The Numbers are Encouraging if You Understand Them

7 August 2008

The Numbers are Encouraging if You Understand Them

Posted by staceysloan under: Housing and Economy; Housing Recovery .

This is a buyer’s market so obviously the numbers are encouraging to them, not sellers. But, if you think the market is stagnant, if you think people are sitting around waiting, you would be wrong. It is not unusual for any property under $600,000, but especially for a bank owned one to have 6 to 12 offers or more. Orange County had 1,184 bank owned properties in the MLS as of July 11. How many were bought in May? Just about half of them sold with a total of 570. Time needed to sell all foreclosed homes? That was a low number of 44 days. We are nearing the end of loan adjustments for sub-prime loans, which means we are nearing the foreclosure peak and the end all at the same time. Please feel free to call my office at any time and I will let you know current listing counts and the total number of listings that are bank owned. Remember, no one can predict the bottom. People need to decide based on their own circumstance if it is time for them to act. But what is really happening in the market is a far cry from what you read. Affordability increases every day. Congress has passed the “Homeowner Rescue.” Fannie Mae and Freddie Mac are stable and FHA is a phenomenal opportunity, all made permanent with the new $625,500 loan limits. Expect real estate to be what it has always been: a cornerstone of our local economy, for better or worse. But you can bet on this; there is opportunity here right now that may never be here again. There is no question that investors are eyeing the market very carefully. If you need information, look no further as it is my pleasure to serve you.