Lori Uhl McClelland's Blog

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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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
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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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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-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!

Home Sweet Home ~ Summer Safety Tips

10 Deadly Mistakes Buyers Make

Single Family Residential

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Actives:

San Benito County-156 of which REO/Bank Owned-24 or 15%

Hollister-90 of which REO/Bank Owned-19 or 21%

Pendings:

San Benito County-234 of which REO/Bank Owned-39 or 17%

Hollister-198 of which REO/Bank Owned-32 or 16%

Absorption Rate:

San Benito County-.67 months supply of inventory or 20-days

Hollister-.45 months supply of inventory or 13.5-days

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Solds for the week: 9

High: $675,000 Equity Sale, New Conv. 1st

Low:  $240,000 Short Sale, New Conv. 1st

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

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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:

New Conv. 1st-4 or 44%

All CASH-2 or 22%

USDA Loan-2 or 22%

FHA Loan-1 or 11%

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Single Family Residential

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Actives:

San Benito County-160 of which REO/Bank Owned-29 or 18%

Hollister-96 of which REO/Bank Owned-20 or 21%

Pendings:

San Benito County-231 of which REO/Bank Owned-37 or 16%

Hollister-190 of which REO/Bank Owned-30 or 16%

Absorption Rate:

San Benito County-.69 months supply of inventory or 21 days

Hollister-.51 months supply of inventory or 15 days

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Solds for the week: 20

High: $605,000 REO/Bank Owned, New Conv. 1st

Low:  $115,000 REO/Bank Owned, All CASH

Full-Price or Over-Asking: 16 or 80%

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Sale Type

REO/Bank Owned: 12 or 60%

Short Sale: 6 or 30%

Equity Sale: 2 or 10%

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Financing Type

New Conv. 1st: 9 or 45%

FHA Loan: 8 or 40%

All CASH: 3 or 15%

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 Wow! Big week for closings…..Inventory appears to be creeeeping up….maybe due to the banks moving forward on more foreclosures that were stalled from last year….there were 54 Notices of Sale in the paper this week, have not seen numbers like that in well over a year.