Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-160 of which REO/Bank Owned-29 or 18%

Hollister-96 of which REO/Bank Owned-20 or 21%

Pendings:

San Benito County-231 of which REO/Bank Owned-37 or 16%

Hollister-190 of which REO/Bank Owned-30 or 16%

Absorption Rate:

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

Hollister-.51 months supply of inventory or 15 days

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Solds for the week: 20

High: $605,000 REO/Bank Owned, New Conv. 1st

Low:  $115,000 REO/Bank Owned, All CASH

Full-Price or Over-Asking: 16 or 80%

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Sale Type

REO/Bank Owned: 12 or 60%

Short Sale: 6 or 30%

Equity Sale: 2 or 10%

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Financing Type

New Conv. 1st: 9 or 45%

FHA Loan: 8 or 40%

All CASH: 3 or 15%

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 Wow! Big week for closings…..Inventory appears to be creeeeping up….maybe due to the banks moving forward on more foreclosures that were stalled from last year….there were 54 Notices of Sale in the paper this week, have not seen numbers like that in well over a year.

Single Family Residential

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Active:

San Benito County-140 of which REO/Bank Owned-25 or 18%

Hollister-78 of which REO/Bank Owned-17 or 22%

Pending:

San Benito County-245 of which REO/Bank Owned-48 or 20%

Hollister-200 of which REO/Bank Owned-37 or 19%

 Absorption Rate:

San Benito County-.57 months supply of inventory or 17 days

Hollister-.39 months supply of inventory or 12 days

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Solds for the week: 12

High-$452,000 REO/Bank Owned, New Conv. 1st

Low- $137,000 Short Sale, FHA Loan

Full-Price or Over-Asking: 7 or 58%

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Sale Type:

REO/Bank Owned-8 or 67%

Short Sale-2 or 17%

Equity Sale-2 or 17%

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Financing Type:

FHA Loan-5 or 42%

New Conventional 1st-33%

USDA Loan-2 or 17%

VA Loan-1 or 8%

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The stats remain very consistant week after week……

Single Family Residential

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Actives:

San Benito County-147 of which REO/Bank Owned-26 or 18%

Hollister-82 of which REO/Bank Owned-15 or 18%

Pendings:

San Benito County-235 of which REO/Bank Owned-48 or 20%

Hollister-194 of which REO/Bank Owned-38 or 20%

Absorption Rate:

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

Hollister-.42 months supply of inventory or 13 days

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Solds for the week: 10

High: $535,000 Equity Sale, All CASH

Low:  $75,000  Short Sale, All CASH

Full-Price or Over-Asking: 6 or 60%

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Sale Type:

REO/Bank Owned-5 or 50%

Short Sale-4 or 40%

Equity Sale-1 or 10%

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Financing Type:

All CASH-4 or 40%

FHA Loan-4 or 40%

New Conv. 1st-2 or 20%

Single Family Residential

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Actives:

San Benito County-154 of which REO/Bank Owned-28 or 18%

Hollister-87 of which REO/Bank Owned-18 or 21%

Pendings:

San Benito County-223 of which REO/Bank Owned-47 or 21%

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

Absorption Rate:

San Benito County-.69 month’s supply of inventory or 21 Days

Hollister-.47 month’s supply of inventory or 14 Days

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Solds for the week: 9

High: $610,000 REO/Bank Owned-New Conv. 1st

Low:  $240,000 REO/Bank Owned-FHA Loan

Full-Price or Over-Asking: 6 or 67%

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Sale Type

REO/Bank Owned: 5 or 56%

Short Sale: 2 or 22%

Equity Sale: 2 or 22%

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Financing Type

New Conv. 1st: 5 or 56%

FHA Loan: 2 or 22%

USDA Loan: 2 or 22%

All CASH: none

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.

2010 City/County Housing Expo February 25th 9-5pm at the Vets Memorial Building downtown.

 If you can’t make or just plain don’t feel comfortable with a public forum setting…shoot us an e-mail.  We’ll be happy to drop a CD in the mail to you….contains Homeowner Reports, Pre-Listing Packet for a Short Sale and a few other little treasures!

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%

Over The Fence ~ March 2010

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