Realtor.com® Report: Top 10 Fall Markets for Millennials

REAL ESTATE TOPICS

 

By: Rachel Stults

If you’re a Millennial looking to become a homeowner, try starting your hunt in Akron, OH. Or perhaps Indianapolis, home of the Indy 500, is more your speed. Maybe you want to settle amid the Southern charm of Memphis, TN.

Those are just a few of the top markets realtor.com® says are hot for Millennials this fall, according to an analysis of its August National Housing Trend Report.

These days, it isn’t so easy to be a Millennial in the home buying market. Half of all Millennials viewed real estate websites last month–– but higher prices and tighter lending standards have made buying a home tougher than it used to be.

The realtor.com® “Top 10 Fall Markets for Millennial Home Buyers” list shows that despite these trends, some markets are primed and ready for Millennial home buyers this fall.

What it comes down to is affordability and availability of homes on the market, according to Jonathan Smoke, chief economist for realtor.com®.

“Millennials were hit the hardest by recession layoffs and job shortages, and many are still facing the financial aftermath of the downturn, including reduced wages and depleted savings,” Smoke said. “Monthly mortgage affordability and 20% down payments have become especially difficult as home prices increase.”

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“The neighborhoods on our list offer plenty of opportunity for Millennials looking to get into the market in the next few months,” he added. “Not only are first-timers more likely to be able to afford homes in these areas, less competition in these markets means they are more likely to have their offers accepted.”

That’s good news not only for Millennial home buyers, but for the housing market as a whole—which is dependent upon this critical demographic to bring the housing ecosystem back to full health.

“Decreased first-time home buyer sales have lessened the demand for new construction, and limited housing’s contribution to overall economic growth—perpetuating a cycle of limited job and income growth,” Smoke said.

Nationally, realtor.com® data shows the housing market slowly improving with strong prices, limited inventory and steady demand. In August, homes were listed at prices 7.5% higher than last year but remained consistent month-over-month.

The total number of homes on the market in August decreased slightly when compared to last year and last month, as properties spent 86 days on the market in August—six days less than last year but four days longer than July.

Top 10 Fall Markets for Millennial Home Buyers

(Listed in alphabetical order)

MSA	Median Listing Price	% YY	Total Listings	% YY	Median Age of Inventory	% YY	NAR[i]Affordability Index
Akron, OH	$119,900	0.0%	4,070	-6.2%	76	-11.6%	340.53
Buffalo-Niagara Falls, NY	$144,900	3.6%	3,892	-5.9%	67	-6.9%	304.84
Charleston, WV	$146,450	-1.7%	1,358	7.2%	83	-8.8%	240.79
Grand Rapids-Muskegon-Holland, MI	$159,900	6.7%	5,679	-9.6%	61	-10.2%	240.48
Harrisburg-Lebanon-Carlisle, PA	$174,900	2.9%	5,186	0.9%	103	2.0%	265.94
Indianapolis, IN	$149,000	8.4%	11,963	-2.5%	72	0.0%	260.60
Melbourne-Titusville-Palm Bay, FL	$165,000	3.4%	5,389	39.8%	68	-6.8%	259.32
Memphis, TN	$154,900	0.0%	6,129	17.7%	86	10.3%	236.93
Peoria-Pekin, IL	$129,900	0.3%	2,264	-3.7%	76	4.1%	291.78
Syracuse, NY	$149,000	-3.9%	4,622	2.9%	87	-7.4%	301.55

National Key Market Indicators for August 2014

	August 2014	Year-over-Year Percentage Change	Month-over-Month Percentage Change
Median List Price	$214,900	7.5%	0.0%
Number of Listings	1,930,569	-1.1%	-2.5%
Median Age of Inventory	86 days	-6.5%	4.9%

To be included on the the realtor.com® “Top 10 Fall Markets for Millennial Home Buyers” list, local areas had to report a Housing Affordability Index over 240 and a month-over-month or year-over-year increase in inventory.

(The National Association of REALTORS® Housing Affordability Index evaluates home prices based on the median household income for each respective area.)

Leading the pack in affordability is Akron, OH. Families making the median household income in Akron can afford to buy a home 3.4 times the price of the median home in their area.

