Lori Uhl McClelland's Blog

http://www.thinkbigworksmall.com/mypage/player/tbws/24643/1079262

Industry Statistics for last quarter 2009

Single Family Residential

____________________________________________________________

Actives:

San Benito County-149 of which REO/Bank Owned-25 or 17%

Hollister-83 of which REO/Bank Owned-16 or 20%

Pendings:

San Benito County-215 of which REO/Bank Owned-47 or 22%

Hollister-182 of which REO/Bank Owned-36 or 20%

Absorption Rate:

San Benito County-.69 months supply of inventory or 21days

Hollister-.46 months supply of inventory or 14days

____________________________________________________________

Solds for the week: 14

High: $839,000 Short Sale, All CASH

Low:  $155,000 REO/Bank Owned, New Conv. 1st

Full-Price or Over-Asking: 7 or 50%

____________________________________________________________

Sale Type:

REO/Bank Owned-8 or 57%

Equity Sale-4 or 29%

Short Sale-2 or 14%

____________________________________________________________

Financing Type:

FHA Loan-5 or 36%

New Conv. 1st-4 or 29%

All CASH-3 or 21%

USDA Loan-1 or 7%

Seller Carry-Back-1 or 7%

____________________________________________________________

Wow! A Seller Carry-Back……the whole world would have us believe that nobody has any equity in their property when I’ve been told a several industry events that 30% of U.S. homes have no mortgage against them….things that make ya go hummmmm…..

http://www.thinkbigworksmall.com/mypage/player/tbws/24394/1079262

http://www.preventloanscams.org/

This site is worth passing on to anyone that may have been victimized by a loan mod scam…..

There’s a ton of great info also on this site. Click on your state and they actually name names of allegeded scammers…

http://www.thinkbigworksmall.com/mypage/player/tbws/24241/1079262

http://thenichereport.com/blog/?p=314

Single Family Residential

____________________________________________________________

Actives:

San Benito County-139 of which REO/Bank Owned-28 or 20%

Hollister-76 of which REO/Bank Owned-17 or 22%

Pendings:

San Benito County-222 of which REO/Bank Owned-47 or 21%

Hollister-186 of which REO/Bank Owned-37 or 20%

Absorption Rate:

San Benito County-.63 months supply of inventory or 19 days

Hollister-.41 months supply of inventory or 12 days

____________________________________________________________

Solds for the week: 19

High: $725,000 Equity Sale-New Conv. 1st

Low:  $214,000 Equity Sale-FHA Loan

Full-Price or Over-Asking: 9 or 47%

____________________________________________________________

Sale Type

REO/Bank Owned: 10 or 53%

Short Sale: 2 or 11%

Equity Sale: 7 or 37%

____________________________________________________________

Financing Type

New Conv. 1st: 8 or 42%

FHA Loan: 7 or 37%

All CASH: 2 or 11%

VA Loan: 2 or 11%

Wow! A big week for closings…..Wondering if now we’re over the hump of lenders having to use the new GFE-Good Faith Estimate. We have not seen this many Equity Sales close in one week in I can’t remember and the high closing was in the $700,000 range and the low was in the $200,000 range. For weeks we’ve had closings under $200,000.

http://www.ehow.com/how_5077979_avoid-homes-rent-scams-craigslist.html

One of our office listings was recently targeted as a rental scam on Craigslist.  Apparently this is a well known and nationwide problem. Scammers harvest information off the MLS and post the identical information …photo’s and everything on Craigslist then add in some sob story about how they had to leave the country for missionary work or such and can only communicate by e-mail. They ask for money to be sent by wire and then will send the keys…that’s it in a nutshell. The above link has some tips on how to avoid Craigslist Scammers.