Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-139 of which REO/Bank Owned-28 or 20%

Hollister-76 of which REO/Bank Owned-17 or 22%

Pendings:

San Benito County-222 of which REO/Bank Owned-47 or 21%

Hollister-186 of which REO/Bank Owned-37 or 20%

Absorption Rate:

San Benito County-.63 months supply of inventory or 19 days

Hollister-.41 months supply of inventory or 12 days

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Solds for the week: 19

High: $725,000 Equity Sale-New Conv. 1st

Low:  $214,000 Equity Sale-FHA Loan

Full-Price or Over-Asking: 9 or 47%

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Sale Type

REO/Bank Owned: 10 or 53%

Short Sale: 2 or 11%

Equity Sale: 7 or 37%

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Financing Type

New Conv. 1st: 8 or 42%

FHA Loan: 7 or 37%

All CASH: 2 or 11%

VA Loan: 2 or 11%

Wow! A big week for closings…..Wondering if now we’re over the hump of lenders having to use the new GFE-Good Faith Estimate. We have not seen this many Equity Sales close in one week in I can’t remember and the high closing was in the $700,000 range and the low was in the $200,000 range. For weeks we’ve had closings under $200,000.

Single Family Residential

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 Actives:

San Benito County-144 of which REO/Bank Owned-28 or 19%

Hollister-76 of which REO/Bank Owned-19 or 25%

Pendings:

San Benito County-222 of which REO/Bank Owned-47 or 21%

Hollister-190 of which REO/Bank Owned-36 or 19%

Absorption Rate:

San Benito County-.65 month’s supply of inventory or 20days

Hollister-.40 month’s supply of inventory or 12days

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 Solds for the weeks: 8

High-$700,000 Short Sale, New Conv.1st

Low- $175,000 REO/Bank Owned, New Conv.1st

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

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Sale Type:

REO/Bank Owned-6 or 75%

Short Sale-2 or 25%

Equity Sale-none

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 Financing Type:

New Conventional 1st-5 or 63%

FHA Loan-1 or 13%

USDA Loan-1 or 13%

All Cash-1 or 13%

Single Family Residential

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Actives:

  San Benito County-136 of which REO/Bank Owned-28 or 21%

  Hollister-72 of which REO/Bank Owned-17 or 24%

Pendings:

  San Benito County-209 of which REO/Bank Owned-45 or 22%

  Hollister-178 of which REO/Bank Owned-38 or 21%

Absorption Rate:

  San Benito County-.65 months supply of inventory or 19.5 days.

  Hollister-.40 months supply of inventory or 12 days.

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Solds for the week: 9

High: $650,000 REO/Bank Owned, FHA Loan

Low:  $125,000 Equity Sale, All Cash

Full-Price or Over-Asking: 2 or 22%

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Sale Type

REO: 6 or 67%

Equity Sale: 3 or 33%

Short Sale: none

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 Financing Type

New Conv 1st: 2 or 22%

FHA Loan: 3 or 33%

All Cash: 4 or 44%

Single Family Residential

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Actives:

  San Benito County-133 of which REO/Bank Owned-19 or 14%

  Hollister-70 of which REO/Bank Owned-12 or 17%

Pendings:

  San Benito County-219 of which REO/Bank Owned-53 or 24%

  Hollister-180 of which REO/Bank Owned-42 or 23%

Absorption Rate:

  San Benito County-.61 months supply of inventory or 18 days

  Hollister-.39 months supply of inventory or 12 days

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Solds for the week: 10

  High-$641,500 REO/Bank Owned, New Conv. 1st

  Low- $135,000 REO/Bank Owned, All Cash

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

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Sale Type:

  REO/Bank Owned-5 or 50%

  Short Sale-3 or 30%

  Equity Sale-2 or 20%

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Financing Type:

  New Conv. 1st-5 or 50%

  FHA Loan-2 or 20%

  VA Loan-1 or 10%

  All Cash-2 or 20%

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Single Family Residential

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Actives:

  San Benito County-133 of which REO/Bank Owned-24 or 39%

  Hollister-67 of which REO/Bank Owned-15 or 22%

Pendings:

  San Benito County-213 of which REO/Bank Owned-48 or 23%

  Hollister-174 of which REO/Bank Owned-37 or 21%

Absorption Rate:

  San Benito County-.62 months supply of inventory or 19 days

  Hollister-.39 months supply of inventory or 12 days

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Sale Type:

  REO-12 or 46%

  Short Sale-8 or 31%

  Equity Sale-6 or 23%

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Financing Type:

  New Conventional 1st-17 or 65%

  FHA Loan-9 or 35%

  All Cash-0

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Wow! A bunch of closings this week.

Most likely because people were trying to cash in on the first time homebuyer tax credit which was set to expire at the end of November.

Single Family Residential

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Actives:

  San Benito County-134 of which REO/Bank Owned-22 or 16%

  Hollister-68 of which REO/Bank Owned-15 or 22%

Pendings:

  San Benito County-234 of which REO/Bank Owned-52 or 22%

  Hollister-192 of which REO/Bank Owned-41 or 21%

Absorption Rate:

  San Benito County-0.57 month’s supply or 17 days supply

  Hollister-0.35 month’s supply or 10.5 days supply

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Sold’s for the week: 8

High: $495,000 Short Sale, FHA Loan

Low: $130,000 REO/Bank Owned, FHA Loan

Full-Price or Over-Asking: 4 or 50%

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Sale Type

REO/Bank Owned: 3 or 38%

Short Sale: 4 or 50%

Equity Sale: 1 or 13%

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Financing Type

New Conv. 1st: 0

FHA Loan: 6 or 75%

All Cash: 2 or 25%

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A light week for closings due to the holiday.

Seems just about everyone is checked out for the most part. I put a REO/Bank Owned listing back on the market after the appraiser blew up the deal by triggering excessive lender required repairs. The property is the second least expensive on the market and I’ve only gotten about 5 calls so far.