The second most-affordable locale is Buffalo-Niagara Falls, NY, where people can afford homes 3.0 times the median. In third place is Charleston, WV, where residents earning the median wage in their area can afford a home 2.4 times the median.

Each area also had to experience an increase in the number of homes on the market.

The market with largest increase in inventory included on the realtor.com® list is Melbourne, FL, with a 39% increase in inventory compared to last year. The second largest lift in inventory is in Memphis, TN, with an increase of 17% year over year. Third place again goes to Charleston, WV, which increased 7% in listings compared to last year.

“Another advantage for Millennials trying to close on a home this fall is investors are becoming less of a presence in the current housing market,” said Lawrence Yun, chief economist and senior vice president of research for the National Association of REALTORS®. “In August, sales to investors fell to 12%, which is the lowest we’ve seen in nearly five years. For first-time home buyers, this means reduced competition and less all-cash offers in the marketplace.”

10 Signs You Are Ready to Invest in Real Estate

REAL ESTATE TOPICS

When it comes to property investment, timing is everything. Ultimately, choosing the right time to enter the market will have a significant impact on the long-term success of your investment.

But how can you, as an investor, know whether the timing is right? Here are 10 tell-tale signs that now is the time to start building your investment portfolio.

1. You are financially ready. You have saved enough for the down payment and you have also established your emergency fund. You have taken into account home maintenance expenses. Your credit history is good and you are able to meet all the financial obligations.

2. You have set your long-term goals. You have a clear picture in your mind of your investment’s purpose and you are flexible enough to adjust to changing circumstances. You are not hesitant.  When the timing is right, you are able to adapt to the market needs and the development of technologies.

3. You have done your research. You know the neighborhood of your future property well enough to foresee the coming trends and the possible changes in the community. You have researched all the schools in the area as well as the best commuting means.

4. You have chosen a stable economy. The area is financially stable, economic trends are promising and equities are surging. No demographic fluctuation or no irregular variation of population have been recorded in the area.

5. You understand the country’s policies regarding real estate. The policies of the region promote and encourage a positive, innovative environment as well as drive further economic growth. The tax policy in the country is positive for homeowners. Global innovation index is rising in the area.

6. Infrastructure projects are underway and likely to lead to an increase in property values. The infrastructure of the area is being developed with a focus on: transport, energy, solid waste and water management developments.

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7. The region is moving toward sustainable development. The region’s awareness of global and local environmental issues is increasing, the demand for eco-friendly homes as well as for sustainable rural and urban development is rising. As more and more people head toward sustainable living, investing in sustainable property will increase its value in the future.

8. The location draws a lot of interest. Whether it is the best travel destination or the hot jobs spot, the location is always on the top of the search engine. It has become a successful startup hub already or is planning to do so in the coming years, driving a lot of job seekers into the area. The number of enrolled students is increasing every year and the area draws interest of international students.

9. You have found a reliable real estate agent.  It’s particularly crucial to have a reliable representative. Your real estate agent is trustworthy, knowledgable, and knows the local market well enough to be able to help you make the right choice.

10. You have researched local differences in the property market. Whether you plan to invest in a residential property and turn it into a rental or an office space, you are fully aware of all cultural differences that might occur when you deal with a property seller.

SURVEY: A Third of Homebuyers Would Exceed Budget for the Right Home

REAL ESTATE TOPICS

The majority (61 percent) of Americans who say they’re likely to buy a house in the next five years have put a home buying budget in place, but a third (36 percent) would go over the planned purchase price if they wanted the house enough, according to a recent survey by BMO Harris Bank. Among current homeowners, 49 percent stuck to their budget when buying, but 19 percent went over and 20 percent didn’t have a budget for their current home.

On average, American homeowners who went over budget exceeded it by $31,587. Those who came in under budget (13 percent) went lower by an average of $25,083. Half (49 percent) set a maximum amount they could spend and stuck to it.

“A budget is an essential piece to the home buying process. Putting one in place takes time, and has to consider a variety of factors including savings, income and interest and mortgage rates,” said Kevin Christopher, Head of Mortgage Sales, BMO Harris Bank. “What we’re seeing from our survey is that homebuyers don’t always leave themselves that cushion. Implementing and stress-testing a budget is key, not only during the pre-approval process but to ensure that when interest rates go up, homeowners are prepared.”

