Foreclosure Sales Up In Q3
According to RealtyTrac’s Q3 2010 U.S. Foreclosure Sales Report, foreclosure sales fell 25 percent from the previous quarter and the average sales price of properties in some stage of foreclosure was $169,523, down 2.46 percent from the second quarter. James J. Saccacio, chief executive officer of RealtyTrac, said the expiration of the homebuyer tax credit created a substantial dip in overall demand in the third quarter. The average sales price of non-foreclosure properties, however, rose 6.42 percent from the second quarter and 4.36 percent from the third quarter of 2009. More here and here.
BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – NOVEMBER 2010
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR November 2010
This is a continuation of our three year long monthly report on Bank Owned (REO) home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in November 2010.
There were 14 Bank Owned homes sold in November, one more than sold in October.
REO inventory in El Dorado Hills that spiked in September at a 6.4 month supply dropped to a 2 month supply in October and a 1.9 month supply in November. These October and November numbers bring the statistic back into the normal range. The inventory for all available homes dropped from a 4.6 month supply last month to a 3.8 month supply in November. A 3.8 month supply is the lowest level of inventory of available homes reported for any month in 2010. A six month supply is considered a neutral market.
The average days-on-market shot up to 81 in November from 38 days in October. This is the longest average days-on-market number reported in over fourteen months. Five of the REO homes that sold had been on the market for over 100 days and NONE of the REO homes sold were on the market two weeks or less. This is the first time since we started reporting these figures that no REO home sold in the less than a 14 day period.
The 14 REO homes that sold represent only 24% of all homes sold in El Dorado Hills in November, the same as the previous month.
The average cost per square foot of REO homes in November was $ 128, down from $ 134 the previous month, and
the lowest reported in over a year. The cost per square foot of all El Dorado Hills Homes sold in November dropped eight dollars, to $ 151. This statistic is also the lowest reported in over a year.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO homes represented a 15% savings for REO buyers in November, the same as reported for October.
The overall sales price for REO homes was 89% of the final asking price, and 80.2% of the original asking price. These numbers are also the lowest reported since we started these reports. It looks like some older inventory has been cleaned out in November. One could guess that the condition of the homes sold was not up to normal standards. Only 22% of the buyers paid more than the asking price for REO homes in November.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in July, $ 23 per square foot. That is a $ 57,500 savings on a 2500 square foot home, A much larger difference than normal.
If you have any questions about the data provided on Bank Owned Homes sold in El Dorado Hills, feel free to give us a call at (916) 337-0658. If you need assistance in finding the best bank owned deal we are the El Dorado Hills Realtor you should contact.
The data follows:
BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA –OCTOBER 2010
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR October 2010
This is a continuation of our three year long monthly report on Bank Owned (REO) home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in October 2010.
There were 13 Bank Owned homes sold in October, up from 5 in September. That September number was the smallest number of REO homes sold in one month since we have been reporting this data.
REO inventory in El Dorado Hills spiked to a 6.4 month supply in September and dropped back into the normal range wit a 2.2 month supply in October.
The inventory for all available homes dropped from a 5.5 month supply last month to a 4.7 month supply in October. A six month supply is considered a neutral market.
The average days-on-market decreased from 45 days last month to 38 days in October. None of the REO homes that sold this month had been on the market for over 100 days and four of the REO homes sold were on the market two weeks or less.
The 13 REO homes that sold represent only 24% of all homes sold in El Dorado Hills in October, within the normal 
range.
The cost per square foot of REO homes in October was $ 134, down from $ 142 the previous month. The cost per square foot of all El Dorado Hills Homes sold in October dropped four dollars, to $ 159.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO homes represented a 15% savings for REO buyers in October, a little better than in September.
The overall sales price for REO homes was 98.8% of the final asking price, and 92.7% of the original asking price. And 47% of the buyers paid more than the asking price for REO homes in October.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in July, $ 25 per square foot. That is a $ 60,000 savings on a 2500 square foot home, A much larger difference than normal.
If you have any questions about the data provided on Bank Owned Homes sold in El Dorado Hills, feel free to give us a call at (916) 337-0658. If you need assistance in finding the best bank owned deal we are the El Dorado Hills Realtor you should contact.
The data follows:
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – OCTOBER 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR October 2010
This is a continuation of a three year study of Bank Owned home sale in Folsom, CA. This report covers REO homes sold in October 2010.
There were 19 REO homes sold in October, up from 11 in September. Lenders continue to release these homes for sale at a very slow pace in order to avoid causing major problems in the housing market. A glut of low priced homes would be catastrophic to an already shaky market.
The average days-on-market statistic for the month was 78, up from 73 the previous month. The trend for the length of time REO homes are on the market is increasing. Six of the homes sold had been on the market over 100 days. Only two of the REO homes sold had been on the market for two weeks or less, a much smaller number than has been reported over the past years.
The 19 homes sold represent 24% of all homes sold in Folsom, on the lower end of the normal range.
The overall home inventory in Folsom increased to a 6 month supply, the highest level of inventory in well over fourteen months. The overall is trending up over the past year. We had a 2.9 month supply last October. The inventory for REO homes peaked for the last year in July with a 4.7 month supply and has dropped steadily since. The present inventory in October was a 1/7 month supply. A six month supply is considered a neutral market.
The average cost per square foot of REO homes sold in October decreased to $ 154, down considerably from $ 166
the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 5% savings for REO buyers. That is the same as reported the previous month.
The overall sales price for REO homes was 95% of the final asking price. And only 11% of the buyers paid more than the asking price for their bank owned home in September. There was a $ 9 dollar per square foot savings in the purchase of REO homes, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 22,500 savings, something worth considering when selecting a home: not a small sum.
If you have any questions about purchasing a Folsom REO or an REO anywhere in the area, or are just looking for the best buys available feel free to call us at (916) 337-0658.
The data follows:
NEW HUD HOME BUYER VIDEO: SHOPPING FOR YOUR LOAN
New HUD Home Buyer’s Video Clip: Shopping For Your Loan
The Department of Housing and Unban Development has just come out with a three video series designed to help home buyers better understand the home buying and financing process. The videos are straight forward and easy to understand. They range from 10 to a little over 12 minutes long and are a MUST VIEW for any first-time home buyer. More experienced home buyers may also find them helpful.
Here is a link to the first of the three, Shopping For Your Loan: http://www.youtube.com/user/HUDchannel#p/a/u/1/RdwxqiVwsOA
This link takes you to the video which covers the loan. It explains the Good Faith Estimate and the HUD-1 and how to interpret them. This video may be a bit dry for some viewers and a little complex for those not familiar with the loan process.
Anyone who is seriously considering the purchase of a home should take the time to view these videos. It might be prudent for home sellers to view the videos as well.
If, after viewing the video, you have any questions or need assistance in finding the best deal on a home, feel free to give us a call at (916) 337-0658, or e-mail Mike@BuyYourVilla.com.
Serving El Dorado Hills, Folsom, Cameron Park, Placerville, El dorado, Sacramento and Place counties.