Notice Of Trustee Sale List
December 17, 2008
Please click here print-list-pdfphpfor an update on Trustee Sales in South Lake Tahoe, CA. If you would like additional information, please contact me jim@hotwiretotahoe.com.
Best Buys in Nevada As Of August 28th, 2009
December 13, 2008
Please Click Here to view the Jim’s Best Buys in Nevada.
CA Weekly Statistics As Of Dec. 12th, 2008
December 12, 2008
What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes only. The reason that I use this segment of the market is that it has the most influence on the general value trends.
Compared to last year at this time, the market seems to be sightly better. The Active Listings on the market are down by 28 single family homes and the Pending Listings are up by 9 escrows. This equates to a ratio of Active to Pending at a rate of 11%. This is 2 points better than last year. A very encouraging trend. If you look at the Medians for the pending sales it shows that the median has dropped from $499K to $427K. Average Pending Listing price dropped from $618,679 to $506,585. You may conclude that the drop in prices has contributed to the increased activity in the market.
This concurrs with my observations. With 40% of the sales being bank owned properties, this seems to be the contributing factor in both lower prices and increased units sold. With the recent drop in interest rates and prices, it is a buyers paradise. Although you have to be a well qualified buyer to get the loans and the selection does appear to be shrinking.
| Listings per Status | ||||
| Minimum, Average, Maximum | ||||
| Days On Market Analysis | ||||
| $1,000,000 thru $1,249,999 | 15 | 215 | ||
| $1,250,000 thru $1,499,999 | 14 | 200 | ||
| $1,500,000 thru $1,749,999 | 11 | 270 | ||
| $1,750,000 thru $1,999,999 | 4 | 343 | ||
| $2,000,000 thru $2,249,999 | 2 | 296 | ||
| $2,250,000 thru $2,499,999 | 3 | 103 | ||
| $2,500,000 thru $2,749,999 | 3 | 85 | ||
| $2,750,000 thru $2,999,999 | 1 | 706 | ||
| $3,000,000 thru $3,249,999 | 1 | 93 | ||
| $3,250,000 thru $3,499,999 | 1 | 201 | ||
| $3,750,000 thru $3,999,999 | 1 | 185 | ||
| $5,000,000 thru $5,999,999 | 1 | 137 | ||
| $7,000,000 thru $7,999,999 | 2 | 545 | ||
| 388 | 189 | |||
| Summary Price Information | |||
| Minimum | $155,000 | Maximum | $7,950,000 |
| Average | $736,399 | Median | $529,450 |
| Equal Opportunity Housing * All information deemed reliable, but not guaranteed. |
| Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market Copyright ©2008 Rapattoni Corporation. All rights reserved. |
Area Market Survey |
| Listings as of 12/13/08 at 12:07pm |
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| Equal Opportunity Housing * All information deemed reliable, but not guaranteed. |
| Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market Copyright ©2008 Rapattoni Corporation. All rights reserved. |
Pre Market Bank Owned Listings
December 12, 2008
Bank Owned property which is located on 1409 Bonanza. Sits on a half acre lot and it’s a 2 Bedroom, 1 Bath home. It will come on the market within a couple of weeks and it may be priced in the mid $100,000 price bracket. Either fix it up or tear it down!
MORE THAN HALF OF MODIFIED LOANS DELINQUENT WITHIN SIX MONTHS
December 11, 2008
FOR IMMEDIATE RELEASE
December 8, 2008 Contact: Bryan Hubbard
(202) 874-5770
Comptroller Dugan Highlights Re-default Rates on Modified Loans
WASHINGTON — Comptroller of the Currency John C. Dugan said today that new data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months.
“After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due. After six months, the rate was nearly 53 percent, and after eight months, 58 percent,” the Comptroller said in remarks at the Office of Thrift Supervision’s National Housing Forum today.
Mr. Dugan spoke during a panel discussion with OTS Director John Reich, Federal Reserve Board Vice Chairman Donald Kohn, FDIC Chairman Sheila Bair, and Federal Housing Finance Agency Director James Lockhart.
A key question, Mr. Dugan said, is why is the number of re-defaults so high? “Is it because the modifications did not reduce monthly payments enough to be truly affordable to the borrowers? Is it because consumers replaced lower mortgage payments with increased credit card debt? Is it because the mortgages were so badly underwritten that the borrowers simply could not afford them, even with reduced monthly payments? Or is it a combination of these and other factors?”
That question “has important ramifications for the foreclosure crisis and how policymakers should address loan modifications, as they surely will in the coming weeks and months,” the Comptroller added.
His remarks also provided a preview of the second OCC and OTS Mortgage Metrics Report to be published later this month. The report will show continued increasing delinquencies and foreclosures in process for all first-lien mortgages held by the largest national banks and federally-regulated thrifts. However, the report will show new foreclosures decreasing by 2.6 percent from the second quarter.
The mortgage metrics report covers nearly 35 million loans worth more than $6.1 trillion, or about 60 percent of all first-lien mortgages in the United States. The quarterly reports are unique in that they are not merely surveys, but instead consist of validated, loan level data using standardized definitions for prime, Alt-A, and subprime mortgages, and standardized definitions for loan modifications.
“We believe the reports include the most accurate and reliable data on mortgage performance that is available today,” Mr. Dugan said. “And in addition to providing more clarity about mortgage performance generally, the data have proven to be exceptionally valuable for supervisory purposes.”
The Comptroller’s complete remarks are available on the OCC’s Web site.
Related Links:
Remarks Before the OTS 3rd Annual National Housing Forum (http://www.occ.gov/ftp/release/2008-142a.pdf)
OCC & OTS Mortgage Metrics, Overall Redefault Rates (30+ days) (http://www.occ.gov/ftp/release/2008-142b.pdf)
Comptroller of the Currency John C. Dugan (http://www.occ.gov/dugan.htm)