Taking First Steps

First-time buyers are less likely to have a fixed budget that they will stick to (54 percent), and are more likely than those who have owned to say they are willing to go over budget (44 percent). A third (32 percent) say they expect their parents will help pay for the cost.

While only 13 percent of first-time buyers are currently pre-approved for a mortgage, 83 percent plan to go through the process before they purchase a home. There is some worry about the process, with 64 percent concerned they might not be pre-approved.

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Putting Money Down

The survey of American homeowners also found:

• The vast majority (89 percent) of homeowners had a mortgage at some point and half (52 percent) have had a home equity line of credit (HELOC) at some point.
• A third (35 percent) are paying their original mortgage, while a similar percentage (30 percent) have refinanced, and 35 percent have paid off their mortgage.
• Americans expect to have their mortgage fully paid off by age 59.
• While not surprising that older homeowners are more likely to have paid off their homes, 40 percent of those over 65 are still paying off their mortgage.

The average down payment that Americans planning to buy in the next five years will make is 25 percent, and 87 percent feel confident they will have the down payment they’re hoping for to buy their next house.

“Household balance sheets are now relatively healthy, helped by rising asset prices, moderate income growth and, most importantly, lower debt levels. According to the Federal Reserve Bank of New York, from early 2008 to mid-2013, household debt was reduced by $1.5 trillion, as both borrowers and lenders came to terms with the housing and credit bubbles whose subsequent bursting is held to blame for the Great Recession,” said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. “Household credit is starting to flow again — nearly $480 billion in the past year — led by mortgages, student loans and auto financing. However, both borrowers and lenders are approaching HELOCs more conservatively, a sign that greater prudence might be the ultimate — welcome — legacy of the recent recession. Borrowing within one’s means is critically important to maintaining a healthy state of household finances.”

Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers

REAL ESTATE TOPICS

By Michelle Jamrisko

The Bank of Mom and Dad is playing a growing role as lender of last resort for a housing recovery struggling to provide more traction for the U.S. economy.

Last year, 27 percent of those purchasing a home for the first time received a cash gift from relatives or friends to come up with a down payment, according to data from the National Association of Realtors. That’s up from 24 percent in 2012 and matches the highest share since the group began keeping records in 2009.

Those numbers will probably keep growing this year as younger Americans remain constrained by student debt, tough entry into the job market and stricter mortgage-lending rules that require more cash up front. At the same time, rising stock and property values give their baby boomer parents the ability to assist those wanting to lock in near record-low borrowing costs.

“Without them, the recovery’s not sustainable,” said Anika Khan, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. Anything that gets more money into first-time buyers’ hands “just moves the housing recovery along,” she said.

The inability to come up with the down payment was the top reason for renting rather than buying property, according to the Federal Reserve’s report on the 2013 economic well-being of households issued in July. The report also showed 10 percent of those leasing apartments last year were looking to buy a house.

Student Loans

Fifty-four percent of first-time buyers in 2013 said their purchases were delayed because the burden of student loans prevented them from saving enough for a down payment, according to the NAR survey. First-time buyers accounted for 29 percent of previously-owned home purchases in July, compared with about 40 percent historically, data from the agents’ group show.

Deborah Baisden, a Realtor with Prudential Towne Realty in Virginia Beach, Virginia, is witness to the pickup in cash gifts, particularly among parents assisting their children.

“We’re finding more and more parents are gifting money,” Baisden said. “Because of student debt and because of kids having a tough time finding jobs, it’s becoming increasingly difficult for them to be able to buy homes -- we’re turning into a country of renters.”

Paychecks are also shrinking for younger Americans. College graduates from 18 to 34 years old working full-time experienced a $3,300 drop in average annual earnings adjusted for inflation from 2007 to 2012, according to a Progressive Policy Institute analysis of Census Bureau data.

Builder’s View

Gifts from family are one way the housing market is adapting to less freely flowing credit, said Stuart Miller, chief executive officer of Miami-based Lennar Corp., the second-biggest U.S. homebuilder by stock-market value.

“The barriers are high, and over time the market adjusts to those barriers,” Miller said in a Sept. 17 earnings call. “People start saving more down payment. They find a way. They get help from family. They start focusing on credit statistics as rental rates go up.”

