/via Housing Wire: Shadow Inventory Could Take Four Years to Clear: Morgan Stanley
The shadow inventory of homes with delinquent mortgages yet to move through the foreclosure process would take 47 months to clear at the current sales rate in the market, according to a newly-published housing finance report from Morgan Stanley
/via Allan Glass: May California Foreclosure Report – Where are the REO’s
In his stat filled post that’s defintiely worth checking out, Glass concludes that,
If you’re an investor and haven’t educated yourself on buying at trustee sales or are waiting for the REO’s to fall into you lap, you’ll likely keep waiting. If you’re a Realtor® still trying to figure out how to become an REO broker, you’re missing the boat.
/via bubbleinfo.com: More on RE Revolution
There’s some great info in this post from Jim Klinge, AKA JimtheRealtor(<-I highly recommended his YouTube channel), where he takes on a tough topic and shares his 'Thoughts About Going Direct to the Listing Agent‘ & nails it IMO.
If you’re an investor looking to purchase Fannie Mae REO properties, then their new First Look initiative will be of interest to you.
To provide owner occupants and public entities an advantage in purchasing Fannie Mae-owned foreclosed properties, the company has created the First Look initiative. With First Look, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.
Ready, Set, Wait 15 Days
On the heels of today’s federal reserve announcement
that they’re injecting $200 billion into the economy in hopes reviving the ailing markets, here are your latest East Bay foreclosure lists.
photo credit to Scott Beale / Laughing Squid
After a brief hiatus, the East Bay bank owned foreclosure (REO) lists are back.
Thanks to Norman’s hard work, you can download the newest set of active East Bay REO / Bank Owned Foreclosure listings in Excel Spreadsheet form. Since they’re in Excel, you can sort and modify them to your liking.
Once again, if you have any questions about a particular property, or purchasing REOs/Foreclosures in general, feel free to call us. We deal with this type of property all day and love to work with people who recognize the value that we can bring to a transaction.
Alright, without further ado…
As a follow-up to last month’s REO surprise, “that one out of every five listings in the SF Bay Area is REO, Bank Owned Properties,” we asked ourselves another question.
What is really influencing housing inventory and pricing in the SF Bay Area?
We’ve always heard that new construction has been the main culprit with overbuilding leading to a glut of houses for sale. All that new housing located along highway 4, Antioch, Brentwood, Pittsburg, Oakley seems to have led the way. After all, those areas are seeing between a 15 to 25% drop from last year’s prices. (Median prices compared on a year to year basis for January).
So we ran some numbers again using DQ News and EBRD MLS services to see which has the greatest influence over listings and sales on a city by city basis. Numbers were pulled as of January 31, 2008.
Well, with all of the subprime fallout, foreclosures, and REO news rolling around in the news, maybe it really isn’t such a surprise.
The following list seems to put it in perspective.
Reasons may vary, and differ depending on location. However, it is apparent that REOs, Bank Owned Properties, are now, the major influence on housing inventory and sales in the SF Bay Area.
Banks are the competition in a big way for sellers. Banks think differently about selling. Banks are becoming more aggressive in selling their properties. Not much in show or presentation, simply priced below the competition.
In many of our conversations this week, we’ve been hearing that activity has picked up. The word seems to be that “investors” are looking for bargains in the marketplace.
We have to agree that we are seeing that with our own REO listings. So we have to ask ourselves the next big question, will investors be leading the way?
Maybe they’re smart enough to realize that timing a real estate market bottom is next to impossible. Maybe with low interest rates, lots of choices, and not many other buyers out there, this just may be the right time to pick up a bargain.
So, this is that awkward Sunday after the super bowl when it finally sets in there’s more to Sunday than football from 10-8:30 eh? At least the weather is great out here in the Bay Area. In the upper Midwest, the temperatures are struggling just to get into the black.
We were thinking of putting together a “How to Buy an REO Property” workshop on a weekend day, where we would actually go out and tour and analyze a few active REO listings together after an introductory class & a catered lunch. If there’s interest, I think we could put the first one together by early-to-mid April.
In the meantime, here’s this week’s Active REO listings…
Since today is both Super Tuesday & Fat Tuesday, that makes today’s extra special set of East Bay Foreclosure/REO listings the ‘Super Fat Tuesday Edition’. (REO Wikipedia)
Using the links below, you can download the complete set of lists in one fell swoop; or if you’re looking for something in particular, you can download the list that fits your criteria.
Quick factoid of the week. Since we started publishing these weekly lists in December, they’ve been downloaded a total of 1450 times.
So without further ado, here’s this week’s lists…
Oh yeah, while your at it, don’t forget to check out our REO listings here.
& Norm’s post on How to Buy a Bank Owned Foreclosure in 4 Easy Steps
flickr photo credit: bitzcelt tag: fat tuesday
- It’s absurd that I can’t clone an expired listing. I know that they’re trying to stop people from gaming the system, but c’mon. #
- New Mastersounds: Live at Quixote’s on 2007-06-01 getting me through the afternoon – http://urltea.com/2iyf #
- Tracking a new metric: % of REOs / Active Listings #foreclosures #housing # Read more
While I’d like to fully attribute it to the power of social media, and in particular, this post that got their attention; I’ll put this piece of news in the ‘I’ll take it any way I can get it category’.
I just received word that my fellow team member Glen Bell who has been working his butt off to get approved as a preferred vendor with a certain troubled large lending institution (who may have a lot more REO’s than they’re willing to admit), may have just managed to get us in.
OK, I’ve been holding onto this one like a kid with a $100 bill in my pocket walking down a street lined with candy stores, but I think the time has come to unleash this lil earworm on you all. Try to get this one out of your head.
Now we just need to find Roy. Word has it he’s the next big thing.