Lori Uhl McClelland's Blog

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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…

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Single Family Residential

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Actives

San Benito County-171 of which REO/Bank Owned-24 or 14%

Hollister-111 of which REO/Bank Owned-20 or 18%

Pendings

San Benito County-187 of which REO/Bank Owned-45 or 24%

Hollister-154 of which REO/Bank Owned-39 or 25%

Absorption Rate

San Benito County-.91 months supply of inventory or 27-days

Hollister-.72 months supply of inventory or 22-days

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Solds for the week: 15 (3 late reportings or 20%)

High: $535,000 Short Sale, New Conv. 1st

Low:  $141,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 4 or 27%

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Sale Type

REO/Bank Owned: 10 or 66%

Short Sale: 4 or 27%

Equity Sale: 1 or 7%

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Financing Type

FHA Loan: 8 or 53%

New Conv. 1st: 5 or 33%

All Cash: 2 or 13%

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 Absorption Rate is back under a one month supply of inventory….Things that make ya go hummmmmm

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Single Family Residential

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Actives

San Benito County-184 of which REO/Bank Owned-27 or 15%

Hollister-121 of which REO/Bank Owned-22 or 18%

Pendings

San Benito County-180 of which REO/Bank Owned-47 or 26%

Hollister-149 of which REO/Bank Owned-43 or 29%

Absorption Rate

San Benito County- 1.02 months supply of inventory or 31days

Hollister-.81 months supply of inventory or 24days

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Solds for the week: 8

High-$680,000 New Conv 1st, Equity Sale

Low- $199,000 VA Loan, Short Sale (Go…Tammy)

Full-Price/Over-Asking: 3 or 38%

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Sale Type

Equity Sale: 3 or 37.5%

Short Sale: 3 or 37.5%

REO/Bank Owned: 2 or 25%

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Financing Type

New Conv 1st: 3 or 37.5%

FHA Loan: 2 or 25%

All CASH: 1 or 12.5%

VA Loan: 1 or 12.5%

Seller Carry Back: 1 or 12.5%

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Wow! There’s a new lender in town….A Seller Carry Back!

Did you know that 30% of all homes in America HAVE NO MORTGAGE AGAINST THEM! They are owned free and clear!!!

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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: 124 of which REO/Bank Owned-22 or 18%

Pendings:

San Benito County: 176 if which REO/Bank Owned-49 or 28%

Hollister: 144 of which REO/Bank Owned-44 or 31%

Absorption Rate:

San Benito County:1.04 months supply of inventory or 31-days

Hollister: .86 months supply of inventory or 26-days

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Solds for the week: 10 (2 late reportings)

High: $479,000  REO/Bank Owned, All CASH

Low:  $185,000  Equity Sale, New Conv. 1st

Full-Price/Over-Asking: 7 or 70%

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Sale Type

Equity Sale: 4 or 40% (New Const/Flipper-2)

REO/Bank Owned: 3 or 30%

Short Sale: 3 or 30%

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Financing Type

New Conv. 1st: 5 or 50%

FHA Loan: 4 or 40%

All CASH: 1 or 10%

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 Last week I was asked what my office market share was…my response…”Sorry, not something that matters to me” If my clients needs are being met…market share is not something I’m interested in…just for yuks though…my office market share for the Sold’s this week is 20%. I’ll take that to the bank any day of the week!!!

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Single Family Residential

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Actives

San Benito County-210 of which REO/Bank Owned-34 or 16%

Hollister-143 of which REO/Bank Owned-29 or 20%

Pendings

San Benito County-161 of which REO/Bank Owned-41 or 25%

Hollister-128 of which REO/Bank Owned-35 or 27%

Absorption Rate

San Benito County-1.30 months supply of inventory or 39-days

Hollister-1.11 months supply of inventory or 34-days

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Solds for the week: 15 (3 late reportings or 20%)

High: $620,000 Equity Sale, New Conv. 1st

Low:  $216,500 Short Sale, New Conv. 1st

Full-Price/Over-Asking: 7 or 47%

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Sale Type

Equity Sale: 6 or 40% (most were flippers)

Short Sale: 5 or 33%

REO/Bank Owned: 4 or 27%

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Financing Type

New Conv 1st: 11 or 73%

All Cash: 2 or 13%

FHA Loan: 1 or 7%

USDA Loan: 1 or 7%

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Single Family Residential

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Actives:

