Single Family Residential
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Actives:
San Benito County-202 of which REO/Bank Owned-36 or 18%
Hollister-145 of which REO/Bank Owned-30 or 21%
Pendings:
San Benito County-184 of which REO/Bank Owned-40 or 22%
Hollister-153 of which REO/Bank Owned-33 or 22%
Absorption Rate:
San Benito County-1.10 months supply of inventory or 33 days
Hollister- .95 months supply of inventory or 28.5 days
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Solds for the week: 10
High: $590,000 REO/Bank Owned, USDA Loan?
Low: $125,900 REO/Bank Owned, All CASH
Full-Price/Over-Asking: 2 or 20%
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Sale Type:
REO-6 or 60%
Short Sale-2 or 20%
Equity Sale-2 or 20% (1 was investor flip)
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Financing Type:
All CASH-4 or 40%
New Conv. 1st-2 or 20%
FHA Loan-2 or 20%
USDA Loan-2 or 20%
Single Family Residential
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Actives:
San Benito County-203 of which REO/Bank Owned-35 or 17%
Hollister-144 of which REO/Bank Owned-29 or 20%
Pendings:
San Benito County-185 of which REO/Bank Owned-42 or 23%
Hollister-154 of which REO/Bank Owned-35 or 23%
Absorption Rate:
San Benito County-1.10 months supply of inventory or 33 days
Hollister-.94 months supply of inventory or 28 days
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Solds for the week: 14 (5! were late reportings)
High: $775,000 Equity Sale, New Conv. 1st
Low: $180,000 Short Sale, FHA Loan
Full-Price/Over-Asking: 6 or 43%
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Sale Type
Equity Sale: 7 or 50%
Short Sale: 4 or 29%
REO/Bank Owned: 3 or 21%
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Financing Type
New Conv. 1st: 6 or 43%
FHA Loan: 6 or 43%
VA Loan: 1 or 7%
All CASH: 1 or 7%
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9 Properties actually closed this week. 5 of the 14 reported solds are late reportings. Are you kidding me! 36%.
What is wrong with people? One of the solds is all the way back to July!
Single Family Residential
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Active:
San Benito County-199 of which REO/Bank Owned-34 or 17%
Hollister-141 of which REO/Bank Owned-28 or 20%
Pendings:
San Benito County-190 of which REO/Bank Owned-37 or 19%
Hollister-156 of which REO/Bank Owned-31 or 20%
Absorption Rate:
San Benito County-1.05 month’s supply of inventory
Hollister-.90 month’s supply of inventory or 27-days
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Sold’s for the week: 7
High: $299,900 REO/Bank Owned, FHA Loan
Low: $178,000 Equity Sale-Flip, All CASH
Full-Price/Over-Asking: 6 or 86%
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Sale Type
REO/Bank Owned: 3 or 43%
Equity Sale: 2 or 29%
Short Sale: 2 or 29%
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Financing Type
New Conv. 1st: 3 or 43%
FHA Loan: 2 or 29%
All CASH: 2 or 29%
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Single Family Residential
____________________________________________________________
Actives:
San Benito County-199 of which REO/Bank Owned-38 or 19%
Hollister-141 of which REO/Bank Owned-30 or 21%
Pendings:
San Benito County-191 of which REO/Bank Owned-34 or 18%
Hollister-158 of which REO/Bank Owned-30 or 19%
Absorption Rate:
San Benito County-1.04 months supply of inventory
Hollister-.89 months supply of inventory or 27 days
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Solds for the week: 11 (4 late reportings-1 back to 8-5-10)
High: $690,000 REO, New Conv. 1st
Low: $156,000 REO, All CASH
Full-Price/Over-Asking: 5 or 45%
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Sale Type
REO/Bank Owned: 5 or 45%
Equity Sale: 4 or 36%
Short Sale: 2 or 18%
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Financing Type
New Conv 1st: 3 or 27%
All CASH: 3 or 27%
VA Loan: 3 or 27%
FHA Loan: 1 or 9%
USDA Loan: 1 or 9%
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A bit of an improved week on the closings however there were 4 late reportings ~ one as far back as 08-05-10. Come on people….what is wrong with agents not being able to reports sales in a timely fashion…….
