Over the past 12 months property values have increased 4.4% and between the 2 most recent 90 day periods property values have changed less than 0.5% indicating a stable property values trend. There are currently 2.5 months of housing inventory indicating a balanced supply and demand trend. Properties sold in a median of 64 days after being listed over the past 3 months indicating a marketing time trend of under 3 months.
Foreclosure / Short Sale Related Statistics:
From 05/15/2010 to 06/15/2010
* 198 Total Sales
* 25% of all sales were bank sales
* 33% of all sales were short sales
* 58% of all sales were bank sales or short sales
From 05/15/2009 to 06/15/2009
* 164 Total Sales
* 43% of all sales were bank sales
* 20% of all sales were short sales
* 63% of all sales were bank sales or short sales
Currently:
* 445 Bank owned homes
* 586 Properties in foreclosure
* 439 Properties with mortgages 60+ days late but not in foreclosure
* 117 MLS listings from bank owned properties
* 74% of bank owned homes not actively listed in MLS
These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks are withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.
Brian Ward
(951) 345-6542
