BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – FEBRUARY 2011
BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – FEBRUARY 2011
This is the latest monthly report of a three plus year study of bank owned home sales in El Dorado Hills, CA. This report covers February 2011.
There were 12 REO homes sold in El Dorado Hills in February, two less than sold the previous month.
The average days on market increased from 58 in January to 60 in February. Three of the homes had been on the market for over 100 days. However, 25% of the homes that sold were on the market for two weeks of less. Well-priced homes in good condition are still selling quickly.
The 12 REO homes that sold represent 34.3% of all homes sold this month.
The available inventory of REO homes in El Dorado Hills increased from a 2.0-month supply the previous month to a 2.7-month supply in February. The available inventory for ALL homes increased from a 6.3-month supply the previous month to a 7.2-month supply in February, the largest inventory reported in fourteen months. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market for REOs and a buyer’s market for the general inventory of homes.
The average cost-per-square-foot for REO homes was $ 130 in February, up from $ 128 the previous month. The average cost-per-square-foot for all homes sold in El Dorado Hills in February dropped to $ 149, down from $ 152 the previous month.
The overall sales price for REO homes was 97.9 % of the final asking price, within the normal range. In addition, 41.7% of the buyers paid more than the final asking price for their REO homes in February.
REO buyers paid 87.3% of the cost-per-square-foot for their when compared with the cost-per-square-foot for all homes sold in February. This savings is larger than normal. When applied to a 2500 square foot home that represents a savings of $ 47,500, a considerable sum. Most buyers would consider that sufficient to accept the fact that REO buyers must relinquish some of the rights the have when buying a home in a normal sale.
If you have any questions about purchasing a El Dorado Hills REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – FEBRUARY 2011
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – FEBRUARY 2011
This is the latest monthly report of a three plus year study of bank owned home sales in Folsom, CA. This report covers February 2011.
There were 16 REO homes sold in Folsom in February, two more than sold the previous month.
The average days on market increased from 46 in January to 57 in February. Three of the homes had been on the market for over 100 days. However, 25% of the homes that sold were on the market for two weeks of less. Well-priced homes in good condition are still selling quickly.
The 16 REO homes that sold represent 32.7% of all homes sold this month.
The available inventory of REO homes in Folsom declined from a 2.8 Month supply the previous month to a 2.4-month supply in February. The available inventory for ALL homes declined from a 5-month supply the previous month to a 4.8-month supply in February. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market.
The average cost-per-square-foot for REO homes was $ 152 in February, down from $ 170 the previous month. That January number was unusually high, in fact the highest since March of 2010 and looks like a statistical anomaly at this writing. The average cost-per-square-foot for all homes sold in Folsom in February dropped to $ 155, down from $ 167 the previous month.
The overall sales price for REO homes was 96.8 percent of the final asking price, on the lower side of the normal range. In addition, 37.5% of the buyers paid more than the final asking price for their REO homes in February.
REO buyers paid 98.1% of the cost-per-square-foot for their when compared with the cost-per-square-foot for all homes sold in February. This savings is smaller than normal. When applied to a 2500 square foot home that represents a savings of only $ 7500. When you consider that REO buyers must relinquish some of the rights the have when buying a home in a normal sale, one might question the prudence of a plan to purchase an REO. However, the savings is usually far greater in an REO purchase.
If you have any questions about purchasing a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
FRAUD ALERT FROM THE CALIFORNIA DEPT. OF REAL ESTATE
The California Department of Real Estate has just released a FRAUD ALERT, warning homeowners about the latest scam vistomizing distressed homeowners. This one involves a loan modification that will provide principal reduction or to even end up with your home free and clear!
You should NEVER get involved with any program that requires payment up front! That is a MAJOR red flag.
Select this link to see the complete alert reprinted on this web site for your use:
NEED HELP WITH DOWN PAYMENT ASSISTANCE?
NEED DOWN PAYMENT ASSISTANCE?
The experts tell us that the lack of a down payment is the number one obstacle to home ownership. Many potential homeowners have the monthly income to qualify for a loan but lack the funds to make that down payment.
In recent years financing option included 100% financing, and second loans. Neither of those options is available to most borrowers. A buyer needs 3.5% of the purchase price to qualify for an FHA loan and conventional loan programs usually require 10% or more. The best rates are available to borrowers who have more than 20% to put down.
There is a new option on the horizon. Down Payment Resource provides a tool for potential borrowers to determine if they can find help in getting a down payment. This tool helps borrowers search State and Federal programs for which they may qualify.
If you are looking for help finding resources for a down payment select this link:
http://www.workforce-resource.com
You may find a solution! Good luck.
MY HOME IS UNDER WATER, CAN I GET A LOAN MODIFICATION?
MY HOME IS UNDER WATER, CAN I GET A LOAN MODIFICATION?
Millions of American families are now living in homes with mortgages that exceed the value of those homes. Some are walking away and letting the lender take the home back. Most want to remain in their homes but need some help to do so. A loan modification, if one can qualify, is one of the best ways to do so.
The government is trying to develop programs to help those distressed homeowners but it is not easy to come up with a program that will be accepted by the lenders and the investors that they represent. Fannie Mae and Freddie Mac, the two huge Government Sponsored Enterprises who buy most of the mortgages on the secondary market will not go along with the latest iteration of the Making Home Affordable Program.
Select this link to see the New York Times story:
http://www.nytimes.com/2011/03/13/realestate/13Mortgages.html?_r=1&ref=realestate
We all hope that they will find a way to make it work.