Realty World – Providence Properties

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Single Family Residential
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Actives:
San Benito County-198 of which REO/Bank Owned-30 or 15%
Hollister-127 of which REO/Bank Owned-23 or 18%
Pendings:
San Benito County-198 of which REO/Bank Owned-32 or 16%
Hollister-160 of which REO/Bank Owned-27 or 17%
Absorption Rate:
San Benito County-.95 months supply of inventory or 29 days
Hollister-.79 months supply of inventory or 24 days
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Solds for the week: 2
High-$665,000 Equity Sale-FHA Loan
Low- $195,000 REO/Bank Owned-All CASH
Full-Price/Over-Asking-1 or 50%
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Sale Type:
REO-1 or 50%
Equity Sale-1 or 50%
Short Sales-none
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Financing Type:
FHA Loan-1 or 50%
All CASH- 1 or 50%
Conv. 1st-none
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 Whoa! Just when you think it can’t get worse…2 closed sales this week….the short sales are suspiciously absent…what could that be? Another new ineffective government program? HAFA was rolled out the beginning of April…it’s August! Short Sale closings ought to be rockin and rollin by now 4 months, please a regular Short Sale can get done in that amount of time…just a thought…have no proof except the last 2 weeks the short sales closings have vanished….

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Single Family Residential
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Actives:
San Benito County-178 of which REO/Bank Owned-26 or 15%
Hollister-111 of which REO/Bank Owned-19 or 17%
Pending:
San Benito County-179 of which REO/Bank Owned-29 or 16%
Hollister-148 of which REO/Bank Owned-26 or 18%
Absorption Rate:
San Benito County-1 month supply of inventory
Hollister-.75 months supply of inventory or 23 days
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Solds for the week: 18 (couple of later reporting’s skew #’s)
High Sold: $700,000 Equity Sale, New Conv. 1st
Low Sold: $55,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 7 or 39%
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Sale Type:
REO/Bank Owned-11 or 61%
Equity Sale-4 or 22%
Short Sale-3 or 17%
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Financing Type:
New Conv. 1st-7 or 39%
All Cash-5 or 28%
FHA Loan-4 or 22%
VA Loan-1 or 6%
USDA Loan-1 or 6%
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Wow! For some reason it feels like the market has fallen off a cliff…..Whatever cycle the market is in there is still a micro-cycle within and we are in what I call the dregs of summer! That being said…our absorption rate for the San Benito County has reached 1 month. We have not seen this number in probably 2 years. Interest Rates remain historically low i.e. around 4.5% but lending standards are tougher than we’ve ever seen. The economy seems worse than what we’re hearing in the news…..Our market values have come down about 58% from the peak so if you can make a purchase…it is an awesome time to buy!