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Fri, 03 Sep 2010 19:39:00 +0000 La Jolla, CA Condominium Housing TrendsThu, 02 Sep 2010 07:19:00 +0000 La Quinta, CA Condominium and Foreclosure Statistics La Quinta, CA condominium property values have fluctuated throughout the past year but have declined 4.8% overall indicating a declining property values trend. There are currently 37 months of condominium inventory based on last month's total of 5 sales indicating a severely over supplied trend. The median marketing time over the past month was 135 days indicating a marketing time trend of 3-6 months. Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicates that the risk of property value declines will continue into the near future. Sales & Foreclosure / Short Sale Related Statistics: (all residential properties, not just condominiums) Past 30 Days (MLS) * 83 Total Sales * 31% of all sales were bank sales * 35% of all sales were short sales 1 Year Ago (MLS) * 111 Total Sales * 40% of all sales were bank sales * 17% of all sales were short sales Currently: * 274 Bank owned homes (CoreLogic) * 327 Properties in foreclosure (CoreLogic) * 273 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic) * 85 Bank owned property listings in MLS (active, in escrow, and awaiting bank approval) * 69% of bank owned homes not actively listed in the MLS * 16 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last month’s sales in the local MLS. Brian Ward Wed, 01 Sep 2010 19:19:00 +0000 Rancho Mirage, CA Housing Statistics When comparing the most recent 6 month period with the same period last year the median $/Sqft of properties decreased 8.3% but when comparing the most recent 6 month period with the previous 6 month period the median $/Sqft increased 6.6%. The market area is subject to seasonal purchasing trends with summer historically being the least desirable buying period due to high desert temperatures. Because of this, it is my opinion the the recent change in property values indicates a market stabilization. There are currently 11.3 months of housing inventory indicating a balanced supply and demand trend. Over the past 3 months, properties sold after an average cumulative marketing period of 184 days and a median of 126 days, indicating a borderline marketing time trend of 3-6 months with over 6 months. Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicates that the risk of property value declines will continue into the near future. Sales & Foreclosure / Short Sale Related Statistics: Past 30 Days (MLS) * 43 Total Sales * 14% of all sales were bank sales * 12% of all sales were short sales 1 Year Ago (MLS) * 54 Total Sales * 13% of all sales were bank sales * 6% of all sales were short sales Currently: * 88 Bank owned homes (CoreLogic) * 334 Properties in foreclosure (CoreLogic) * 85 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic) * 48 Bank owned property listings in MLS (active, in escrow, and awaiting bank approval) * 45% of bank owned homes not actively listed in the MLS * 46 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last month’s sales in the local MLS. Mon, 23 Aug 2010 17:11:00 +0000 The Age of the Housing Boom May Be OverYesterday The New York Times published an article entitled 'Housing Fades as a Means to Build Wealth, Analysts Say'. As someone who works in the real estate industry, I would like to add to the article my own perceptions and opinions.
The article basically describes what the title states - don't expect your house to make money for you anymore. Here in California, many friends and associates of mine have held to a belief that housing prices roughly double every 10 years. This has easily been true here on the coast, but I have been cautioning them for years that it is not a natural progression of the housing market, but instead a reaction of the market to changes in our society and economy.
In the late 1940's and the 1950's, after World War II, the American economy was booming. This was due in large part to the large military industrial infrastructure's conversion to civilization use and the tremendous job opportunities that arose as the world rebuilt. Unlike many other countries that participated in the war, the American infrastructure was not destroyed which gave us an advantage for many years. The ensuing spread of wealth in the United States, plus advances in the mass construction of housing, resulted in a strong middle-class that was able to, relatively easily, provide well for their families and live the American dream of owning real estate. A real estate boom was on!
Then, in the decades that followed, there was a significant shift in the work force. Women became a more significant portion of the workforce and the family income potential doubled. Because families had more wealth, they were able to afford more expensive houses. But because this was true of most families, the pricing competition for housing increased dramatically, driving up the prices of homes. Another boom in housing market was on!
In the 1980's, credit became widely available to the middle class in a way it had not before and our collective consciousness regarding credit shifted. As a whole, we became more accepting of massive debt, relative to prior years. This had the effect of stimulating the economy because there was an injection of capital into our economy from the credit that was introduced and spent. Likewise, greater amounts of debt for housing became more and more acceptable, increasing housing prices through the 1990's.
