Lori Uhl McClelland’s Blog

Single Family Residential

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Actives:   SBC~180 of which REO~40 or 22%

                        HO~99  of which REO~33 or 33%

Pendings:  SBC~212 of which REO~63 or 30%

                          HO~188 or which REO~60 or 32%

Absorption Rate: SBC~.85  HO~.53 months supply of inventory

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Sold’s for the week: 14

     High: $640,000  Equity Sale, New Conv. lst

     Low:  $167,000  REO, New Conv. lst

    Full-Price or Over-Asking: 10 or 71%

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Sale Type

     REO: 9 or 64%

     Short Sale: 3 or 21%

     Equity Sale: 2 or 14%

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Financing Type

     New Conv. lst: 7 or 50%

     FHA Loan: 4 or 29%

     Cash: 3 or 21%

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 Good numbers for a short week due to the holiday……everyone have a safe 4th of July holiday!

Single Family Residential

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Actives:  SBC~180 of which REO~32 or 18%

                       HO~97 of which REO~24 or 25%

Pendings: SBC~222 of which REO~73 or 33%

                          HO~197 of which REO~70 or 36%

Absorption Rate: SBC~.81  HO~.49 months supply of inventory

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Sold’s for the week: 8

  High: $635,000 Equity Sale, New Conv. 1st

  Low:  $246,000 REO, New Conv. 1st

  Full Price or Over Asking: 7 or 88%

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Sale Type

REO: 6 or 75%

Short Sale: 1 or 13%

Equity Sale: 1 or 13%

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Financing Type

New Conventional 1st: 5 or 63%

FHA: 3 or 37%

CASH: 0

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 Another light week in the numbers.

After a long dry spell I received a new REO listing this week.

Single Family Residential

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Actives: SBC~174 of which REO~35 or 20%

                      HO~93 of which REO~28 or 30%

Pendings: SBC~215 of which REO~67 or 31%

                          HO~194 of which REO~66 or 34%

Absorption Rate: SBC~.81

                                           HO~.48 months supply of inventory

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Solds for the week: 9 

  High: $510,000  REO, New Conv. 1st

  Low:  $250,000  Short Sale, New Conv. 1st

  Full Price or Over Asking: 5 or 56%

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Sale Type

  REO: 4 or 44%

  Short Sale: 4 or 44%

  Equity Sale: 1 or 11%

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Financing Type

  New Conventional 1st: 3 or 33%

  FHA Loan: 3 or 33%

  VA Loan: 1 or 11%

  Cash: 2 or 22%

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Bit of a light week on the closings. However look at the spread on prices $250 to $500. The inventory remains quite low as far as REO goes. Which explains the multiple offers being seen on a regular basis in the more affordable price ranges. I received 4 offers on a vandalized house just last week and have heard of as many as 20 offers being received on a house in Sunnyslope Village.

In the last few years I’ve done a lot of work representing banks in the sale of foreclosed homes. One question that comes up frequently is the buyer requesting access to the property prior to the escrow closing. On several occasions we’ve found buyer’s having accessed the property and starting to do work i.e. prep work for painting, lino, carpet etc.  despite the fact that they had been told they could not and did not have permission to be on the property. Until the loan funds and records with the county the deal is not done. You become the legal owner when it records and we’re on record.  Until then the seller remains the legal owner of the property and is at risk for liability. 

Buyers should never be at a property unattended without their agent. Period! It is a liability to the Seller, the listing agent and the buyers agent.  Agents that give out the combination for a lockbox so their clients can view a property unattended are putting all parties at risk. Not to mention it is a clear professional and ethical indiscretion in my opinion as well as an MLS violation.

Single Family Residential

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Actives: SBC~176 of which REO~29 or 16%

                      HO~95 of which REO~23 or 24%

Pendings: SBC~208 of which REO~68 or 33%

                          HO~190 of which REO~67 or 35%

Absorption Rate: SBC~.85     HO~.5 months supply of inventory

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Solds for the week: 12

  High: $430,000 REO-New Conventional 1st

  Low:  $ 74,000 REO-Cash

  Full Price or Over Asking: 6 or 50%

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Sale Type

  REO: 11 or 92%

  Short Sale: 1 or 8%

  Equity Sale: 0

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Financing Type

  New Conv. 1st: 5 or 42%

  FHA Loan: 4 or 33%

  Cash: 3 or 25%

Single Family Residential

Actives:  SBC~176 of which REO~29 or 16%

                  HO~96 of which REO~24 or 25%

Pendings: SBC~206 of which REO~69 or 33%

                   HO~187 of which REO~67 or 36%

Absorption Rate: SBC~.85  HO~.5 months supply of inventory

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Solds for the week: 21

   High: $725,000  Short Sale, New 1st

   Low:  $134,900  REO, Cash

   Full Price or Over Asking: 10 or 48%

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Sale Type:

   REO~11 or 52%

   Short Sales~6 or 29%

   Equity Sales~3 or 14%

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Financing Type:

   New Conv. 1st~11 or 52%

   FHA~6 or 29%

   CASH~4 or 19%

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49 Notices of Sale in the paper this week.