Younger buyers have also had to compete with an influx of investors scooping up properties -- often with all-cash offers. As fewer deals and less inventory prompt investors to retreat, the field may soon open up for first-time buyers as sellers look to expand the market, said Lawrence Yun, NAR’s chief economist.

Less Competition

“With the investors stepping away, for some first-time buyers and millennial buyers, they have less competition,” Yun said. “So it would be an opportune time to enter the market.”

Cash gifts appear to be “happening even to a greater extent this year,” he said. NAR will release 2014 survey data on Nov. 3.

Amanda Woolley, 31, got a little family help to close on a two-bedroom home in Seattle in July. She accepted about half the cash she needed for the down payment and closing costs from her parents, although she’d rather have done it on her own.

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“I was really resistant -- I actually didn’t want to take any money from them,” said Woolley, who is seeing this first-hand as a communications manager at real-estate website Zillow Inc. “But after looking at all the programs and looking at what my mortgage payment would be, it actually made the most sense to take a little bit from them.”

A surge in equities is helping boost the wealth of would-be cash donors. The Standard & Poor’s 500 Index closed at a record yesterday and has advanced 8.8 percent so far in 2014, building on a 30 percent rise last year and 13 percent in 2012.

Retirement Savings

The boomers have seen their retirement savings almost double since the end of the recession. They had an average $147,700 in their 401(k) accounts in June, up from $76,500 five years earlier when the economic slump ended, according to data compiled by Fidelity Investments.

Young people’s “ability to save up a down payment is much more difficult today than it was in previous generations,” said David Stevens, chief executive officer of the Mortgage Bankers Association in Washington. “It’s an uneven recovery because a lot of the personal wealth that’s being created is by people who have homes currently or who have money in the stock market. Younger borrowers have neither, so they’re not a beneficiary of this recovery as much as the boomer generation.”

With their wealth rebuilding, some of those older Americans would rather decide for themselves how it’s doled out and see their offspring enjoy the benefits now while they’re still around rather than leave it to the vagaries of the probate process.

Probate Process

“You have greater control over how that money’s dispersed, who it goes to for what purpose,” said Greg McBride, senior financial analyst for Bankrate Inc. in North Palm Beach, Florida. “After you’re gone, you don’t,” he said. “The other uncertainty is, you don’t know what the estate laws are going to be like when your time is up.”

According to the Internal Revenue Service, each spouse can make a gift of $14,000 to a child or other individual and be excluded from paying taxes.

Current property owners are also benefiting from home-price appreciation that has helped recover losses following the market’s bust. Home values have climbed 24.1 percent since their trough in 2012, according to the S&P/Case-Shiller nationwide index.

Income Inequality

One drawback of greater reliance on cash gifts is that it will probably worsen wealth inequality, said Nicolas Retsinas, director emeritus of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts, and a member of the Freddie Mac board of directors.

“If this trend were to continue over time, I believe there would be a further distance between, for example, the homeownership rates of minorities versus non-minorities,” said Retsinas. “Minorities’ parents are probably less likely to own a home and therefore less likely to have built up the cash reserves that would be an important component of these larger down payments.”

The homeownership rate among blacks was 43.1 percent in 2013 and 46.1 percent among Hispanics, Census Bureau figures show. For whites, the rate was 69.6 percent.

The increase in such cash gifts also has lenders on guard against unstable sources of down payment funds.

Paper Trail

“The regulatory agencies are very, very specific about the paper trail requirements,” said Staci Titsworth, a regional loan officer in Pittsburgh who works in the mortgage division of PNC Financial Services Group Inc. “It truly needs to be a gift with no expectation to repay, because once expectation to repay comes into the equation, now you’ve got borrowed funds for down payment, which is unacceptable.”

PNC, as with other lenders such as Regions Financial Corp. and BB&T Corp., requires that the gift be from a relative by blood or marriage, with few exceptions. A “gift letter” with the mortgage application typically must include the amount of the gift, date the funds were transferred, donor’s basic identification and relationship to the buyer, and a statement that no repayment is expected, according to representatives of the three banks.

Financial institutions are careful about determining the source of funds because, while mortgages secured with the help of gifts from family are about as sound as those without any help, gifts linked to the seller were found to have increased default rates during the housing crisis, according to data from the Federal Housing Administration. Gifts from the seller are now banned by the agency.