In the early 2000's, the United States economy experienced the Dot Com stock market bubble burst and the September 11th attacks causing our economy to take a hit as well as the confidence in our collective future. War in Afghanistan and Iraq shortly followed which further threatened our sense of stability. This is conjecture, but I believe that we reduced the requirements for loans, the cost of money (interest rates), and the protections (regulations) in the credit industries to encourage the housing market boom, that lasted until 2006-2007, in an attempt to ensure confidence in the American economy and way of life through individual wealth building and spending ability. People spending their real estate equity and credit card balances were rampant. In 2005, after Hurricane Katrina hit, a new need for the confidence building and economic stimulus arose which I believe extended our unsound lending and borrowing practices, extending the housing boom until 2006-2007 when the housing market crashed.
Because housing prices react to societal and economic changes and do not naturally and rapidly increase on their own, the question is - What will be the next stimulator? It is my opinion, and the opinion of the analysts in The New York Times article, that there very well may not be another stimulus and that the days of rapid wealth building through real estate, as a whole, are over. Exacerbating this further is the global equalization in jobs and wages that is occurring where the American worker is being frozen or brought down in their wages until we are equal to the rest of the world - and the rise in interest rates that will likely have to happen eventually and which will increase the cost of homes to borrowers without increasing home values.
Thinking positively, there could be two potential upsides to real estate price increases, though they may be in the distant future and out of reach of the typical American. The first is the foreign purchasing of American real estate. As wealth is built around the world, even if it is not specifically happening in the United States, the number of buyers of our real estate will grow which in turn will drive up prices, beginning in what has been, historically, the most desirable areas - such as along the coasts. Buying in these areas could continue to be the best real estate wealth building investments in the United States. The second is the buying of real estate throughout the developing world. Governments and investors are thinking globally and there may be a global real estate boom that we should consider in our real estate investment purchasing decisions.
In my opinion, the smartest plan for homeowners going forward is a return to sound home buying practices where we can reasonably, and perhaps easily, afford the houses we buy and to buy the house that we will be happy in for the rest of our lives. It is likely no longer reasonable to buy a home that we hope will boost our retirement and wealth.
Fri, 20 Aug 2010 21:24:00 +0000 San Jacinto, CA Housing StatisticsWhen comparing the most recent 3 month period with the same period last year the average $/Sqft of properties in San Jacinto increased 5.9% from $63.27 to $67.24 which indicates an increasing property values trend. However, between the two most recent 3 month periods the the $/Sqft of properties changed less than than 0.4% indicating a stable property values trend. There are currently 7.5 months of housing inventory indicating a balanced supply and demand trend. Over the past 3 months, properties sold after an average marketing period of 59 days, indicating a marketing time trend of 0-3 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicates that the risk of property value declines will continue into the near future.
Sales & Foreclosure / Short Sale Related Statistics: Past 30 Days (MLS) * 61 Total Sales * 56% of all sales were bank sales * 21% of all sales were short sales * 136 Total number of new listings * 35% of new listings were bank listings * 26% of new listings were short sale listings
1 Year Ago (MLS) * 105 Total Sales * 93% of all sales were bank sales * 8% of all sales were short sales * 124 Total number of new listings * 63% of new listings were bank listings * 24% of new listings were short sale listings
Currently: * 419 Bank owned homes (CoreLogic) * 441 Properties in foreclosure (CoreLogic) * 253 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic) * 126 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 70% of bank owned homes not actively listed in the MLS * 24 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last month's sales in the local MLS.
Wed, 18 Aug 2010 23:57:00 +0000 El Cajon, CA 92021 Housing StatisticsWhen comparing the most recent 3 month period with the same period last year the median $/Sqft of properties in the El Cajon zip code of 92021 increased 5% from $190.05 to $199.64 which indicates an increasing property values trend. There are currently 7.7 months of housing inventory indicating a balanced supply and demand trend. Over the past 3 months, properties sold after a median marketing period of 29 days and an average marketing time of 45 days, indicating a marketing time trend of 0-3 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicates that the risk of property value declines will continue into the near future.
