Some Comments as I Look at the IMRMLS Data
July 2, 2009
As you might have guessed, I am fascinated by data. I measure it in as many different ways as I can to see if it will give me trends or information that can be used to counsel buyers and sellers.
As I post some of the data, I do think there are some interesting correlations to be found.
Sales of Bank-owned properties are dominating the market.
Sales known as "short sales" are a significant portion of the active listings and to some degree of the pendings. However, they remain in a pending status for a very long time. (Almost in all of the 14 communities that I track, there are more short sale listings than there are bank-owned listings. It would be of huge benefit both to consumers and to lenders if the lenders would act on short sale offers in a timely manner. Six to nine months for a decision as to whether an offer is acceptable has increased the probability that the loss to the lender will be greater.)
In the communities with the lowest ratio of pendings to listings, there is the highest percentage of "standard" listings. (A standard listing is one that is not under threat of foreclosure or bank-owned - just a seller who for personal reasons wishes to offer the property for sale.)
The median price seems to be stabilizing in the listings and pendings. (I have yet to pull the data for the closed sales as it is not usually complete until the second week of the month after.)
These are just random observations. Examine the data for yourselves.
As you might have guessed, I am fascinated by data. I measure it in as many different ways as I can to see if it will give me trends or information that can be used to counsel buyers and sellers.
As I post some of the data, I do think there are some interesting correlations to be found.
Sales of Bank-owned properties are dominating the market.
Sales known as "short sales" are a significant portion of the active listings and to some degree of the pendings. However, they remain in a pending status for a very long time. (Almost in all of the 14 communities that I track, there are more short sale listings than there are bank-owned listings. It would be of huge benefit both to consumers and to lenders if the lenders would act on short sale offers in a timely manner. Six to nine months for a decision as to whether an offer is acceptable has increased the probability that the loss to the lender will be greater.)
In the communities with the lowest ratio of pendings to listings, there is the highest percentage of "standard" listings. (A standard listing is one that is not under threat of foreclosure or bank-owned - just a seller who for personal reasons wishes to offer the property for sale.)
The median price seems to be stabilizing in the listings and pendings. (I have yet to pull the data for the closed sales as it is not usually complete until the second week of the month after.)
These are just random observations. Examine the data for yourselves.
posted by shirley harry at 8:31 AM
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