Real Estate Activity is Up (No Fooling)
April 1, 2009
On this First Day of April known as April Fools Day, I am happy to post the data on active listings and properties that have entered escrow. In most of the 14 communities that I have been tracking, the number of pending sales is at least 50% greater than the first of April 2008.
Much of this activity is the attractiveness of the bank owned properties that are at least 54% of the pending sales and in half the communities bank owned account for 70-80% of the pending sales.
Here is the data for the number of active listings and sales in escrow as reported through the IMRMLS on April 1, 2009.
Banning/Beaumont..........Listings/696......Pendings/219......Percentage/31.5.....REO%/67.1
Bloomington......................Listings/148......Pendings/68........Percentage/45.9.....REO%/88.2
Colton.................................Listings/232.....Pendings/153......Percentage/65.9.....REO%/78.4
Fontana..............................Listings/1178...Pendings/763......Percentage/64.8.....REO%/72.3
Grand Terrace..................Listings/34.......Pendings/20........Percentage/58.8.....REO%/55
Highland............................Listings/256.....Pendings/118.......Percentage/46.1.....REO%/74.6
Loma Linda.......................Listings/89.......Pendings/23........Percentage/28,8.....REO%/60.9
Mentone............................Listings/49.......Pendings/12........Percentage/24.5.....REO%/75
Moreno Valley..................Listings/1219...Pendings/861......Pecentage/70.6......REO%/74
Redlands...........................Listings/329.....Pendings/98.......Percentage/29.8.....REO%/54.1
Rialto.................................Listings/545.....Pendings/346.....Percentage/63.5.....REO%/76.3
Riverside..........................Listings/1878....Pendings/918.....Percentage/48.9.....REO%/67.5
San Bernardino................Listings/1394...Pendings/648.....Percentage/46.5.....REO%/79
Yucaipa/Calimesa...........Listings/304.....Pendings/101.....Percentage/33.2.....REO%/55.4
While the number of bank owned properties (REO) is significant, it is contributing to the reduction of "toxic assets" in a lender's portfolio. While these REO properties have contributed to the serious decline in home prices as lenders put them on the market at greatly reduced prices, we can hope that the volume of sales will lead to a stabilization of home prices.
If you want to compare the data with last year you can go to my April 2, 3008 post. For last month, you can go to the February 2, 2009 post.
No fooling, the real estate market in the Inland Empire is improving!
begin to stabilize home prices
On this First Day of April known as April Fools Day, I am happy to post the data on active listings and properties that have entered escrow. In most of the 14 communities that I have been tracking, the number of pending sales is at least 50% greater than the first of April 2008.
Much of this activity is the attractiveness of the bank owned properties that are at least 54% of the pending sales and in half the communities bank owned account for 70-80% of the pending sales.
Here is the data for the number of active listings and sales in escrow as reported through the IMRMLS on April 1, 2009.
Banning/Beaumont..........Listings/696......Pendings/219......Percentage/31.5.....REO%/67.1
Bloomington......................Listings/148......Pendings/68........Percentage/45.9.....REO%/88.2
Colton.................................Listings/232.....Pendings/153......Percentage/65.9.....REO%/78.4
Fontana..............................Listings/1178...Pendings/763......Percentage/64.8.....REO%/72.3
Grand Terrace..................Listings/34.......Pendings/20........Percentage/58.8.....REO%/55
Highland............................Listings/256.....Pendings/118.......Percentage/46.1.....REO%/74.6
Loma Linda.......................Listings/89.......Pendings/23........Percentage/28,8.....REO%/60.9
Mentone............................Listings/49.......Pendings/12........Percentage/24.5.....REO%/75
Moreno Valley..................Listings/1219...Pendings/861......Pecentage/70.6......REO%/74
Redlands...........................Listings/329.....Pendings/98.......Percentage/29.8.....REO%/54.1
Rialto.................................Listings/545.....Pendings/346.....Percentage/63.5.....REO%/76.3
Riverside..........................Listings/1878....Pendings/918.....Percentage/48.9.....REO%/67.5
San Bernardino................Listings/1394...Pendings/648.....Percentage/46.5.....REO%/79
Yucaipa/Calimesa...........Listings/304.....Pendings/101.....Percentage/33.2.....REO%/55.4
While the number of bank owned properties (REO) is significant, it is contributing to the reduction of "toxic assets" in a lender's portfolio. While these REO properties have contributed to the serious decline in home prices as lenders put them on the market at greatly reduced prices, we can hope that the volume of sales will lead to a stabilization of home prices.
If you want to compare the data with last year you can go to my April 2, 3008 post. For last month, you can go to the February 2, 2009 post.
No fooling, the real estate market in the Inland Empire is improving!
begin to stabilize home prices
posted by shirley harry at 8:21 AM
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