Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-166 of which REO/Bank Owned-23 or 14%

Hollister-99 of which REO/Bank Owned-19 or 19%

Pendings:

San Benito County-195 of which REO/Bank Owned-33 or 17%

Hollister-163 of which REO/Bank Owned-28 or 17%

Absorption Rate:

San Benito County-.85 months supply of inventory or 25/days

Hollister-.61 months supply of inventory or 18/days

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Solds for the week: 21 (another week of late reporting sales)

High: $545,000 Equity Sale, FHA Loan

Low:  $110,000 REO/Bank Owned, All CASH (Tammy’s deal)

Full-Price or Over-Asking: 11 or 52%

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Sale Type:

Equity Sale-9 or 43%

Short Sale-8 or 38%

REO/Bank Owned-4 or 19%

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Financing Type:

New Conventional 1st-9 or 43%

FHA Loan-9 or 43%

VA Loan-2 or 10%

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Wow! Another week of big numbers but really they’re cooked just like the jobs report this week! Many late reporting – Sold’s. One I noticed all the way back to April 15th!

Look! The Equity Sales were king of the hill! Who said there’s not Equity in the marketplace? One third of all US homes have no mortgage against them! You won’t hear that news in the media.

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.