Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-222 of which REO/Bank Owned-40 or 18%

Hollister-154 of which REO/Bank Owned-35 or 22%

Pendings:

San Benito County-137 of which REO/Bank Owned-28 or 20%

Hollister-109 of which REO/Bank Owned-23 or 21%

Absorption Rate:

San Benito County-1.62 months supply of inventory or 48-days

Hollister-1.41 months supply of inventory or 42-days

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Solds for the week: 9

High-$600,000 Short Sale, New Conv. 1st

Low- $175,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 6 or 67%

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Sale Type

REO/Bank Owned-6 or 67%

Short Sale-3 or 33%

Equity Sale-none

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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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Our absorption rate continues a slow march upward!

Single Family Residential

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Actives:

San Benito County-215 of which REO/Bank Owned-32 or 15%

Hollister-142 of which REO/Bank Owned-29 or 20%

Pendings:

San Benito County-139 of which REO/Bank Owned-31 or 22%

Hollister-116 of which REO/Bank Owned-26 or 22%

Absorption Rate:

San Benito County-1.55 months supply of inventory or 46-days

Hollister-1.22 months supply of inventory or 37-days

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Solds: 17 (2-are late reportings or 12%)

High-$500,000 REO/Bank Owned All Cash

Low- $140,000 REO/Bank Owned All Cash

Full-Price/Over-Asking: 11 or 65%

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Sale Type

REO/Bank Owned: 8 or 47%

Short Sale: 6 or 36%

Equity Sale: 3 or 18% (1 investor flip)

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Financing Type

New Conv. 1st: 7 or 41%

FHA Loan: 6 or 35%

All Cash: 3 or 18%

USDA Loan: 1 or 6%

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Holy Moly our absorption rate continues it march upward. Since last spring our absorption rate has now tripled!! Still by the numbers a seller’s market however buyer’s are not behaving as such.

Single Family Residential

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Actives

San Benito County- 202 of which REO/Bank Owned-32 or 16%

Hollister-134 of which REO/Bank Owned-29 or 22%

Pendings

San Benito County-150 of which REO/Bank Owned-33 or 22%

Hollister-126 of which REO/Bank Owned-28 or 22%

Absorption Rate

San Benito County-1.35 months supply of inventory or 40-days

Hollister-1.06 months supply of inventory or 32-days

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Solds for the week: 9 (2 late reportings)

High: $410,000 Equity Sale, VA Loan

Low:  $228,000 Short Sale, New Conv. 1st

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

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Sale Type

REO/Bank Owned: 4 or 44%

Equity Sale: 3 or 33% (1 investor flip)

Short Sale: 2 or 22%

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Financing Type

New Conv. 1st: 5 or 44%

FHA Loan: 2 or 22%

VA Loan: 2 or 22%

All CASH: 0

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Our market activity continues to show signs of slowing as evidenced by an increasing absorption rate.

 Just a FYI ~ saw a news story this week that talked about the lack luster success of the latest government intervention into the housing market ~ the HAFA Short Sale Program. The program is now 8 months old and has only closed 400 short sales! Note to the government: Butt OUT!

Single Family Residential

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Actives

San Benito County-194 of which REO/Bank Owned-33 or 17%

Hollister-127 of which REO/Ban Owned-30 or 24%

Pendings

San Benito County-153 of which REO/Bank Owned-33 or 24%

Hollister-129 of which REO/Bank Owned-28 or 22%

Absorption Rate

San Benito County-1.27 months supply of inventory or 38-days

Hollister-.98 months supply of inventory or 29.5-days

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Solds for the week: 12 (2 late reporting’s or 17)

High-$525,000 REO/Bank Owned, New Conv. 1st

Low- $140,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 9 or 75%

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Sale Type

REO/Bank Owned-7 or 58%

Short Sale-3 or 25%

Equity Sale-2 or 17%

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Financing Type

New Conv. 1st-5 or 42%

FHA Loan-3 or 25%

All CASH-3 or 25%

VA Loan-1 or 8%

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 There you have it. 2010 is in the record books!

Single Family Residential

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Actives

San Benito County-201 of which REO/Bank Owned-31 or 15%

Hollister-132 of which REO/Bank Owned-28 or 21%

Pendings

San Benito County-158 of which REO/Bank Owned-35 or 22%

Hollister-134 of which REO/Bank Owned-29 or 22%

Absorption Rate

San Benito County-1.27 months supply of inventory or 38-days

Hollister-.99 months supply of inventory or 30-days

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Solds for the week: 16

High-$590,000 REO/Bank Owned, New Conv. 1st

Low- $195,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 7 or 44%

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Sale Type

REO/Bank Owned-6 or 38%

Equity Sale-7 or 44%

Short Sale-3 or 19%

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Financing Type

New Conv 1st-8 or 50%

FHA Loan-4 or 25%

USDA Loan-2 or 12%

VA Loan-1 or 6%

All Cash-1 or 6%

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 Ho Ho Ho!