San Benito County-209 of which REO/Bank Owned-36 or 17%

Hollister-142 of which REO/Bank Owned-30 or 21%

Pendings:

San Benito County-165 of which REO/Bank Owned-39 or 24%

Hollister-132 of which REO/Bank Owned-33 or 25%

Absorption Rate:

San Benito County-1.26 months supply of inventory or 38-days

Hollister-1.07 months supply of inventory or 32-Days

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Solds: 9

High: $586,000 REO/Bank Owned, New Conv 1st

Low:  $190,000 REO/Bank Owned, New Conv 1st

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

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Sale Type

REO/Bank Owned: 3 or 33%

Equity Sale: 3 or 33% (Investor Flips)

Short Sale: 3 or 33%

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Financing Type

New Conv 1st: 5 or 56%

FHA Loan: 3 or 33%

All CASH: 1 or 11%

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Single Family Residential

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Actives:

San Benito County-221 of which REO/Bank Owned-44 or 20%

Hollister-155 of which REO/Bank Owned-39 or 25%

Pendings:

San Benito County-150 of which REO/Bank Owned-30 or 20%

Hollister-121 of which REO/Bank Owned-25 or 21%

Absorption Rate:

San Benito County-1.47 months supply of inventory or 44-days

Hollister-1.28 months supply of inventory or 38-days

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Solds for the week: 6 (2 were late reporting 33%)

High: $410,000 Short Sale, FHA Loan

Low:  $104,500 REO/Bank Owned, All CASH

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

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Sale Type

REO/Bank Owned: 4 or 66%

Short Sale: 2 or 33%

Equity Sale: none

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Financing Type

New Conv. 1st: 2 or 33%

FHA Loan: 2 or 33%

All CASH: 2 or 33%

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 Bit of a slow week for the Sold’s when you consider 2 were actually late reportings.

 The banks appear to be back in the game and the assignments are coming.

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Single Family Residential

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Actives

San Benito County-217 of which REO/Bank Owned-41 or 19%

Hollister-152 of which REO/Bank Owned-35 or 23%

Pendings

San Benito County-145 of which REO/Bank Owned-31 or 21%

Hollister-117 of which REO/Bank Owned-27 or 23%

Absorption Rate

San Benito County-1.49 months supply of inventory or 45-Days

Hollister-1.29 months supply of inventory or 39-Days

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Solds for the week: 14

High:$550,000 REO/Bank Owned, New Conv. 1st

Low: $154,800 REO/Bank Owned, New Conv. 1st

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

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Sale Type

REO/Bank Owned-7 or 50%

Equity Sale-5 or 36%

Short Sale-2 or 14%

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Financing Type

New Conv 1st- 6 or 43%

VA Loan-3 or 21%

FHA Loan-2 or 14%

All CASH-2 or 14%

USDA Loan-1 or 7%

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New week of numbers…same story as last week. Our absorption rate continues to expand. Prices seem essentially stable for the most part. Rates remain awesome. Home affordability is at a 40 year high! It is now cheaper to buy vs rent….right on

Single Family Residential

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Actives

San Benito County-218 of which REO/Bank Owned-41 or 18%

Hollister-150 of which REO/Bank Owned-35 or 23%

Pendings

San Benito County-145 of which REO/Bank Owned-31 or 21%

Hollister-119 of which REO/Bank Owned-27 or 23%

Absorption Rate

San Benito County-1.5 months supply of inventory or 45-days

Hollister-1.26 months supply of inventory or 38-days

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Solds for the week: 10

High: $515,000 Short Sale, VA Loan

Low:  $130,000 Short Sale, New Conv. 1st

Full-Price/Over-Asking: 4 or 40%

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Sale Type

Short Sale: 6 or 60%

REO/Bank Owned: 3 or 30%

Equity Sale: 1 or 10% (New Construction)

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Financing Type

New Conv. 1st: 5 or 50%

All CASH: 2 or 20%

FHA Loan: 1 or 10%

VA Loan: 1 or 10%

USDA Loan: 1 or 10%

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Our absorption rate continues a slowwwww march up.  Our absorption rate has tripled from one year ago. By the numbers it is a “Sellers Market” however due to the economy etc. buyer’s are not behaving as such.