Lori Uhl McClelland's Blog

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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Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, I’ve prepared a free report just for you, called ‘Short Sale & Deed-in-Lieu: Dignified Solutions.’ To receive your free report, please provide your information in the fields below.

I hope you’ll review these options carefully and pass this information along to those who may need it. I commend your efforts to finding a solution to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information in your time of need is my priority.

Let me help you evaluate your options and get you back on track to a secure financial future 

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.

http://online.wsj.com/article/SB125903489722661849.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond

Interesting article in the WSJ regarding homeowners and their equity.

Don’t forget 30% of all homes have no mortgage against them.

Single Family Residential

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Actives:

  San Benito County-137 of which REO-23 or 17%

  Hollister-67 of which REO-12 or 18%

Pendings:

  San Benito County-238 of which REO-50 or 21%

  Hollister-196 of which REO-42 or 21%

Absorption Rate:

  San Benito County-.58 months supply of inventory or 17 days

  Hollister-.34 months supply of inventory or 10 days

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Solds for the week: 19

   High-$431,000 New Anderson home, Conv. 1st (Actually 2 closed this week at the same price)

   Low-$140,000 REO/Bank Owned, All Cash

   Full-Price or Over-Asking: 14 or 74%

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Sale Type

  REO/Bank Owned: 7 or 37%

  Short Sale: 7 or 37%

  Equity Sale: 5 or 26%

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Financing Type

  New Conv. 1st: 11 or 58%

  FHA Loan: 4 or 21%

  All Cash: 4 or 21%

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Wow! A big week for closings…must have been the holiday next week and people making sure they get their first time homebuyer credit?

The Absorption Rate remains dramatically low! Shocking!

Single Family Residential

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Actives:      SBC-138 of which REO/Bank Owned-17 or 12%

                          HO-74 of which REO/Bank Owned-11 or 15%

Pendings: SBC-237 of which REO/Bank Owned-53 or 22%

                          HO-195 of which REO/Bank Owned-44 or 23%

Absorption Rate:

          SBC-.58 months supply of inventory or 17 days

            HO-.38 months supply of inventory or 11 days

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Sold’s for the week: 13

   High: $440,000  REO/Bank Owned, FHA Loan

   Low:  $90,000  REO/Bank Owned, All Cash

Full-Price or Over-Asking: 10 or 77%

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Sale Type

  REO/Bank Owned: 9 or 69%

  Short Sale: 4 or 31%

  Equity Sale: 0

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Financing Type

  New Conv 1st: 4 or 31%

  FHA Loan: 3 or 23%

  All Cash: 4 or 31%

  Other: 2 or 15%

NAR Code of Ethics 2009

Is your real estate agent a Realtor?

When a real estate licensee ~ salesperson or broker joins a local board of Realtors they must also join California Association of Realtors and the National Association of Realtors. Only then can they call themselves a Realtor!

If your agent does not belong to all 3 associations they are technically a “real estate licensee” not a Realtor.

Here’s a little pet peeve of mine…..we are not Real-la-tors. We are Real-tors. There is no -la- in Realtor and if you can’t properly pronouce your own profession….well then in my opinion you don’t deserve to be one.  If you can’t pay attention to the detail of properly pronouncing your own profession what other details are you going to miss in ohhhh something huge like a CONTRACT!

Just click on the link below. This website has done a great job decoding the Fedral Housing Tax Credit!

http://www.federalhousingtaxcredit.com/