Sales & Foreclosure / Short Sale Related Statistics: Past 30 Days (MLS) * 51 Total Sales * 35% of all sales were bank sales * 22% of all sales were short sales
1 Year Ago (MLS) * 60 Total Sales * 33% of all sales were bank sales * 17% of all sales were short sales
Currently: * 179 Bank owned homes (CoreLogic) * 198 Properties in foreclosure (CoreLogic) * 152 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic) * 62 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 65% of bank owned homes not actively listed in the MLS * 18 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last month's sales in the local MLS.
 Thu, 12 Aug 2010 04:55:00 +0000 Carlsbad, CA 92009 Housing StatisticsWhen comparing the most recent 3 month period with the same period last year the median $/Sqft of properties in the the Carlsbad, CA zip code of 92009 increased 1.8% from $257.79 to $262.49, which is a negligible difference and indicates a stable property values trend. There are currently 7.9 months of housing inventory indicating a balanced supply and demand trend. Over the past 3 months, properties sold after a median marketing period of 31 days and an average marketing time of 60 days, indicating a marketing time trend of 0-3 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future.
Foreclosure / Short Sale Related Statistics:
Past 30 Days (MLS)
* 64 Total Sales
* 5% of all sales were bank sales
* 16% of all sales were short sales
1 Year Ago (MLS)
* 45 Total Sales
* 24% of all sales were bank sales
* 9% of all sales were short sales
Currently:
* 105 Bank owned homes (CoreLogic)
* 149 Properties in foreclosure (CoreLogic)
* 116 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 26 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 75% of bank owned homes not actively listed in the MLS
* 28 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS.
Brian Ward
Real Estate Appraiser
brianwardappraisal@gmail.com Tue, 10 Aug 2010 14:48:00 +0000 San Diego, CA 92111 Housing StatisticsWhen comparing the most recent 6 month period with the same period last year the median $/Sqft of properties in San Diego, CA 92111 decreased from $241.01 to $212.84 which is an 11.7% decrease but when comparing the most recent 6 month period with the previous 6 month period the median $/Sqft increased from $196.41 (8.4%) which indicates that the market is currently in an increasing property values trend. There are currently 5.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold after a median marketing period of 32 days and an average marketing time of 74 days, indicating a marketing time trend of 0-3 months.
There were 7 bank (REO) sales over the past month which was 18% of all sales and consistent with the same period last year when there were 9 REO sales which was 20% of all sales. Similarly, there were 4 short sales over the past month (10% of all sales) and over the same period last year (9% of all sales). Over the past month there were 12 new REO listings which was 19% of all new listings which is a decrease from the same period last year when there were 17 new REO listings which was 30% of all new listings indicating a decrease in the ratio of REO listings, although there is evidence that there may not a decrease in the supply of REO properties.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future.
Foreclosure / Short Sale Related Statistics:
Past 30 Days (MLS & CoreLogic)
* 39 Total Sales
* 18% of all sales were bank sales
* 10% of all sales were short sales * 19% of new listings that are bank (REO) listings.
1 Year Ago (MLS)
* 45 Total Sales
* 20% of all sales were bank sales
* 9% of all sales were short sales * 30% of new listings that are bank (REO) listings.
Currently:
* 67 Bank owned homes (CoreLogic) * 107 Properties in foreclosure (CoreLogic) * 64 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 25 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 63% of bank owned homes not actively listed in the MLS
* 22 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS.
Brian Ward Real Estate Appraiser Fri, 06 Aug 2010 20:32:00 +0000 Coachella, CA 92236 Housing StatisticsWhen comparing the most recent 3 month period with the same period last year the median $/Sqft of properties in the city of Coachella, CA increased from $78.46 to $85.03 which is an 8.4% increase and but indicates an increasing property values trend. There are currently 9.1 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold after a median marketing period of 49 days and an average marketing time of 90 days, indicating a marketing time trend of 0-3 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future.
Foreclosure / Short Sale Related Statistics:
Past 30 Days (MLS)
* 26 Total Sales
* 38% of all sales were bank sales
* 46% of all sales were short sales
1 Year Ago (MLS)
* 50 Total Sales
* 64% of all sales were bank sales
* 28% of all sales were short sales
Currently:
* 265 Bank owned homes (CoreLogic)* 233 Properties in foreclosure (CoreLogic)* 152 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 74 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 72% of bank owned homes not actively listed in the MLS
* 30 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS.
