Looking at Bank-Owned and Short Pays
December 2, 2009
Just because I am a data nut and just because I was curious, I ran the numbers of active and pending listings reported in the IMRMLS to check the percentage of properties that are either bank-owned or that will require lender approval of a short pay-off. Bearing in mind that the numbers that I use are what is entered into the IMRMLS data, the following presents an interest picture of the real estate market in our Inland Empire area.
Of the active properties, 21.7 % are bank-owned.
Of the properties reported as pending sales, 40.6% are bank-owned.
Of the active properties, 47.6% are listed as "short pay, lender approval.
Of the properties reported as pending sales, 38% are listed as "short pay, lender approval.
Of the properties reported in the "back-up" category, 9.5% are listed as bank-owned.
Of the properties reported in the "back-up: category, 74.9% are listed as "short pay" lender approval.
The very large percentage in the "back-up" category that are short pay, lender approval required, is not surprising as this is the segment of the market that has been the most frustrating. It can take months to obtain lender approval of a "short payoff". The IMRMLS requires the property to be reported as either "pending" or "back-up" once an offer is accepted by the seller to be submitted to the lender. Thus a property may be in this somewhat limbo land state for a long period.
The low percentage of active listings that are "bank-owned" challenges the speculation that foreclosures are "flooding the market". I will be watching these numbers in the future.
Just because I am a data nut and just because I was curious, I ran the numbers of active and pending listings reported in the IMRMLS to check the percentage of properties that are either bank-owned or that will require lender approval of a short pay-off. Bearing in mind that the numbers that I use are what is entered into the IMRMLS data, the following presents an interest picture of the real estate market in our Inland Empire area.
Of the active properties, 21.7 % are bank-owned.
Of the properties reported as pending sales, 40.6% are bank-owned.
Of the active properties, 47.6% are listed as "short pay, lender approval.
Of the properties reported as pending sales, 38% are listed as "short pay, lender approval.
Of the properties reported in the "back-up" category, 9.5% are listed as bank-owned.
Of the properties reported in the "back-up: category, 74.9% are listed as "short pay" lender approval.
The very large percentage in the "back-up" category that are short pay, lender approval required, is not surprising as this is the segment of the market that has been the most frustrating. It can take months to obtain lender approval of a "short payoff". The IMRMLS requires the property to be reported as either "pending" or "back-up" once an offer is accepted by the seller to be submitted to the lender. Thus a property may be in this somewhat limbo land state for a long period.
The low percentage of active listings that are "bank-owned" challenges the speculation that foreclosures are "flooding the market". I will be watching these numbers in the future.
posted by shirley harry at 8:34 AM
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