Friday, September 28, 2007

September Listings Review

I figured I'd start examining listings by month to see how many new listings are entered and what percentage are REO/Short Sales Listings. Here's what we have for September:

September 2007
3,791 total listings entered
1,419 REO/Short Sales entered (37% of listings entered)

September 2006
5,361 total listings entered
342 REO/Short Sales entered (6% of listings entered)

I'm surprised that there were fewer total listings entered in 2007 compared to 2006. I'm not that surprised at the REO/Short Sale listings though. Something tells me that by December, we'll see about a 50/50 ratio of REO/Short Sale listings to overall listings.

5 comments :

Bubble Sitter said...

Very interesting. There were 1600 fewer new listings entered this month than a year ago, yet there are 1,000 more total listings for sale on the MLS than a year ago.

Your observation notes 37% of the new 2007 listings are short sale or REO related. About 1400 of them.

This shows you exactly why the inventory levels are 1,000 units higher than 2006. And that is why the MLS inventory will stay at record highs for 12-24 more months: The REO market is expanding exponentially. No change in sight for quite some time.

Anonymous said...

Take a look at RealtyTrac.com for the 95757:

937 pre-foreclosure and bank owned listings

11,500 total homes in the 95757.

1 in 12 homes or 8% of the market is in REO or will be foreclosed upon

Now that is BAD!


Pre-Foreclosure
446 Properties

Auction
161 Properties

Bank Owned
284 Properties

Misc

48 Properties

Bubble Sitter said...

Where is 95757?

AgentBubble said...

95757 is a relatively new zip code in Elk Grove (Laguna)...

Anonymous said...

95757 is the infamous Franklin Reserve area featured in the Bee two weeks ago on Sunday.

The develpWhores threw up thousands of homes in two years and the loosey goosey lenders and loan whores made suicide loans.

Now that area is the land of the brown lawns and Pot Houses.