Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-149 of which REO/Bank Owned-25 or 17%

Hollister-83 of which REO/Bank Owned-16 or 20%

Pendings:

San Benito County-215 of which REO/Bank Owned-47 or 22%

Hollister-182 of which REO/Bank Owned-36 or 20%

Absorption Rate:

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

Hollister-.46 months supply of inventory or 14days

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Solds for the week: 14

High: $839,000 Short Sale, All CASH

Low:  $155,000 REO/Bank Owned, New Conv. 1st

Full-Price or Over-Asking: 7 or 50%

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Sale Type:

REO/Bank Owned-8 or 57%

Equity Sale-4 or 29%

Short Sale-2 or 14%

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Financing Type:

FHA Loan-5 or 36%

New Conv. 1st-4 or 29%

All CASH-3 or 21%

USDA Loan-1 or 7%

Seller Carry-Back-1 or 7%

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Wow! A Seller Carry-Back……the whole world would have us believe that nobody has any equity in their property when I’ve been told a several industry events that 30% of U.S. homes have no mortgage against them….things that make ya go hummmmm…..

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-144 of which REO/Bank Owned-23 or 16%

Hollister-82 of which REO/Bank Owned-16 or 20%

Pendings:

San Benito County-209 of which REO/Bank Owned-50 or 24%

Hollister-176 of which REO/Bank Owned-39 or 22%

Absorption Rate:

San Benito County-.69 months supply or 20 Days

Hollister-.47 months supply or 14 Days

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Solds for the week: 9

High-$600,000 REO/Bank Owned, New Conv. 1st

Low- $150,000 REO/Bank Owned, New Conv. 1st

Full-Price or Over-Asking-7 or 78%

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Sale Type

REO/Bank Owned-7 or 78%

Equity Sale-2 or 22%

Short Sale-none

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Financing Type

New Conv. 1st-2 or 22%

FHA Loan-2 or 22%

USDA Loan-2 or 22%

All CASH-3 or 33%

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Single Family Residential

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Active:

San Benito County-143 of which REO/Bank Owned-22 or 15%

Hollister-82 of which REO/Bank Owned-14 or 17%

Pending:

San Benito County-207 of which REO/Bank Owned-47 or 23%

Hollister-172 of which REO/Bank Owned-39 or 23%

Absorption Rate:

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

Hollister-.48 months supply of inventory or 14 Days

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Solds for the week: 17

High: $1,225,000 Equity Sale, New Conv. 1st

Low:  $79,900 REO/Bank Owned, All CASH

Full-Price or Over-Asking: 7 or 41%

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Sale Type

REO/Bank Owned: 11 or 65%

Short Sale: 1 or 6%

Equity Sale: 5 or 29%

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Financing Type

New Conv. 1st: 9 or 52%

FHA Loan: 4 or 24%

All CASH: 4 or 24%

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 Wow! A big week for closings….

Single Family Residential

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Active:

  San Benito County-133 of which REO/Bank Owned-20 or 15%

  Hollister-72 of which REO/Bank Owned-11 or 15%

Pending:

  San Benito County-218 of which REO/Bank Owned-51 or 23%

  Hollister-102 of which REO/Bank Owned-42 or 41%

Absorption Rate:

  San Benito County-.61 month’s supply of inventory or 18 days

  Hollister-.71 month’s supply of inventory or 21 days

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Solds for the week: 10

  High-$345,000  REO/Bank Owned, New Conv. 1st

  Low- $165,000  REO/Bank Owned, FHA Loan

Full Price or Over Asking-7 or 70%

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Sale Type

  REO/Bank Owned-7 or 70%

  Short Sale-3 or 30%

  Equity Sale- none

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Financing Type

  New Conv. 1st-5 or 50%

  FHA Loan-4 or 40%

  All CASH-1 or 10%

Single Family Residential

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Active:

  San Benito County-134 of which REO/Bank Owned-25 or 19%

  Hollister-70 of which REO/Bank Owned-16 or 23%

Pending:

  San Benito County-215 of which REO/Bank Owned-50 or 23%

  Hollister-180 of which REO/Bank Owned-40 or 22%

Absorption Rate:

  San Benito County-.62 month’s supply of inventory or 19days

  Hollister-.39 month’s supply of inventory or 12days

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Solds for the week: 7 (a light week for closings)

  High-$524,700  REO/Bank Owned, New Conv. 1st

  Low-$210,000 Short Sale, FHA Loan

Full Price or Over Asking: 5 or 71%

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Sale Type

REO/Bank Owned-2 or 29%

Short Sale-4 or 57%

Equity Sale-1 or 14%

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Financing Type

New Conv. 1st-4 or 57%

FHA Loan-3 or 43%

All Cash-none this week

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Single Family Residential

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Active:

  San Benito County-147 of which REO/Bank Owned-24 or 16%

  Hollister-84 of which REO/Bank Owned-16 or 19%

Pending:

  San Benito County-209 of which REO/Bank Owned-46 or 22%

  Hollister-171 of which REO/Bank Owned-38 or 22%

Absorption Rate:

  San Benito County-.70 months supply of inventory or 21 days

  Hollister-.49 months supply of inventory or 15 days

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Solds for the week: 17

  High-$705,000 – REO/Bank Owned – New Conv. 1st

  Low- $122,000 – REO/Bank Owned – All Cash

  Full-Price or Over- 11 or 65%

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Sale Type:

  REO/Bank Owned-12 or 70%

  Short Sale-4 or 24%

  Equity Sale-1 or 6%

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Financing Type:

  New Conv. 1st-8 or 47%

  FHA Loan-6 or 35%

  All Cash-3 or 18%

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.