, housing inventory swelled as builders put more and more units on the market in anticipation of a strong buying environment.
But just over two years later, in January 2009, new home sales slipped to a 14 percent share and REO sales eclipsed new homes sold.
They’ve since fallen to an 11 percent share, while REO sales have increased to 19.5 percent.
Bad news for both homebuilders and banks…oh yeah, and for homeowners.