LPS Mortgage Monitor Report for May shows that the number of days for a house to go from late payments to foreclosure is taking longer than ever – 449 days which fuels the “shadow inventory” conversation.
What is shadow inventory?
The whole idea of shadow inventory has been debated for months; does it exist or not?
There were programs created to help home owners survive the real estate market bubble; unfortunately not all the effort has paid off. There’s the loan modification; some don’t qualify and some payments weren’t lowered enough. Or like HAMP many people don’t qualify. While frustrated home owners tried to make these things work for them it’s just delayed the inevitable: foreclosure.
Since it’s taking up to 15 months to get the property through the process there’s now a backlog of houses that need to be sold: shadow inventory.
Is there shadow inventory in San Mateo?
The absorption rate includes all houses for sale. But how much of that total inventory is bank owned?
Not much. June of this year is definitely the high at 16 bank owned homes listed for sale in just one month; but it’s not the flood of shadow inventory we’ve been hearing about. Summer’s not over though.
list month
REO
regular
2009
jan
6
49
feb
7
56
march
6
77
april
7
67
may
6
66
june
7
76
july
10
76
aug
6
66
sep
7
75
oct
7
59
nov
7
46
dec
4
39
2010
jan
5
51
feb
3
68
march
3
80
april
4
108
may
1
58
june
16
95
Trying to figure out if you should sell now?
call me ~ text me ~ email me
I’m here to help.
Vicki Moore, Realtor
DRE 01234539
RE/MAX Star Properties
Selling San Mateo County Homes Since 1998
Well, since I read this blog more than anybody else I couldn’t resist putting up this video of my cat. Even people that don’t like cats love Bella. And although Melissa doesn’t really like cats and thinks this is disgusting even she loves Bella!
The absorption rate is a quick way to see if the San Mateo real estate is going up or down in inventory. It’s just one piece of information used to evaluate pricing. It’s a snapshot of the market.
What you’re looking at is how many months’ inventory there is on the market. The assumption is that it will take X number of months for all of the houses currently on the market to sell. More inventory = longer to sell.
You can also see if San Mateo’s market is a buyer or a sellers’ market. The National Association of Realtors defines a balanced market as one is which there is 6 months of inventory. More than 6 months, it’s a buyers’ market; less is a sellers’ market.
The Market Now
Overall inventory is pretty stable. There are a couple of cities like Moss Beach where there’s just one house under contract but 23 for sale; that’s what makes it show 23 months of inventory.
South City is up a little. They’ve had more houses in contract than they had for sale. This is the first time in months they’ve actually had a little inventory.
Remember, real estate is local. You have to look at it more in depth than this but it’s a quick pic of where we’ve been so far this year.
Here’s a list of 4th of July events for San Mateo County:
Foster City: Pancake breakfast, family parade, arts and crafts, barbecue, games, concert and fireworks show over the lagoon. Sunday, July 4, 2010, 8am – 9:45pm. Fireworks starts 9:30pm sharp. 650-286-3380.
Half Moon Bay: Small town parade down Main Street at noon (with horses, floats, vintage cars, the works), then followed by a town-wide picnic, the day ends with a fireworks extravaganza launched from Pillar Point Harbor at 9:30.
Mountain View: Radio Disney presents fireworks spectacular with the San Francisco Symphony. I went to this event last year. When they say fireworks spectacular they mean it!
Pacifica: The City doesn’t have a formal fireworks presentation but you can buy legal fireworks from a variety of organizations who are fund raising. There are booths throughout the city. My favorite place to watch the displays is from Roberts Road. From there you can see all the displays going on at Linda Mar Beach.
Selling a house in enough and being an executor or executrix has a steep learning curve. The last thing you may want to deal with are the belongings left behind. It’s tempting to get a dumpster and toss it all.
I’ve been in plenty of houses where the family members have no idea what they’re looking at but are stuffing a green garbage bag for Goodwill to pick up; it’s just too overwhelming.
Before you throw all that dusty stuff away have someone take a look. Although the major value is probably in the house there could be an Antiques Roadshow star hiding there.
Craig will evaluate it all and give advice about what to do next. After seeing some very beautiful and valuable things headed for the landfill, believe me it’s worth a phone call.
Craig Janakos
Burlingame Antiques
1001 California Drive
Burlingame
650.344.4050
Thursday night I did a presentation for 40 first-time home buyers. At the end one of the attendees asked: How do I find a Realtor?
Well, I either wasn’t impressive enough or I didn’t understand the question. So the best thing to do was give a straight answer: Ask a friend.
When you’re buying or selling a home but don’t know where to turn, ask someone you trust. They’re likely to refer you to someone they trust.
During the workshop I advised the group to only work with Realtors who are familiar with where they want to buy. Ahhh, she wants to buy in Fremont.
Another option is to ask a Realtor. In our travels we run into all kinds and can send you in the right direction. But if you want to buy or sell a home in San Mateo County…
call me ~ text me ~ email me
I’m here to help.
Vicki Moore, Realtor
DRE 01234539
RE/MAX Star Properties
Selling San Mateo County Homes Since 1998
What are the costs no one talks about when buying a house? They’re called Home Depot, Loews and Target.
The hot water heater goes out; who you gonna call? The landlord. When you’re a home owner and the water heater goes out, you’re it.
But that’s not the end. Now that you can paint the walls any color, decorate any way you choose, plant a garden until you’re sunburned, Home Depot becomes the devil.
If you can think clearly and stay away from Home Depot for an afternoon go through your home inspection report. List the projects that need to be done, the order they need to be done in and how much they’re going to cost. Then open a savings account and start saving to pay for them; just like your own personal home owner’s association.
You’ll need a $10,000 roof in about ten years? That’s about 84 bucks a month.
Need help buying your first home?
call me ~ text me ~ email me
I’m here to help.
Vicki Moore, Realtor
DRE 01234539
RE/MAX Star Properties
Selling San Mateo County Homes Since 1998
All that construction noise, digging and dust across from the new San Mateo police station is for the upcoming Kaiser medical building. The 4.22-acre site will be “a 3-story, 64,700 square foot medical office building with 300 surface parking spaces. ”
The site was originally approved for a Hotel W but because of the downturn in the economy a permit was never submitted.
The ground floor will be a conference room center and health library both open to the public.
It’s been designed to meet Leadership and Energy and Environmental Design (LEED) standards with its attention to indoor air quality, water efficiency and use of sustainable materials.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the MLSListings™ MLS system. All real estate listings in the MLSListings MLS system are marked with the MLSListings Internet Data Exchange icon (a stylized house inside a circle), and detailed information about them includes the names of the listing brokers and listing agents.
Listing information is deemed reliable, but not guaranteed. Listings last updated 9/2/10 11:51 AM PDT.
Copyright 2010 MLSListings Inc. All rights reserved.