Brian WardReal Estate Appraiserbrianwardappraisal@gmail.com Wed, 04 Aug 2010 21:52:00 +0000 Palm Desert, CA Housing Statistics
When comparing the most recent 3 month period with the same period last year the median $/Sqft of properties in the city of Palm Desert, CA zip code of 92027 decreased from $161.70 to $159.50 which is a 1.4% decrease but indicates a stable property values trend. There are currently 8.5 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold after a median marketing period of 105 days and an average marketing time of 155 days, indicating a marketing time trend of 3-6 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future.
Foreclosure / Short Sale Related Statistics:
Past 30 Days (MLS)
* 68 Total Sales
* 22% of all sales were bank sales
* 13% of all sales were short sales
1 Year Ago (MLS)
* 65 Total Sales
* 35% of all sales were bank sales
* 2% of all sales were short sales
Currently:
* 287 Bank owned homes (CoreLogic)* 305 Properties in foreclosure (CoreLogic)
* 229 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 61 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 79% of bank owned homes not actively listed in the MLS
* 34 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS.
Brian Ward
Real Estate Appraiser
brianwardappraisal@gmail.com brianwardappraisal@gmail.comhttp://www.palmdesertappraiser.comThu, 29 Jul 2010 20:30:00 +0000 Escondido, CA 92027 Housing StatisticsWhen comparing the most recent 3 month period with the same period last year the median $/Sqft of properties in the Escondido zip code of 92027 increased from $152.42 to $180.91 which is a 19% increase and indicates an increasing property values trend. When comparing the most recent 3 month period with the previous 3 month period the median $/Sqft of properties decreased 2.9% indicating that although property values increased over the past year, it has stabilized recently. There are currently 7.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold after a median marketing period of 33 days and an average marketing time of 77 days, indicating a marketing time trend of under 3 months. Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future. Foreclosure / Short Sale Related Statistics: Past 30 Days * 48 Total Sales * 19% of all sales were bank sales * 26% of all sales were short sales 1 Year Ago * 82 Total Sales * 41% of all sales were bank sales * 16% of all sales were short sales Currently: * 106 Bank owned homes * 249 Properties in foreclosure * 162 Properties with mortgages 60+ days late but not in foreclosure * 42 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 60% of bank owned homes not actively listed in the MLS * 24 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS. Brian Ward Real Estate Appraiser Escondido@ca-appraiser.comhttp://escondido.ca-appraiser.com/Thu, 29 Jul 2010 19:13:00 +0000 San Diego, CA 92154 Housing StatisticsThe median $/Sqft of properties over the past year changed +2.3% when comparing the most recent 3 month period with the same period last year, indicating a stable property values trend. There are currently 7.4 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold ofter a median marketing period of 40 days and an average marketing time of 76 days, indicating a marketing time trend of under 3 months. Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future. Foreclosure / Short Sale Related Statistics: * 29% of all sales were bank sales * 27% of all sales were short sales * 50% of all sales were bank sales * 19% of all sales were short sales * 360 Properties in foreclosure * 222 Properties with mortgages 60+ days late but not in foreclosure * 66 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 58% of bank owned homes not actively listed in the MLS * 24 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the MLS. Brian Ward
Real Estate Appraiser brianwardappraisal@gmail.com Tue, 27 Jul 2010 21:30:00 +0000 San Diego, 92103 Housing StatisticsWhen comparing the most recent 6 month period with the same period last year, the median $/Sqft of properties in the San Diego zip code of 92103, the median price $/Sqft increased from $426.15 to $428.59 which is a 0.5% increase and indicates a steady property values trend. There are currently 7.4 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold ofter a median marketing period of 28 days and an average marketing time of 59 days, indicating a marketing time trend of under 3 months. According to Sandicor MLS, the number of sales has decreased 28% while the ratio of bank sales and short sales to total sales has increased 256%.
Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future. Foreclosure / Short Sale Related Statistics: * 24% of all sales were bank sales * 16% of all sales were short sales * 9% of all sales were bank sales * 6% of all sales were short sales * 56 Properties in foreclosure * 49 Properties with mortgages 60+ days late but not in foreclosure * 20 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 80% of bank owned homes not actively listed in the MLS * 20 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS. Brian Ward
Real Estate Appraiser brianwardappraisal@gmail.com Fri, 23 Jul 2010 19:06:00 +0000 Murrieta, CA 92562 Housing Statistics as of 07/22/2010The average $/Sqft of properties over the past year changed +5% when comparing the most recent 3 month period with the same period last year, indicating an increasing property values trend. There are currently 6.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold in an average of 77, indicating a marketing time trend of under 3 months. Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future. Foreclosure / Short Sale Related Statistics: * 38% of all sales were bank sales * 29% of all sales were short sales * 56% of all sales were bank sales * 18% of all sales were short sales * 452 Properties in foreclosure * 309 Properties with mortgages 60+ days late but not in foreclosure * 122 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 59% of bank owned homes not actively listed in the MLS * 15 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the MLS. Brian Ward
Real Estate Appraiser brianwardappraisal@gmail.com Tue, 13 Jul 2010 22:09:00 +0000 Santee, CA 92071 Housing StatisticsThe median $/Sqft of properties over the past year changed +6% which and between to two most recent 3 month periods it changed +2% indicating an increasing property values trend. There are currently 3 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold in an average of 51 days and a median of 30 days after being listed indicating a marketing time trend of under 3 months. Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future. Foreclosure / Short Sale Related Statistics: * 28% of all sales were bank sales * 33% of all sales were short sales * 31% of all sales were bank sales * 23% of all sales were short sales * 183 Properties in foreclosure * 173 Properties with mortgages 60+ days late but not in foreclosure * 16 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 84% of bank owned homes not actively listed in the MLS * 12 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the MLS.
Brian Ward
Real Estate Appraiser brianwardappraisal@gmail.com (619) 618-4252 Fri, 09 Jul 2010 20:02:00 +0000 San Diego, CA 92124 Housing Statistics
**Brian Ward is a real estate appraiser covering all of San Diego County and eastern Riverside County**
The median $/Sqft of properties over the past year increased 5% but has declined 2.5% between the two most recent 3 month periods, indicating an overall stable property values trend. There are currently 1.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold in an average of 49 days and a median of 25 days after being listed indicating a marketing time trend of under 3 months. Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible, although the subject's market area has one of the lowest ratios of bank/short sales to total sales in San Diego County. Foreclosure / Short Sale Related Statistics: * 8% of all sales were bank sales * 15% of all sales were short sales * 11% of all sales were bank sales * 17% of all sales were short sales * 28 Properties in foreclosure * 31 Properties with mortgages 60+ days late but not in foreclosure * 9 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 44% of bank owned homes not actively listed in the MLS * 13 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the MLS.
Brian Ward
Tue, 06 Jul 2010 21:59:00 +0000 San Diego, CA 92131 Housing StatisticsThe median $/Sqft of properties over the past year declined 1.6% which is a negligible change and indicates a stable property values trend. There are currently 4.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold in an average of 41 days and a median of 22 days after being listed indicating a marketing time trend of under 3 months. Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A steady supply of potential foreclosures indicate that the risk level for market declines will continue into the near future. Although historically high, the ratio of bank sales, foreclosures, and short sales is among the lowest compared with other areas of San Diego County. Foreclosure / Short Sale Related Statistics: * 15% of all sales were bank sales * 14% of all sales were short sales * 6% of all sales were bank sales * 7% of all sales were short sales * 78 Properties in foreclosure * 64 Properties with mortgages 60+ days late but not in foreclosure * 10 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 81% of bank owned homes not actively listed in the MLS * 12 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the MLS.
Brian Ward
Tue, 06 Jul 2010 17:37:00 +0000 Chula Vista, CA 91913 Housing StatisticsThe median $/Sqft of properties over the past year increased 2% and between the two most recent quarters they declined 1%. These are negligible changes and indicate a stable property values trend. There are currently 2.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold in an average of 75 days and a median of 40 days after being listed indicating a marketing time trend of under 3 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A steady supply of potential foreclosures indicate that the risk level for market declines will continue into the near future.
