Short Sales and Bank Owned Properties

June 2, 2010

Yesterday I posted the numbers of Listings, Pendings and Back-ups. Today I thought I would post the percentages of the totals that were listed as short sales (SS) or bank owned (REO). The pending numbers include both pending and back-up as both do have accepted contracts and are in escrow.

Banning/Beaumont........Listings/34.6(SS).......REO/18.8......In Escrow/54.1(SS).....REO/.31.1

Bloomington....................Listings/36.4(SS).......REO/29.1......In Escrow/50.0(SS).....REO/26.0

Colton...............................Listings/42.3(SS).......REO/21/4.....In Escrow/59.1(SS)......REO/24.0

Fontana............................Listings/54.6(SS).......REO/19.6......In Escrow/58.6(SS)......REO/21.0

Grand Terrace................Listings/25.0(SS).......REO/35.7......In Escrow/41.2(SS)......REO/23.5

Highland..........................Listings/45.3(SS)........REO/19.9......In Escrow/52.0(SS).....REO/19.3

Loma Linda.....................Listings/32.3(SS)........REO/12.3......In Escrow/61.7(SS).....REO/20.0

Mentone..........................Listings/35.3(SS)........REO/20.6......In Escrow/52.4(SS).....REO/28.6

Moreno Valley................Listings/46.6(SS)........REO/20.4......In Escrow/58.9(SS).....REO/21.6

Redlands.........................Listings/23.7(SS).........REO/17.3.......In Escrow/47.8(SS).....REO/20.1

Rialto...............................Listings/47.3(SS).........REO/19.5.......In Escrow/48.4(SS)....REO/27.9

Riverside........................Listings/40.1(SS).........REO/16.4.......In Escrow/54.1(SS).....REO/21.5

San Bernardino.............Listings/48.6(SS).........REO/20.3.......In Escrow/50.1(SS).....REO/24.2

Yucaipa/Calimesa.........Listings/34.6(SS)........REO/17.9........In Escrow/56.3(SS).....REO/23.9

Short sales are a higher percentage of both our listings and our pendings. One reason for the high percentage of short sales that are pending may be the length of time it takes to get lender approval. For REO properties, it is the lender who has set the price and who is happy to close the transaction as quickly as possible. Thus REO properties move through the system quickly.