Signs Of Recovery Are Out There
Finally some good news coming out of the housing market.
From CNN Money New home sales: ‘Really good news’
The Wall Street Journal Home Prices Rise Across U.S.
NPR’s All Things Considered Housing Market Shows Some Signs Of Recovery
NPR’s piece has this quote:
Anita Shishmanian is a real estate agent who just sold a condo in the town of Belmont, Mass., outside Boston. This time last year, she would hold an open house and it was like she was at a funeral for somebody with no friends or relatives — it was just quiet and kind of depressing. But over the course of this spring she has watched that change.
“I had one not so long ago — [a] single family home and had an open house and was swamped with buyers — real swamped,” she says. “At the end of the day I had something like five offers come in. I certainly do sense a turn.”
I mention this, because we’re seeing the same thing here in the East Bay. Multiple offers on our listings is the norm again. Today an office mate remarked that “It’s like 2005 all over again” & while he wasn’t totally serious, it does sort of seem like it.
That being said, it’s definitely not all roses out there, but it’s nice to hear some good news every once in a while
"You Mean This is Still MY Headache?" Lenders Abandoning Foreclosed Properties
From my home state of Wisconsin…
Rodney Lass figured his days as a homeowner were over when he was hit with a foreclosure judgment more than a year ago.
He stopped rehabbing his two-story Bay View home and moved on.
But what Lass didn’t realize until recently is that the house remains in his name today.
He’s still responsible for the taxes, upkeep of the property and the mortgage, leaving Lass perplexed.
continued at Lenders abandoning foreclosed properties – JSOnline.
East Bay Housing Statistics: Glen’s June Numbers
Here’s the latest East Bay Numbers.
REO inventory is being depleted without replenishment, more buyers and investors are coming into the market, and escrows are now taking longer due in part to appraisal changes, underwriting overload, and in general a slower process with bank owned properties.
I’ve been tracking 38 cities in the East Bay for over four years now. This is the lowest inventory I’ve seen, the highest pending/over active ratio, and month’s supply is near the levels of mid 2005.
We’re now into our fourth month showing this trend. It’s really become a seller’s market in many areas.
I’ve attached my spreadsheet for your review and also included a summary I wrote two months ago on the dramatic changes taking place in our market place.
We’ve anticipated that this “window” may be just that with all the indications of more foreclosures coming onto the market. However, that hasn’t taken place yet. In the meantime we have buyers scrambling for fewer properties.
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