Single Family Residential

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Actives: SBC~180 of which REO~34 or 19%

                HO~100 of which REO~29 or 29%

Pendings: SBC~209 of which REO~66 or 32%

           HO~188 of which REO~62 or 33%

Absorption Rate: SBC~.86  HO~.53 months supply of inventory

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Solds for the week: 20

High: $749,900 Short Sale, New Conv. 1st

Low: $70,000 REO, FHA Loan

Full-Price or Over-Asking: 15 or 75%

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Sale Type

REO: 15 or 75%

Short Sale: 2 or 10%

Equity Sale: 3 or 15%

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Financing Type

New Conv. 1st: 5 or 25%

FHA Loan: 9 or 45%

VA Loan: 1 or 5%

Cash: 5 or 25%

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Stuff I heard in the news this week….

1. They’re starting to talk about “The second wave”, 2010 lagging over into 2011.

2. Sales are up…duh…we knew that. 20 offers on one property, please!

3. CA…actually saw small price appreciation.

4. Of the loans that received Loan Modifications…70% are

   currently back in some stage of default.

5. There were 50 Notices of Sale this week in the local the

   paper.

6. Investors are seeing the value of getting into the

   market. 25% of the closed deals this week were cash.

Single Family Residential

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Actives:  SBC~178 of which REO~30 or 17%

                       HO~97 of which REO~25 or 26%

Pendings: SBC~217 of which REO~78 or 36%

                         HO~193 of which REO~72 or 37%

Absorption Rate:  SBC~.82  HO~.50 months supply of inventory

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Solds for the week: 20

     High: $925,000  New Conv. 1st,  Equity Sale

     Low:  $90,000   FHA Loan,  REO

Full-Price or Over-Asking: 14 or 70%

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Sale Type

REO~17 or 85%

Short Sale~1 or 5%

Equity Sale~2 or 10%

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Financing Type

New Conv. 1st~8 or 40%

FHA Loan~7 or 35%

CASH~5 or 25%

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Wow….our inventory has come down by almost 2/3 from the peak of nearly 500.  If you further breakdown the inventory and look at the REO inventory which makes up the bulk of the activity…it explains why 70% of the solds are at full price or over asking price.  One agent noted in the agent comment section of the MLS that she received over 20 offers on a listing in Sunnyslope Village.  That property closed at almost $35,000 over asking price.

An agent from another local office commented to me that at her office meeting it was mentioned that there are 500 homes in San Benito County that are in some stage of foreclosure. The second wave it coming…it appears.

Yesterday on Fox News they ran a story that 70% of the loan modifications that had been completed were now in default again.

Things that make you go hummmmmmmm…..

Single Family Residential

Active: SBC~178 of which REO~32 or 18%

                 HO~94  of which REO~27 or 29%

Pending:  SBC~222 of which REO~85 or 38%

                      HO~200 of which REO~79 or 40%

Absorption Rate:  SBC~ .8 

                                       HO~ .47 months supply of inventory

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 Solds for the week: 14

High: $488,000 REO-New Conv. 1st

Low:  $100,000 Probate Sale-Cash

Full-Price or Over: 9 or 64%

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Sale Type:

REO~12 or 86%

Equity Sale~1 or 7%

Probate Sale~1 or 7%

Short Sale~0

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Financing Type:

New Conv. 1st~9 or 64%

FHA Loan~1 or 7%

Cash~ 4 or 29%

Wow! The active inventory continues its downhill march.

Single Family Residential

Actives:  SBC~184 of which REO~35 or 19%

                    HO~101 of which REO~30 or 30%

 Pendings:  SBC~215 of which REO~87 or 40%

                       HO~192 of which REO~79 or 41%

 Absorption Rate:  SBC~.86  HO~.53  months supply of inventory

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Sold’s for the week: 18

High: $560,000 ~ REO, New Conv. 1st

Low:  $140,000 ~ REO, FHA Loan

Full-Price or Over-Asking: 12 or 67%

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Sale Type

REO~14 or 78%

Short Sale~2 or 11%

Equity Sale~2 or 11%

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 Financing Type

New Conv. 1st~9 or 50%

FHA Loan~6 or 33%

VA Loan~2 or 11%

Cash~1 or 6%

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There you have it. Still nearly 70% of the Sold’s were at full price or above.

In the lower price ranges multiple offer’s are still the order of the day. Buyer’s must be prepared to put their best foot forward if they find something they really like.

I hear from other agents everyday they sometimes write 10 or more offer’s for a buyer before they get one accepted.