REO/Bank Owned homes and Equity Sales continue to dominate. The Short Sales remain strangely absent. I’m still thinking the government HAFA program has only made more of a mess of the Short Sale market. This program is now 5 months old. I would think that if it was everything they had it cracked up to be…the short sales would be dominating the closed sales in the market and they are not!
Single Family Residential
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Actives:
San Benito County-198 of which REO/Bank Owned-30 or 15%
Hollister-127 of which REO/Bank Owned-23 or 18%
Pendings:
San Benito County-198 of which REO/Bank Owned-32 or 16%
Hollister-160 of which REO/Bank Owned-27 or 17%
Absorption Rate:
San Benito County-.95 months supply of inventory or 29 days
Hollister-.79 months supply of inventory or 24 days
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Solds for the week: 2
High-$665,000 Equity Sale-FHA Loan
Low- $195,000 REO/Bank Owned-All CASH
Full-Price/Over-Asking-1 or 50%
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Sale Type:
REO-1 or 50%
Equity Sale-1 or 50%
Short Sales-none
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Financing Type:
FHA Loan-1 or 50%
All CASH- 1 or 50%
Conv. 1st-none
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Whoa! Just when you think it can’t get worse…2 closed sales this week….the short sales are suspiciously absent…what could that be? Another new ineffective government program? HAFA was rolled out the beginning of April…it’s August! Short Sale closings ought to be rockin and rollin by now 4 months, please a regular Short Sale can get done in that amount of time…just a thought…have no proof except the last 2 weeks the short sales closings have vanished….
Single Family Residential
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Active:
San Benito County-188 of which REO/Bank Owned-27 or 14%
Hollister-123 of which REO/Bank Owned-20 or 16%
Pending:
San Benito County-186 of which REO/Bank Owned-29 or 16%
Hollister-153 of which REO/Bank Owned-26 or 17%
Absorption Rate:
San Benito County-1.01 months supply of inventory
Hollister-.80 months supply of inventory or 24 days
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Solds for the week: 4 (are you kidding…thats pathetic)
High-$289,000 REO/Bank Owned, New Conv. 1st
Low- $175,000 REO/Bank Owned, FHA Loan
Full-Price or Over-Asking-4 or 100%
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Sale Type:
REO/Bank Owned-4 or 100%
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Financing Type:
New Conv. 1st-2 or 50%
FHA Loan-2 or 50%
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What is going on in the market? Is it the mid-summer dull-drums….does the economy sucks much worse than we’re lead to believe…our absorption rate has doubled in recent months….that being said we still technically have a shortage of listings. Our absorption rate is at 1 month a normal supply of inventory would be 3-6 months. Less than 3 is a seller’s market and more than 6 is a buyer’s market. Rates are incredible! I had a buyers loan get locked 2 days ago at 4.375 on a 30 year fixed….There’s no other way to put it…that’s a kick *** rate!
Single Family Residential
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Actives:
San Benito County-178 of which REO/Bank Owned-26 or 15%
Hollister-111 of which REO/Bank Owned-19 or 17%
Pending:
San Benito County-179 of which REO/Bank Owned-29 or 16%
Hollister-148 of which REO/Bank Owned-26 or 18%
Absorption Rate:
San Benito County-1 month supply of inventory
Hollister-.75 months supply of inventory or 23 days
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Solds for the week: 18 (couple of later reporting’s skew #’s)
High Sold: $700,000 Equity Sale, New Conv. 1st
Low Sold: $55,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 7 or 39%
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Sale Type:
REO/Bank Owned-11 or 61%
Equity Sale-4 or 22%
Short Sale-3 or 17%
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Financing Type:
New Conv. 1st-7 or 39%
All Cash-5 or 28%
FHA Loan-4 or 22%
VA Loan-1 or 6%
USDA Loan-1 or 6%
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Wow! For some reason it feels like the market has fallen off a cliff…..Whatever cycle the market is in there is still a micro-cycle within and we are in what I call the dregs of summer! That being said…our absorption rate for the San Benito County has reached 1 month. We have not seen this number in probably 2 years. Interest Rates remain historically low i.e. around 4.5% but lending standards are tougher than we’ve ever seen. The economy seems worse than what we’re hearing in the news…..Our market values have come down about 58% from the peak so if you can make a purchase…it is an awesome time to buy!
