EL DORADO HILLS, CA HOME SALES DATA – JUNE 2012
EL DORADO HILLS, CA HOME SALES DATA – JUNE 2012
The purpose of this post is to provide those interested in the El Dorado Hills, CA housing market data about that market. This report covers June 2012, and the fourteen previous months.
The first chart lists the cost-per-square-foot for all homes sold in El Dorado Hills by month. There is only a slight fluctuation from month to month. When we look at year-over-year prices, April 2012 is slightly lower than the same month in 2011, May 2012 is only one dollar lower and June of 2012 is TEN dollars higher. In fact, it is more then ten dollars higher than any month on the chart. Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait. We understand that the bottom of the market occurred in March of 2012.
The second chart shows the level of inventory, (the number of homes for sale divided by the number of homes sold each month). The June inventory level increased slightly to a 1.7-month supply, up from a 1.6-month supply in May. Pundits tell us that a six-month inventory is a neutral market.
We can see that the El Dorado Hills market is, and has been for some time, a seller’s market. We have been bumping along in the two to four month range for the past year and are trending lower.
The media is finally starting to realize that the market has changed.
Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
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If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.
FOLSOM, CA HOME SALES DATA – JUNE 2012
FOLSOM, CA HOME SALES DATA – JUNE 2012
The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The data presented covers June 2012, and the preceding fourteen months.
The first chart lists the cost-per-square-foot for all homes sold in Folsom by month.
Although there is a very slight fluctuation from month to month, the viewer can see that there is little change in over the period covered. The June number is the highest it has been in fifteen months. The pundits advise that we hit the bottom of the market in Folsom in March of 2012. The lowest cost –per-square-foot in Folsom was in February.
Those potential buyers who decided to remain on the fence, “until prices hit bottom” missed the boat, but only by a few months. The housing shortage is going to result in price increases. The new challenge will be to find any home that they can buy.
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The second chart shows the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). The inventory level dropped to a 0.7-month supply in May, the lowest in the past fifteen months and edged up slightly to a 1.1-month supply in June. Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market has been a seller’s market during the entire period this report covers. There has been a shortage if inventory for many months and the trend is for an even smaller number of homes to be available.
The media is finally starting to realize that the housing market has changed.
Over a year ago, we posted an article warning about the pending housing shortage. Obviously, we were correct. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners may put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
.
.
If you would like to see this data for other cities and towns in our area feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.
BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – JUNE 2012
BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – JUNE 2012
This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers June 2012.
There were 10 bank owned (foreclosure/REO) homes sold in El Dorado Hills in June, two less than in the previous month.
There is one bank owned (foreclosure/REO) home that sold in June that will skew the statistics. That home sold for $620,000, $ 106,525 above the asking price. While it is not uncommon for bank owned (foreclosure/REO homes to sell for more that the asking price, seldom do buyers pay more than twenty percent more. The MLS data indicates that there were no seller concessions. We can only assume that there were several buyers bidding up the sales price, a situation that is good for the seller and bad for the buyers.
The average days on market decreased from a record 108, well out of the normal range because of one home that sold in May after being on the market for 802 days, to 33 in June. Only 20% of the bank owned (foreclosure/REO) homes sold in two weeks or less in June. This is a smaller segment than normal.
The 10 bank owned (Foreclosure/REO) homes that sold represent only 15% of ALL homes sold in El Dorado Hills this month, a smaller segment than normal.
The available inventory of bank owned (Foreclosure/REO) homes in El Dorado Hills crept up to a .5-month supply in June; it was at a 0.4.-month supply in May. This inventory level has only been above a two-month supply one month in the past fifteen.
The inventory for ALL homes available in El Dorado Hills also increased to a 1.7-month supply in June, up from a 1.6-month supply the previous month. Pundits tell us that a 6-month supply is a neutral market, so we continue to have a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned.
The average cost-per-square-foot for Bank Owned (Foreclosure/REO) homes increased to $ 143 in June, up from $ 123 the previous month and the highest in six months. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in June was $ 167, up from $154 in May and the highest in the past fifteen months by ten dollars.
