Lori Uhl McClelland's Blog

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Single Family Residential
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Actives:
San Benito County-186 of which REO/Bank Owned-27 or 16%
Hollister-126 of which REO/Bank Owned-20 or 16%

Pendings:
San Benito County-161 of which REO/Bank Owned-38 or 24%
Hollister-130 of which REO/Bank Owned-30 or 23%

Absorption Rate:
San Benito County-1.16 months supply of inventory or 35-days
Hollister-.97 months supply of inventory or 29-days
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Solds for the week: 12
High: $530,000 Short Sale, New Conv. 1st
Low:  $165,000 REO/Bank Owned, FHA Loan
Full-Price/Over-Asking: 7 or 58%
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Sale Type
REO/Bank Owned: 7 or 58%
Short Sale: 3 or 25%
Traditional Sale: 2 or 17%
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Financing Type
New Conv 1st: 5 or 42%
FHA Loan: 5 or 42%
All CASH: 2 or 17%
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Single Family Residential
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Actives
San Benito County-191 of which REO/Bank Owned-31 or 16%
Hollister-129 of which REO/Bank Owned-23 or 18%

Pendings
San Benito County-157 of which REO/Bank Owned-34 or 22%
Hollister-129 of which REO/Bank Owned-27 or 21%

Absorption Rate
San Benito County-1.22 months supply of inventory or 36-days
Hollister-1 month supply of inventory or 30-days
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Solds for the week: 12
High: $499,000 REO/Bank Owned, New Conv. 1st
Low:   $92,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 6 or 50%
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Sale Type
Traditional Sale-5 or 42%
REO/Bank Owned-5 or 42%
Short Sale-2 or 17%
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Financing Type
New Conv. 1st-4 or 33%
FHA Loan-4 or 33%
All CASH-4 or 33%
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There you have it! Had my first eviction this week. Do I have a tale to tell about that!!!

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Single Family Residential
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Actives
San Benito County-183 of which REO/Bank Owned-30 or 16%
Hollister-123 of which REO/Bank Owned-21 or 17%

Pendings
San Benito County-162 of which REO/Bank Owned-35 or 22%
Hollister-133 of which REO/Bank Owned-29 or 22%

Absorption Rate
San Benito County-1.13 months supply of inventory or 34-days
Hollister-.92 months supply of inventory or 28-days
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Solds for the week: 11
High: $375,000 Short Sale, FHA Loan
Low:  $180,000 Short Sale, FHA Loan
Full-Price/Over-Asking: 6 or 55%
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Sale Type
Short Sale: 5 or 45%
REO/Bank Owned: 3 or 27.5%
Traditional Sale: 3 or 27.5%
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Financing Type
FHA Loan: 8 or 72%
New Conv 1st: 2 or 18%
VA Loan: 1 or 10%
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Let’s just say a property is worth what a buyer is willing to pay for it. The seller’s greed does not justify the buyers need. That being said….there’s a property in the list today that I had a buyer offer $650 for … way back when it was listed for $799 and was over priced for the market. The buyer’s agent’s response….my seller won’t give the property away….4 years later…it just sold for $357 uh huh!!!

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Single Family Residential
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Actives:
San Benito County-184 of which REO/Bank Owned-26 or 14%
Hollister-125 of which REO/Bank Owned-20 or 16%

Pendings:
San Benito County-162 of which REO/Bank Owned-38 or 23%
Hollister-138 of which REO/Bank Owned-32 or 23%

Absorption Rate:
San Benito County-1.13 months supply of inventory or 34-days
Hollister-.91 months supply of inventory or 27-days
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Solds for the week: 15
High: $629,000 Regular Sale, New Conv. 1st
Low:  $180,000 Short Sale, All Cash
Full-Price/Over-Asking:8 or 53%
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Sale Type:
Short Sale-8 or 53%
REO/Bank Owned-4 or 27%
Regular Sale-3 or 20%
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Financing Type:
New Conv. 1st-7 or 47%
FHA Loan-4 or 27%
All Cash-2 or 13%
VA Loan-1 or 6.5%
USDA Loan-1 or 6.5%
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Single Family Residential

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Actives:

San Benito County-189 of which REO/Bank Owned-25 or 13%

Hollister-131 of which REO/Bank Owned-21 or 16%

Pendings:

San Bentio County-164 of which REO/Bank Owned-39 or 24%

Hollister-134 of which REO/Bank Owned-31 or 23%

Absorption Rate:

San Benito County-1.15 months supply of inventory or 35 days

Hollister-.98 months supply of inventory or 29 days

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Solds for the week: 11

High: $460,000 Traditional Sale, FHA Loan

Low: 180,000 REO/Bank Owned, All CASH

Full-Price/Over-Asking: 6 or 55%

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Sale Type

REO/Bank Owned: 7 or 66%

Traditional Sale: 3 or 27%

Short Sale: 1 or 9%

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Financing Type

New Conv 1st: 4 or 36%

All CASH: 4 or 36%

FHA Loan: 2 or 18%

USDA Loan: 1 or 9%

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Single Family Residential
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Actives
San Benito County-181 of which REO/Bank Owned-29 or 16%
Hollister-128 of which REO/Bank Owned-23 or 18%