Single Family Residential
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Actives:
San Benito County-166 of which REO/Bank Owned-27 or 16%
Hollister-100 of which REO/Bank Owned-21 or 21%
Pendings:
San Benito County-200 of which REO/Bank Owned-35 or 18%
Hollister-162 of which REO/Bank Owned-29 or 18%
Absorption Rate:
San Benito County-.83 months supply of inventory or 25 days
Hollister-.62 months supply of inventory or 19 days
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Solds for the week: 11
High-$890,000 Equity Sale, New Conv. 1st
Low- $149,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 3 or 27%
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Sale Type:
REO/Bank Owned-6 or 55%
Equity Sale-3 or 27% (1 was a investor flip)
Short Sale-2 or 18%
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Financing Type:
All Cash-5 or 45%
New Conv. 1st-5 or 45%
VA Loan-1 or 10%
FHA Loan-none
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Interesting week for the Solds. A couple of high selling properties both with more than $100,000 price reductions. Another interesting note is the number of all cash transactions! Wow…cash is still king!
It appears we are in the most difficult lending environment the industry has seen in a very long time if ever. Transactions almost never close on time. If you’re closing is only a couple days late count yourself as a lucky one. I have one transaction right now that has been in contract since May 15th and the buyer’s are just starting hope for loan docs to come next week!
Because of the difficult lending environment on my listings I’m now asking for the following:
1. BofA Pre-Qual (required on my BofA REO’s)
2. Pre-Approval from the buyers lender of choice including that lender’s DU Approval/DU Findings
3. Proof of Down-Payment/Funds to close
If a buyer can provide all of that…they’re serious about closing the deal!
Single Family Residential
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Actives:
San Benito County-173 of which REO/Bank Owned-29 or 17%
Hollister -106 of which REO/Bank Owned-24 or 23%
Pendings:
San Benito County-196 of which REO/Bank Owned-36 or 18%
Hollister-156 of which REO/Bank Owned-30 or 19%
Absorption Rate:
San Benito County-.88 months supply of inventory or 26-days
Hollister-.68 months supply of inventory or 14-days
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Solds for the weeks: 10
High-$357,950 Short Sale, FHA Loan
Low- $105,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking-8 or 80%
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Sale Type:
REO/Bank Owned-6 or 60%
Short Sale-3 or 30%
Equity Sale-1 or 10%
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Financing Type:
FHA Loan-7 or 70%
All Cash-2 or 20%
New Conv. 1st-1 or 10%
Single Family Residential
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Active Homes:
San Benito County-173 of which REO/Bank Owned-25 or 14%
Hollister-105 of which REO/Bank Owned-21 or 10%
Pending Homes:
San Benito County-195 of which REO/Bank Owned-38 or 19%
Hollister-157 of which REO/Bank Owned-32 or 20%
Absorption Rate:
San Benito County-.89 months supply of inventory or 27-days
Hollister-.67 months supply of inventory or 20-days
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Solds for the week: 13
High-$396,000 Equity Sale, New Conv 1st
Low- $142,000 REO/Bank Owned, FHA Loan
Full-Price/Over-Asking-9 or 71%
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Sale Type:
Equity Sale-5 or 38%
Investor Flip-2 or 15% of the total solds
REO/Bank Owned-4 or 31%
Short Sale-4 or 31%
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Financing Type:
FHA Loan-6 or 46%
New Conv 1st-5 or 38%
VA Loan-1 or 8%
All Cash-1 or 8%
