Lori Uhl McClelland's Blog

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.

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- 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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Active:

San Benito County-201 of which REO/Bank Owned-32 or 16%

Hollister-133 of which REO/Bank Owned-29 or 22%

Pending:

San Benito County-172 of which REO/Bank Owned-33 or 19%

Hollister-138 of which REO/Bank Owned-25 or 18%

Absorption Rate:

San Benito County- 1.20 months supply of inventory or 36days

Hollister-.96 months supply of inventory or 29days

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Solds for the week: 12 (4 or 33% late reportings)

High- $545,000 REO/Bank Owned, VA Loan

Low-  $181,000 Equity Sale, FHA Loan

Full-Price/Over-Asking-3 or 25%

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Sale Type

REO/Bank Owned: 5 or 42%

Equity Sale: 5 or 42%

Short Sale: 2 17%

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Financing Type

New Conv 1st: 6 or 50%

FHA Loan: 5 or 42%

VA Loan: 1 or 8%

All CASH: 0

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Our market continues to show signs of slowing. Hard to say of it’s the holidays or the economy or a combination of both. The market is just not behaving as one would expect.

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-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!

Single Family Residential
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Actives:
San Benito County-204 of which 24-REO/Bank Owned or 12%
Hollister-136 of which 18-REO/Bank Owned or 13%

Pendings:
San Benito County-185 of which 45-REO/Bank Owned or 24%
Hollister-158 of which 39-REO/Bank Owned or 25%

Absorption Rate:
San Bentio County-1.1 months supply of inventory or 33-days
Hollister-.86 months supply of inventory or 26-days
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Solds for the week: 9
High-$520,000 Short Sale, All CASH
Low- $150,400 REO/Bank Owned, New Conv. 1st
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:
FHA Loan-4 or 44%
New Conv. 1st-3 or 33%
VA Loan-1 or 11%
All CASH-1 or 11%

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%