Pendings
San Benito County-180 of which REO/Bank Owned-36 or 20%
Hollister-141 of which REO/Bank Owned-30 or 21%

Absorption Rate
San Benito County-1.0 months supply of inventory or 30-days
Hollister-.90 months supply of inventory or 27-days
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Solds for the week: 17 (5 where new construction)
High: $710,000 Traditional Sale, New Conv 1st
Low: $180,000 Short Sale, All CASH
Full-Price/Over-Asking: 7 or 41%
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Sale Type
Traditional Sale: 6 or 35% (5 new construction)
Short Sale: 6 or 35%
REO/Bank Owned: 5 or 29%
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Financing Type
FHA Loan: 8 or 47%
All CASH: 5 or 29%
New Conv 1st: 4 or 24%
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Single Family Residential

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Actives:

San Benito County-176 of which REO/Bank Owned-25 or 14%

Hollister-125 of which REO/Bank Owned-25 or 20%

Pendings:

San Benito County-183 of which REO/Bank Owned-38 or 21%

Hollister-143 of which REO/Bank Owned-33 or 23%

Absorption Rate:

San Benito County-.96 months supply of inventory or 29-days

Hollister-.87 months supply of inventory or 26-days

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Solds for the week: 14 (3 late reportings or 21%)

High: $435,000 Short Sale, All CASH

Low:  $160,000 Traditional Sale, All CASH

Full-Price/Over-Asking: 9 or 64%

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Sale Type

REO/Bank Owned: 8 or 57%

Short Sale: 4 or 28%

Traditional Sale: 2 or 14%

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Financing Type

FHA Loan: 5 or 36%

New Conv 1st: 4 or 28%

USDA Loan: 3 or 21%

All CASH: 2 or 14%

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Single Family Residential

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Actives

San Benito County-177 of which REO/Bank Owned-26 or 15%

Hollister-127 of which REO/Bank Owned-22 or 17%

Pendings

San Benito County-187 of which REO/Bank Owned-41 or 22%

Hollister-145 of which REO/Bank Owned-36 or 25%

Absorption Rate

San Benito County-.95 months supply of inventory or 28-days

Hollister-.88 months supply of inventory or 26-days

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Solds for the week: 9

High: $665,000 Equity Sale, New Conv 1st

Low:  $145,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 5 or 56%

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Sale Type

REO/Bank Owned: 4 or 44%

Short Sale: 3 or 33%

Equity Sale: 2 or 22%

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Financing Type

All Cash: 3 or 33%

New Conv 1st: 2 or 22%

FHA Loan: 2 or 22%

VA Loan: 1 or 11%

USDA Loan: 1 or 11%

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Single Family Residential

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Actives:

San Benito County-176 of which REO/Bank Owned-25 or 14%

Hollister-123 of which REO/Bank Owned-22 or 18%

Pendings:

San Benito County-189 of which REO/Bank Owned-44 or 23%

Absorption Rate:

San Benito County-.93 months supply of inventory or 28-days

Hollister-.82 months supply of inventory or 25-days

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Solds for the week: 6

High: $484,000 REO/Bank Owned, All Cash

Low:  $188,000 REO/Bank Owned, New Conv 1st

Full-Price/Over-Asking: 3 or 50%

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Sale Type

REO/Bank Owned: 3 or 50%

Short Sale: 2 or 33%

Equity Sale: 1 or 17%

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Financing Type

FHA Loan: 2 or 33%

New Conv 1st: 1 or 17%

USDA Loan: 1 or 17%

All CASH: 1 or 17%

Seller Carry Back: 1 or 17%

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There’s a new lender in town this week ~~~ the Seller Carry Back ~~~ what you won’t hear anyone talk about in this market is that 30% of all U.S. homes have no mortgage against them. For them … the Seller Carry Back is a lending option…you become the bank!

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Single Family Residential

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Actives

San Benito County: 170 of which REO/Bank Owned-27 or 16%

Hollister: 113 of which REO/Bank Owned-23 or 20%

Pendings

San Benito County: 184 of which REO/Bank Owned-41 or 22%

Hollister: 147 of which REO/Bank Owned-35 or 24%

Absorption Rate

San Benito County: .92 months supply of inventory or 28-days

Hollister: .77 months supply of inventory or 23-days

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Solds for the week: 18 (4-late reportings or 22%)

High: $500,000 Short Sale, New Conv 1st

Low:  $170,000 REO/Bank Owned, USDA Loan

Full-Price/Over-Asking: 8 or 44%

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Sale Type

REO/Bank Owned: 10 or 55%

Short Sale: 6 or 33%

Equity Sale: 2 or 11%

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Financing Type

New Conv. 1st: 6 or 33%

FHA Loan: 5 or 28%

All CASH: 4 or 22%

USDA Loan: 2 or 11%

VA Loan: 1 or 5%

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Our Absorption Rate appears to be tightening up a bit! I’m seeing the banks move more on foreclosing the first sale date especially if the original NOD was filed after January 1 of this year…