I find it important to note that although the ratio of bank and short sales have declined over the past year, property values have remained steady which may indicate actual/net property value declines. Bank sales and short sales tend to sell for less, on average, than conventional sales, if for no other reason than they tend to more often been in substandard condition.
Foreclosure / Short Sale Related Statistics: * 30% of all sales were bank sales * 34% of all sales were short sales * 64% of all sales were bank sales or short sales * 57% of all sales were bank sales * 19% of all sales were short sales * 76% of all sales were bank sales or short sales * 331 Properties in foreclosure * 229 Properties with mortgages 60+ days late but not in foreclosure * 26 Bank listings in MLS (active, in escrow, and awaiting bank approval) * 50% of bank owned homes not actively listed in the MLS * 14 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the MLS.
Brian Ward Real Estate Appraiser Fri, 02 Jul 2010 20:58:00 +0000 Poway, CA Housing Market StatisticsProperty values have increased 8% over the past year but have been steadied between the two most recent 3 month periods indicating a stable property values trend. There are currently 7.8 months of housing inventory indicating a balanced supply and demand trend. Properties sold in an average of 55 days and a median of 28 days after being listed over the past 3 months indicating a marketing time trend of under 3 months. Foreclosure / Short Sale Related Statistics: * 11% of all sales were bank sales * 11% of all sales were short sales * 23% of all sales were bank sales or short sales * 25% of all sales were bank sales * 5% of all sales were short sales * 30% of all sales were bank sales or short sales * 144 Properties in foreclosure * 122 Properties with mortgages 60+ days late but not in foreclosure * 18 Bank listings in MLS (active, in escrow, and awaiting bank approval) from bank owned properties * 73% of bank owned homes not actively listed in the MLS These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.
Brian Ward (858) 367-4577
Fri, 02 Jul 2010 04:08:00 +0000 Menifee, CA 92584 Housing Market StatisticsProperty values have fluctuated throughout the past year but are 1% different overall indicating a stable property values trend. There are currently 1.1 months of housing inventory indicating a borderline balanced and shortage supply and demand trend. Properties sold in an average of 73 days after being listed over the past 3 months indicating a marketing time trend of under 3 months. Foreclosure / Short Sale Related Statistics: From 05/15/2010 to 06/15/2010 * 24% of all sales were bank sales * 38% of all sales were short sales * 62% of all sales were bank sales or short sales From 05/15/2009 to 06/15/2009 * 73% of all sales were bank sales * 7% of all sales were short sales * 80% of all sales were bank sales or short sales * 436 Properties in foreclosure * 308 Properties with mortgages 60+ days late but not in foreclosure * 112 Bank listings in MLS (active, in escrow, and awaiting bank approval) from bank owned properties * 58% of bank owned homes not actively listed in the MLS These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.
Brian Ward (951) 345-6542 Wed, 30 Jun 2010 23:22:00 +0000 La Mesa, CA 91942 Housing Market StatisticsProperty values have fluctuated throughout the past year but are 3% different overall indicating a stable property values trend. There are currently 3.5 months of housing inventory indicating a balanced supply and demand trend. Properties sold in a median of 22 days and an average of 33 days after being listed over the past 3 months indicating a marketing time trend of under 3 months. Foreclosure / Short Sale Related Statistics: From 05/15/2010 to 06/15/2010 * 19% of all sales were bank sales * 10% of all sales were short sales * 29% of all sales were bank sales or short sales From 05/15/2009 to 06/15/2009 * 29% of all sales were bank sales * 4% of all sales were short sales * 33% of all sales were bank sales or short sales * 98 Properties in foreclosure * 85 Properties with mortgages 60+ days late but not in foreclosure * 35 MLS listings (active, in escrow, and awaiting bank approval) from bank owned properties * 75% of bank owned homes not actively listed in the MLS These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks are withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.