To contact the reporter on this story: Michelle Jamrisko in Washington at

Rate of Americans Starting Own Households ‘Disturbingly Slow’

REAL ESTATE TPOICS

• By
 
• NICK TIMIRAOS

New data show that household formation slowed considerably last year, a potentially ominous sign for the housing market.

Household formation is a key driver of demand for housing. When the economy stumbles and joblessness rises, more people tend to move in with family or double up with roommates. When the economy expands, the opposite takes place as people strike out on their own. Household formation also rises when immigration increases.

Last week, an annual Census Bureau survey showed that the U.S. added just 476,000 households in the year ended in March, compared with an average of 1.3 million in each of the prior two years.

The Census releases a separate quarterly survey that also provides household formation figures, though economists say the annual survey is a better gauge of household formation. The quarterly survey has also shown weak household formation—around 650,000 new households—for the same period measured by the annual survey that runs from March to March.

Either way, for the most recent year, both surveys “show disturbingly slow growth,” said Thomas Lawler, an independent housing economist in Leesburg, Va.

The surveys may help shed light on why the housing market hasn’t recovered as steadily as many had expected over the past year. Sales and construction of new homes are barely running ahead of last year’s pace, though the vacancy rate for professionally managed apartments has fallen to a 13-year low, according to real estate data firm Reis IncREIS -0.59%.

Additional calculations of the same annual survey from Jed Kolko, chief economist atTrulia, show that the U.S. population grew by 2.3 million last year. If household formation continued at the rate of the past few years, the U.S. would have added 1.2 million households last year. Instead, Mr. Kolko’s calculations show it added just 425,000—and nearly all of them were renter households.

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Mr. Kolko found that the share of young adults living with their parents ticked down last year, which is good news. The bad news: They didn’t form their own households, perhaps moving in with other relatives or friends. This helps explain why the homeownership rate for 18-to-34-year-olds continued to fall last year.

Homeownership rates can fall when household formation increases because the pool of renters grows faster than the pool of owners. But the data released last week suggests that this relatively benign explanation of falling homeownership rates can’t explain the drop in homeownership last year, a troubling sign.

Indeed, the data had pointed to signs that the homeownership rate for millennials had stabilized last year after accounting for the growth in renter households. But Mr. Kolko said the latest survey shows that the millennial homeownership rate declined against last year. Around 13.2% of 18-to-34-year-olds owned homes in the year ended March 2014, down from a peak of 17.2% in 2005 and 13.6% in 2013.

7 Things Real Estate Clients Want Agents to Stop Doing

REAL ESTATE TIPS

AUTHOR:NANCY ROBBERS

Source: thecrazyfilmgirl via Flickr Creative Commons.

Client satisfaction — and the referrals it can generate — should always be a top goal. Otherwise, your business and your reputation can suffer. Your work style and partnership approach with clients dictate how the relationship will work and how satisfied they are with your results. The ends don’t always justify the means if, upon closing, your clients feel alienated and glad to be rid of you.

Here are 7 things real estate agents should stop doing so they can gain and maintain happy clients.