Single Family Residential

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Actives:

San Benito County-211 of which REO/Bank Owned-32 or 15%

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

Pendings:

San Benito County-161 or which REO/Bank Owned-34 or 21%

Hollister-133 of which REO/Bank Owned-28 or 21%

Absorption Rate:

San Benito County-1.31 months supply of inventory or 40-days

Hollister-1.08 months supply of inventory or 32-days

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Solds for the week: 13 (3 late reportings-23%)

High- $455,000 Short Sale, All Cash

Low-  $185,000 Short Sale, FHA Loan

Full-Price/Over-Asking- 4 or 31%

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Sale Type

Short Sale-6 or 46%

Equity Sale-4 or 31% (flippers are busy)

REO/Bank Owned-3 or 23%

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Financing Type

New Conv. 1st-5 or 38%

FHA Loan-5 or 38%

USDA Loan-2 or 15%

All CASH-1 or 8%

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Our market continues to cooling as our absorption rate continues a slow march up.

Here’s a note to buyer’s~~~just my opinion~~~you better make sure your agent knows the market! The highest priced Sold this week was a short sale all cash and again in my opinion that buyer paid about $100,000 over market value for it. I sure hope he couldn’t live without it!

Single Family Residential
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Active:
San Benito County-203 of which REO/Bank Owned-27 or 13%
Hollister-132 of which REO/Bank Owned-23 or 17%

Pendings:
San Benito County-179 of which REO/Bank Owned-38 or 21%
Hollister-149 of which REO/Bank Owned-29 or 19%

Aborption Rate:
San Benito County-1.13 months supply of inventory or 34-days
Hollister-.88 months supply of inventory or 26-days
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Solds: 11 (2 were late reportings or 18%)
High-$348,000 Short Sale, VA Loan
Low- $139,000 REO/Bank Owned, New Conv. 1st
Full-Price/Over-Asking: 3 or 27%
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Sale Type

REO/Bank Owned: 6 or 55%
Short Sale: 3 or 27%
Equity Sale: 2 or 18% (1 was investor flip)
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Financing Type

New Conv 1st- 5 or 45%
VA Loan- 2 or 18%
USDA Loan- 2 or 18%
FHA Loan- 1 or 9%
All CASH-1 or 9%

Single Family Residential

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Actives:

San Benito County-213 of which REO/Bank Owned-30 or 14%

Hollister-136 of which REO/Bank Owned-23 or 17%

Pendings:

San Benito County-176 of which REO/Bank Owned-40 or 23%

Hollister-151 of which REO/Bank Owned-34 or 23%

Absorption Rate:

San Benito County-1.21 months supply of inventory or 36-days

Hollister-.90 months supply of inventory or 27-days

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Solds for the week: 8 (4 of which are late reportings)

High: $485,000 Short Sale, New Conv 1st

Low:  $201,000 REO/Bank Owned, FHA Loan

Full-Price/Over-Asking: 7 or 88%

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Sale Type

Short Sale: 5 or 63%

REO/Bank Owned: 3 or 38%

Equity Sale: none

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Financing Type

FHA Loan: 4 or 50%

New Conv 1st: 2 or 25%

VA Loan: 1 or 13%

All Cash: 1 or 13%

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Our market is dramatically slow….the true number of closings for the week is really 4. Half of the reported solds are late reporting….that just makes me NUTS! One of them all the way back to 12/31/09…unbelievable!!! What is wrong with people..they are supposed to be professionals

Single Family Residential

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Actives:

San Benito County-208 of which REO/Bank Owned-25 or 12%

Hollister-134 of which REO/Bank Owned-21 or 16%

Pendings:

San Benito County-175 of which REO/Bank Owned-41 or 23%

Hollister-149 of which REO/Bank Owned-34 or 23%

Absorption Rate:

San Benito County-1.19 months supply of inventory or 36-days

Hollister-.90 months supply of inventory or 27-days

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Solds for the week: 7 (1 was late reporting)

High-$770,000 REO/Bank Owned, New Conv. 1st

Low- $115,000 REO/Bank Owne, All CASH

Full-Price/Over-Asking- 6 or 86%

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Sale Type:

REO/Bank Owned-5 or 71%

Equity Sale-2 or 29%

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Financing Type:

New Conv. 1st-4 or 57%

FHA Loan-2 or 29%

All CASH-1 or 8%

Single Family Residential

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Actives:

San Benito County-208 of which REO/Bank Owned-26 or 13%

Hollister-134 of which REO/Bank Owned-22 or 17%

Pendings:

San Benito County-175 of which REO/Bank Owned-41 or 23%

Hollister-151 of which REO/Bank Owned-34 or 23%

Absorption Rate:

San Benito County-1.19 months supply of inventory or 36 days

Hollister-.89 months supply of inventory or 27 days

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Solds for the week:17 (5 or 30% are late reportings-irks me!!!!)

High: $629,900  REO/Bank Owned, FHA Loan

Low:  $170,000  Short Sale, FHA Loan

Full-Price/Over-Asking: 6 or 35%

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Sale Type:

REO/Bank Owned-8 or 47%

Short Sale-5 or 30%

Equity Sale-4 or 24%

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Financing Type:

FHA Loan-8 or 47%

New Conv 1st-6 or 35%

All Cash-3 or 18%

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The market appears to continue to slow. Cash buyers continue to right low ball offers and asset managers on bank owned properties continue to counter them back at full-price. Not sure who is more out of touch. That’s my soapbox for this week!