Anyone who reads my blog knows I like to try to keep my readers informed not only on what is happening here in the Napa Valley as to real estate, but also statewide and occasionally nationwide. Thus the following article in the latest issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS® about bank owned sales, REO’s, dropping into single digits for April and May in the Golden State was good news.
I went one step further and took a look for these same numbers in the Napa Valley as to REO sales for June through the 30th at 8 AM. Currently there are 403 unsold. active residential listings in my multiple listing service, BAREIS. There are another 287 such properties in escrow. Of these only 25 are REOs, 3.6 %. Looking at just the sold residential REOs, there were 13 in April, 16 in May and only 6 in June. If I take the 6 REOs in June, this represents less than 1 % of all properties sold here. Less than the norm even in the best of years.
Granted there is still a lot of inventory still owned by many banks but i strongly feel, the worst is way behind us and feel I can absolutely say, we are now out of the mess we were in. Hopefully, our government doesn’t screw things up and they finally find act and find their way and bring the budget under control.
- Sales of REOs fell into the single-digits for the second straight month and registered levels not seen since October 2007, according to information collected by the CALIFORNIA ASSOCIATION OF REALTORS®. The share of REO sales fell to single-digits for the second straight month, dropping from 9.2 percent in April to 7.3 percent in May and from 22.8 percent in May 2012.
- The share of equity home sales in California continued to grow in May, making up nearly four of every five home sales. In May, there was an increase to 78.2 percent, up from 75.6 percent in April. Equity sales made up more than half (55.8 percent) of all sales in May 2012.
C.A.R.’s Pending Home Sales Index (PHSI) edged up 0.3 percent in May to 122.1, up from 121.7 in April, based on signed contracts. Pending sales were down 3.1 percent from the 125.9 index recorded in May 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
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