Lori Uhl McClelland's Blog

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Single Family Residential

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Actives

San Benito County: 170 of which REO/Bank Owned-27 or 16%

Hollister: 113 of which REO/Bank Owned-23 or 20%

Pendings

San Benito County: 184 of which REO/Bank Owned-41 or 22%

Hollister: 147 of which REO/Bank Owned-35 or 24%

Absorption Rate

San Benito County: .92 months supply of inventory or 28-days

Hollister: .77 months supply of inventory or 23-days

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Solds for the week: 18 (4-late reportings or 22%)

High: $500,000 Short Sale, New Conv 1st

Low:  $170,000 REO/Bank Owned, USDA Loan

Full-Price/Over-Asking: 8 or 44%

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Sale Type

REO/Bank Owned: 10 or 55%

Short Sale: 6 or 33%

Equity Sale: 2 or 11%

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Financing Type

New Conv. 1st: 6 or 33%

FHA Loan: 5 or 28%

All CASH: 4 or 22%

USDA Loan: 2 or 11%

VA Loan: 1 or 5%

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Our Absorption Rate appears to be tightening up a bit! I’m seeing the banks move more on foreclosing the first sale date especially if the original NOD was filed after January 1 of this year…

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Single Family Residential

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Actives

San Benito County-171 of which REO/Bank Owned-24 or 14%

Hollister-111 of which REO/Bank Owned-20 or 18%

Pendings

San Benito County-187 of which REO/Bank Owned-45 or 24%

Hollister-154 of which REO/Bank Owned-39 or 25%

Absorption Rate

San Benito County-.91 months supply of inventory or 27-days

Hollister-.72 months supply of inventory or 22-days

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Solds for the week: 15 (3 late reportings or 20%)

High: $535,000 Short Sale, New Conv. 1st

Low:  $141,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 4 or 27%

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Sale Type

REO/Bank Owned: 10 or 66%

Short Sale: 4 or 27%

Equity Sale: 1 or 7%

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Financing Type

FHA Loan: 8 or 53%

New Conv. 1st: 5 or 33%

All Cash: 2 or 13%

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 Absorption Rate is back under a one month supply of inventory….Things that make ya go hummmmmm

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-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-200 of which REO/Bank Owned-34 or 17%

Hollister-141 of which REO/Bank Owned-28 or 20%

Pendings:

San Benito County-182 of which REO/Bank Owned-38 or 23%

Hollister-151 of which REO/Bank Owned-32 or 21%

Absorption Rate:

San Benito County-1.1 months supply of inventory or 33 days

Hollister-.93 months supply of inventory or 28 days

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Solds for the week: 18 (4-late reportings 22% … duh)

High: $430,000 Equity Sale, All Cash

Low:  $98,0000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 9 or 50%

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Sale Type

REO/Bank Owned: 10 or 56%

Equity Sale: 5 or 28% (2 of those were investor flips)

Short Sale: 3 or 17%

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Financing Type

All Cash: 6 or 33%

FHA Loan: 5 or 28%

New Conv 1st: 3 or 17%

VA Loan: 3 or 17%

USDA Loan: 1 or 6%

Single Family Residential

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Actives:

San Benito County-203 of which REO/Bank Owned-35 or 17%

Hollister-144 of which REO/Bank Owned-29 or 20%

Pendings:

San Benito County-185 of which REO/Bank Owned-42 or 23%

Hollister-154 of which REO/Bank Owned-35 or 23%

Absorption Rate:

San Benito County-1.10 months supply of inventory or 33 days

Hollister-.94 months supply of inventory or 28 days

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Solds for the week: 14 (5! were late reportings)

High: $775,000 Equity Sale, New Conv. 1st

Low:  $180,000 Short Sale, FHA Loan

Full-Price/Over-Asking: 6 or 43%

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Sale Type

Equity Sale: 7 or 50%

Short Sale:  4 or 29%

REO/Bank Owned: 3 or 21%

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Financing Type

New Conv. 1st: 6 or 43%

FHA Loan: 6 or 43%

VA Loan:  1 or 7%

All CASH: 1 or 7%

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9 Properties actually closed this week. 5 of the 14 reported solds are late reportings. Are you kidding me! 36%.

What is wrong with people? One of the solds is all the way back to July!

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-198 of which REO/Bank Owned-30 or 15%

Hollister-127 of which REO/Bank Owned-23 or 18%

Pendings:

San Benito County-198 of which REO/Bank Owned-32 or 16%

Hollister-160 of which REO/Bank Owned-27 or 17%

Absorption Rate:

San Benito County-.95 months supply of inventory or 29 days

Hollister-.79 months supply of inventory or 24 days

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Solds for the week: 2

High-$665,000 Equity Sale-FHA Loan

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

Full-Price/Over-Asking-1 or 50%

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Sale Type:

REO-1 or 50%

Equity Sale-1 or 50%

Short Sales-none

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Financing Type:

FHA Loan-1 or 50%

All CASH- 1 or 50%

Conv. 1st-none

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 Whoa! Just when you think it can’t get worse…2 closed sales this week….the short sales are suspiciously absent…what could that be? Another new ineffective government program? HAFA was rolled out the beginning of April…it’s August! Short Sale closings ought to be rockin and rollin by now 4 months, please a regular Short Sale can get done in that amount of time…just a thought…have no proof except the last 2 weeks the short sales closings have vanished….

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-176 of which REO/Bank Owned-28 or 16%

Hollister-106 of which REO/Bank Owned-25 or 24%

Pendings:

San Benito County-207 of which REO/Bank Owned-38 or 18%

Hollister-170 of which REO/Bank Owned-31 or 18%

Absorption Rate:

San Benito County-.85 months supply of inventory or 26-days

Hollister-.62 months supply of inventory or 19-days

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Solds for the week: 12

High-$445,000 Equity Sale, New Conv. 1st

Low- $157,000 REO/Bank Owned, New Conv. 1st

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

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Sale Type

REO/Bank Owned: 5 or 42%

Equity Sale: 4 or 33% of those 3 were Flips or 25% of total

Short Sale: 3 or 25%

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Financing Type

New Conv 1st: 7 or 58%

FHA Loan: 5 or 42%

No CASH deals this week!

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 Wow! 25% of the total Solds were Investor Flips! There’s a new seller in the neighborhood….better pay attention!