1. Omitting information about a listing or a home, or deciding for your client what you think they should know. Intentionally withholding the details about a listing can be seen as questioning your clients’ wishes and their intelligence. Worse, less than full disclosure of certain details can be illegal. You want your clients to be happy with your efforts; that means keeping them informed and participating in the process by sharing any information that influences their decisions.
2. Delaying bad news — or not giving it at all — and not delivering it personally. Bad news in the real estate business is a given and when relaying it to clients, you should take a rip-off-the Band-Aid-quickly approach as opposed to a slow peel. Some bad news will require a decision right away from the client; other news requires your own immediate action after you inform the client. Either way, delivering bad news as soon as you receive it — and respecting your clients enough to do it in person or, given no other choice, over the phone — makes you look compassionate, proactive and on the ball.
3. Being late or sloppy with paperwork for inspections, finances, legalities, etc. When your clients signed on with you, you confidently told them you would navigate them through this life-changing process. If you can’t be relied upon to know when completed documentation is due and when tasks are scheduled to occur, your reputation and your business will suffer enormously. Also, pay attention to your spelling and syntax when you contact clients: no typos, sloppy grammar or incomprehensible messages, and always remember to include attachments if you reference any.
4. Not following up with clients in a timely manner, and not making time — or being unavailable — for them. Clients are your bread and butter, so don’t ignore their phone calls, emails or texts. Get back to them as soon as humanly possible. Also, let your clients know your regular schedule, when you are available and how they can reach you (especially if you’re away on vacation or for an extended period of time).
5. Keeping clients in the dark about your selling strategy or marketing plan. Clients hate feeling played or “sold to.” Be honest with them. Tell them upfront what your battle plan is and then keep them informed along the way. Give them visibility into all the legwork you’re doing on their behalf so they know you are dedicated to helping them and have forged a pathway to success. Don’t let them feel that you overpromised and underdelivered.
6. Acting disinterested, unprofessional and uninformed. Take the time to listen to your clients’ wants and needs. Sending listings or showing buyers houses that are outside of their price range or search criteria tells them you haven’t been paying attention. Not having data to back up your pricing methodology when a seller won’t budge on their overpriced home gives the impression that you’re inept. Hedging questions or fudging answers, and having no insight into the client’s target neighborhoods or the market activity just makes you look like a rookie. Your actions must reflect the professional you are by showing that you have truly listened to the client and understand their needs.
7. Disrespecting your clients. Trying to talk a client out of something she really wants, making buyers feel bad for spending less, berating sellers, being pushy, criticizing clients, offering bad advice, missing appointments or being late to them — all these things are downright rude and, frankly, abusive. Your goal is to develop long-term relationships with clients. You can’t achieve that by treating them as if they’re stupid, cheap and ignorant. You need them as much as they need you.

Customer service can’t be your-way-or-the-highway. The minimum a client expects from you is help finding their next home or selling their current one. You should be able to provide that assistance professionally and expertly, and in a way that makes the client feel valued, engaged and confident in their choice of agents. Don’t give them any excuse to think you are complacent, deceitful or greedy in any way. Halting abrasive behaviors on your part means the difference between having a five-star review or a one-time client.

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August 2014 (California) pending and distressed sales report

REAL ESTATE NEWS (California)

For release:
September 23, 2014

California pending home sales retreat again in August; distressed market continues improvement

LOS ANGELES (Sept. 23) – Diminished housing affordability continued to hold back pending home sales for the fifth straight month in August as rising home prices contributed to a further reduction in the share of distressed home sales, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 

Pending home sales data:

• California pending home sales fell in August, with the Pending Home Sales Index (PHSI)* dropping 4.5 percent from 104.5 in July to 99.8 in August, based on signed contracts.  The month-to-month drop was inconsistent with the seasonal trend, which typically shows a slight increase from July to August.

• Pending sales were down 8.7 percent from the 109.3 index recorded in August 2013.  The year-over-year decrease was in line with the six-month average of -8.9 percent recorded between February 2014 and July 2014.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

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Distressed housing market data:

• The share of equity sales – or non-distressed property sales – improved further in August, increasing from 90.3 percent in July to 91 percent in August.  Equity sales have been rising steadily since the beginning of this year.  Equity sales have made up more than 80 percent of total sales for more than a year and have risen above 90 percent for two straight months. Equity sales made up 84.6 percent of sales in August 2013.

• The combined share of all distressed property sales continued its decline in August, dropping from 9.7 percent in July to 9 percent in August.  Distressed sales continued to be down nearly 50 percent from a year ago, when the share was 15.4 percent.

• Twenty-two of the 41 reporting counties showed a month-to-month decrease in the share of distressed sales, with 19 of the counties recording in the single-digits, including Alameda, Contra Costa, Marin, Napa, Orange, San Mateo, Santa Clara, and Sonoma counties — all of which registered a share of five percent or less.

• Of the distressed properties, the share of short sales fell to its lowest level since February 2008, falling to 4.6 percent in August, down from 5.3 percent in July.  August’s figure was less than half the 10.2 percent recorded in August 2013.

• The share of REO sales fell in August to 4 percent, down from 4.1 percent in July and from 4.8 percent in August 2013. 

• August saw an increase in active listings across all property types, especially in short sale properties, which helped to improve housing supply conditions.  The Unsold Inventory Index of equity sales edged up from 3.9 months in July to 4.1 months in August, and from 2.5 months in July to 2.8 months in August for REO sales.  The supply of short sales rose from 5 months in July to 6 months in August.