Brian Ward (619) 618-4252 Tue, 29 Jun 2010 13:58:00 +0000 San Diego, CA 92139 Housing Market StatisticsOver the past 12 months property values have increased 11.8% and between the 2 most recent 90 day periods property values have increased 3.6% indicating an increasing property values trend. There are currently 9.1 months of housing inventory indicating a balanced supply and demand trend. Properties sold in a median of 30 days and an average of 58 days after being listed over the past 3 months indicating a marketing time trend of under 3 months. Foreclosure / Short Sale Related Statistics: From 05/15/2010 to 06/15/2010 * 25% of all sales were bank sales * 22% of all sales were short sales * 47% of all sales were bank sales or short sales From 05/15/2009 to 06/15/2009 * 40% of all sales were bank sales * 6% of all sales were short sales * 87% of all sales were bank sales or short sales * 134 Properties in foreclosure * 136 Properties with mortgages 60+ days late but not in foreclosure * 42 MLS listings from bank owned properties * 61% of bank owned homes not actively listed in MLS These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks are withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. Brian Ward brian@diegoappraisal.com (619) 272-2032 Tue, 29 Jun 2010 05:56:00 +0000 Temecula, CA 92592 Housing StatisticsOver the past 12 months property values have increased 4.4% and between the 2 most recent 90 day periods property values have changed less than 0.5% indicating a stable property values trend. There are currently 2.5 months of housing inventory indicating a balanced supply and demand trend. Properties sold in a median of 64 days after being listed over the past 3 months indicating a marketing time trend of under 3 months.
Foreclosure / Short Sale Related Statistics:
From 05/15/2010 to 06/15/2010 * 198 Total Sales * 25% of all sales were bank sales * 33% of all sales were short sales * 58% of all sales were bank sales or short sales
From 05/15/2009 to 06/15/2009
* 43% of all sales were bank sales * 20% of all sales were short sales * 63% of all sales were bank sales or short sales
Currently: * 586 Properties in foreclosure * 439 Properties with mortgages 60+ days late but not in foreclosure * 117 MLS listings from bank owned properties * 74% of bank owned homes not actively listed in MLS
These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks are withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.
Brian Ward Mon, 28 Jun 2010 15:44:00 +0000 San Diego, CA 92127 Property Value StatisticsOver the past 12 months property values have increased 10% and between the 2 most recent 90 day periods property bales have increased 4% indicating a consistent and increasing property values trend. There are currently 3.8 months of housing inventory indicating a balanced supply and demand trend. Properties sold in an average of 59 days and a median of 27 days after being listed over the past 3 months indicating a marketing time trend of under 3 months. Foreclosure / Short Sale Related Statistics: From 05/15/2010 to 06/15/2010 * 70 Total Sales * 20% of all sales were bank sales * 9% of all sales were short sales * 29% of all sales were bank sales or short sales From 05/15/2009 to 06/15/2009 * 92 Total Sales * 12% of all sales were bank sales * 10% of all sales were short sales * 22% of all sales were bank sales or short sales
Currently: * 84 Bank owned homes * 159 Properties in foreclosure * 97 Properties with mortgages 60+ days late but not in foreclosure * 24 Property listings from bank owned properties * 71% of bank owned homes not actively listed
These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks are withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.
These statistics are among the most favorable in San Diego County for sellers.
Brian Ward (619) 630-9273 Sun, 27 Jun 2010 22:17:00 +0000 San Diego, CA 92114 Property Value StatisticsWhen comparing the most recent 3 months with the same period last year, the median $/Sqft has risen 20.5% but when comparing the most recent 3 months with the previous 3 months, the median $/Sqft has changed approximately 0.5%, indicating a currently stable property values trend. The demand/supply trend is in balance, indicated the median marketing time of 29 days and the average marketing time of 58 days over the past 3 months.
Foreclosure activity is historically high. In the zip code 92544 there are currently 204 bank owned homes, 292 homes that are in foreclosure with auction dates set, and 276 homes with mortgages 60 or more days late, but that are not in foreclosure. In the MLS, there are 58 unsold bank owned listings which suggests that 71.6% of all bank owned homes are not being actively marketed.
In my opinion, these statistics indicate that future declines from foreclosure related sales are possible and that banks may be maintaining properties off of the market, presumably to influence market stabilization, and property value statistics may not be credible as they may not reflect natural market forces. Also, the recent surge in property values may be due to a reduction in the ratio of bank owned property sales and not an actual increase in property values. Bank sales tend to sell for lower values because the sellers are more distressed than typical sellers and because they are the most likely properties to be in sub-average condition.
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