Well I would say this… my personal belief is that closings for pending homes are well above 60%. I say that as an assumption of what I have seen but there isn’t any fact behind the statement, it is purely speculative. Additionally it doesn’t matter to much if it does fall out. There was a recent REO in Mira Mesa that fell out of escrow 2 times and each time there were a pile of buyers waiting for it. Our favorite cracked slab in PQ was bought, fixed, and flipped successfully. I had a client who was recently in a PQ escrow and he backed out and guess what, there were a pile of buyers in the wings waiting.
The problem is, when we have to start reaching back into the sack to explain away the stats it makes me uncomfortable. Yes it is a harsher credit market but I was expecting a HELL OF ALOT slower summer then what I have seen. These numbers back it up in a pretty big way in most of the zip codes.
Nowhere near a bottom yet but for those hoping to lowball or bottom feed in some of these zip codes…well it may take awhile.
