Home Sales Report for September 2010 – Foreclosure vs Short Sale vs Retail
REO closings hit a high for the year in September with 2,612 closings up 20% from last month. They now make up 43.4% of the home closings.
This could be due to banks changing their position on extending foreclosure dates. We shall see how this trends in the future.
REO Pending also increased to 23.6% of the market while available was at 20.8% of the market. Based on current sales and inventory there is a 2.5 month supply of homes on the market in the REO market. That is a seller’s market.
Short Sales fell off a cliff in September. I waited to re-check the numbers a few days after the 1st to see if it changed. It only did a bit. There were 1395 Short Sales that closed escrow, vs 2002 the previous month. That was a 30.4% drop and made up only 23.2% of the sales. Short Sales continue to dominate the Pending Home category with 53.7% of those homes being Short Sales. Inventory is 31.6% of the market.
Retail sales, those are homes sold by people with equity. They dropped only slightly to 2,019 or 33.5% of the market. Remember, close to half of these are sold by flippers. Those are investors buying from banks or at the trustee sale, fixing the home up and then re-selling it to a new buyer. Retail inventory edged up 2.% and Pending home sales were up 5.9%, gaining market share to 22.7% of the market.
All in all, REO Foreclosure homes dominate the sales, Short Sales dominate the Pending and Retail homes for sale dominate the Active category. Prices in all categories declined, but REO the most. Interesting, because REO homes are in the best situation of supply vs demand. I think it more to do with the product mix than anything else.
Are you a buyer looking to purchase a Short Sale Home at a Great Price? If so, you want to be aware of the fact that some listing agents continue to search out other buyers, keep the home on the market for sale, have other offers and when they get a response from the bank they go back to ALL the buyers looking for highest and best. When you buy a Short Sale, you want an agent that knows the ins and outs. What to look for to secure as the only buyer for that home, The Cameron Team and our buyer specialists are experts in Short Sales and Bank Owned Foreclosure homes. We know the tricks and are your best choice. Call 480-502-7699 or email Jeff@TheCameronTeam.com
Are you a Seller Looking to sell your home in a Short Sale? Before you act, know your options. We have videos that walk you through the process in the privacy of your own home at what every time you wish to watch as many times as possible!
the links below will take you there:
Before Foreclosure and Short Sale: What are my Options?
Before Foreclosure and Short Sale: Save my Home!
Before Foreclosure and Short Sale:
Before Foreclosure and Short Sale: Save my Credit Through Short Sale
Before Foreclosure and Short Sale: Last Step – How to Clean up My Credit!
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