The overall sales price for bank owned homes was 103.0% of the final asking price and 99.9% of the original asking price. The one home mentioned above had an impact on this statistic. Eighty percent of the buyers paid the full asking price or more in June for their bank owned (foreclosure/REO) home, a larger segment than normal.
When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 14% less in June. That is a $ 24 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 60,000, a substantial sum.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.
The data Follows:
BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – JUNE 2012
BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – JUNE 2012
This is the latest monthly report of our more than four-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers June of 2012.
There were five Bank Owned (Foreclosure/REO) homes sold in Folsom this month, half of the number sold for each of the previous two months.
The average days-on-market increased dramatically from 14 the previous month to 39 in June. The May number was lower than normal. We are now back into the normal range.
One of the homes sold was on the market for 99 days. All of the others were on the market for a shorter period. In addition, 20% of the homes sold were on the market for two weeks or less.
The five Bank Owned (Foreclosure/REO) homes that sold represent only 7% of all homes sold in Folsom this month. That is a record for our study. The very low bank owned home inventory continues to influence this statistic.
The available inventory of bank owned (Foreclosure/REO) homes in Folsom increased from a 0.2-month supply last month—a record low–to a 0.8-month supply this month. That inventory level has not exceeded a two-month supply for over a year.
The available inventory for ALL homes available increased slightly from a 0.7-month supply last month to a 1.1-month supply in June. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.
The Folsom market reflects what is happening in the rest of California and the western U.S. Inventory levels are very low. This factor is starting to have an impact on housing prices.
The average cost-per-square-foot for bank owned (Foreclosure/REO) homes was $ 158 in June, back into the normal range. It was $173 last month, which is much higher than it has been in years. The average cost-per-square-foot for ALL homes sold in Folsom in June was $ 164, up from $159 in May and the highest it has been in the past fifteen-months.
The overall sales price for REO homes was 97.4% of the final asking price and 95.9% of the original asking price. In addition, 40% of the buyers paid the asking price, or more, for their Folsom bank owned (Foreclosure/REO) home in June.
When based on the cost-per-square-foot for ALL homes sold, buyers of bank owned(foreclosure/REO) homes paid 3% less in March. That is a $ 6 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 15,000, it little less than normal but, still a substantial sum
If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
ARE YOU ELIGIBLE FOR A $125,000 REMEDIATION?
ARE YOU ELIGIBLE FOR A $125,000 REMEDIATION?
If you, or someone you know, are the victim of a mishandled foreclosure, you may be eligible for a payment of as much as $ 125,000. Back in March of this year, when the government announced the National Mortgage Settlement, we wrote a post advising people that they could have their foreclosure reviewed. If the reviewing authority found that the loan servicer had mishandled your foreclosure, the homeowner could be paid.
The Office of the Comptroller of the Currency has extended the deadline for applying for a foreclosure review. The new date is September 30, 2012. More information is available at www.independantforeclosurereview.com .
Specific details are now available. Those who successfully completed a trial loan modification but lost their homes anyway can receive $ 125,000 plus whatever equity they had at the time if the foreclosure or they can get $ 15,000 and their house back when that is possible. That option is also possible for those who lost their homes when they were not in default.
Those whose loan modification were denied in error can get $ 5,000 and their homes back when possible, or $ 15,000 plus whatever equity they had. Homeowners who requested a loan modification but never got a chance to apply can get $ 2000 and those never approached by their loan servicer to be offer a loan modification can get $ 1000.
The foreclosure reviews are not limited to robo signing issues. Homeowners who were anywhere in the foreclosure process in 2009 and 2010 may be eligible, which could include 4.5 million households.
Critics say that the remedies are ridiculously low. The response rate is low and it is imperative that every homeowner who may be eligible apply. We feel that it is about time someone held these loan servicers accountable.
Select this link for the complete San Francisco Chronicle article: