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SD Realtor
Participantpc I remember your post not long ago when you were thinking about buying a vacation home. I own a condo in Crown Point that I will most likely never sell. I can however point out MANY examples of condos on Mission Bay that have depreciated over the past 2 years. I expect that to continue. I don’t think they will crater in the same manner as other neighborhoods but they will continue to go down.
SD Realtor
July 24, 2007 at 11:13 PM in reply to: Record High Foreclosures in California: 17,408 in 2nd quarter vs 11K in first #67522ParticipantPerry – That is also another way to do it. I didn’t know that realty trac posted solds. As an engineer it is easier in my mind to just run a Perl script to gather data…tracking things manually is like slow death…
Are the 2896 foreclosures already REO properties? I would agree that if there are really 2896 foreclosures it would surprise me if more then 20% of them have hit the MLS.
SD Realtor
July 24, 2007 at 11:13 PM in reply to: Record High Foreclosures in California: 17,408 in 2nd quarter vs 11K in first #67589ParticipantPerry – That is also another way to do it. I didn’t know that realty trac posted solds. As an engineer it is easier in my mind to just run a Perl script to gather data…tracking things manually is like slow death…
Are the 2896 foreclosures already REO properties? I would agree that if there are really 2896 foreclosures it would surprise me if more then 20% of them have hit the MLS.
SD Realtor
July 24, 2007 at 5:13 PM in reply to: Record High Foreclosures in California: 17,408 in 2nd quarter vs 11K in first #67473ParticipantPerry –
The MLS search gui is crappy but it can be done. In essence the way that sdrealtor creates the short sale monitor would be the way to do it. You choose a zip code, search for sold properties and put in keywords such as REO, short, corporate owned, in the remarks or confidential remarks section. It is pretty manual. It works great for the short sale monitor as sdr does the whole county and as he says, the exact numbers are not as important as the trendlines that are used for analysis.
A much more nifty way to do it would be to have a script that parses through assessors records to capture all of the sellers. Then process that database for keyword names that are banks, lenders etc….
I would bet there are plenty of software guys who monitor this site that could generate that sort of code.
SD Realtor
July 24, 2007 at 5:13 PM in reply to: Record High Foreclosures in California: 17,408 in 2nd quarter vs 11K in first #67538ParticipantPerry –
The MLS search gui is crappy but it can be done. In essence the way that sdrealtor creates the short sale monitor would be the way to do it. You choose a zip code, search for sold properties and put in keywords such as REO, short, corporate owned, in the remarks or confidential remarks section. It is pretty manual. It works great for the short sale monitor as sdr does the whole county and as he says, the exact numbers are not as important as the trendlines that are used for analysis.
A much more nifty way to do it would be to have a script that parses through assessors records to capture all of the sellers. Then process that database for keyword names that are banks, lenders etc….
I would bet there are plenty of software guys who monitor this site that could generate that sort of code.
SD Realtor
Participantwithdrawn – this means that there is still a contract in place between the seller and the broker. The home is technically not active for sale though. While a home is withdrawn the days on the market at not counted.
cancelled – this means that the contract between the seller and the broker has been cancelled. The home did not sell. The seller will either find another broker to sell the home and relist or not go back on the market.
expired – this means that the contract between the seller and the broker has reached the expiration date. The home did not sell. The seller will either relist with the same broker, relist with another broker, or not relist with anybody.
In general the withdrawn, expired, and cancelled indicators show how many homes are NOT selling in a given period, (in this case a week) As markets deteriorate, these numbers grow as homes grow stale and do not sell because of lack of demand, and/or incorrect pricing.
SD Realtor
Participantwithdrawn – this means that there is still a contract in place between the seller and the broker. The home is technically not active for sale though. While a home is withdrawn the days on the market at not counted.
cancelled – this means that the contract between the seller and the broker has been cancelled. The home did not sell. The seller will either find another broker to sell the home and relist or not go back on the market.
expired – this means that the contract between the seller and the broker has reached the expiration date. The home did not sell. The seller will either relist with the same broker, relist with another broker, or not relist with anybody.
In general the withdrawn, expired, and cancelled indicators show how many homes are NOT selling in a given period, (in this case a week) As markets deteriorate, these numbers grow as homes grow stale and do not sell because of lack of demand, and/or incorrect pricing.
SD Realtor
ParticipantUpdate time.
7/17/07 – 92131
Total Actives – 115 down by 2 from last week
Total Pendings – 42 down by 2 from last weekClosed escrows (sold) in the past week – 6 up 1
New listings added in the past week – 10 up 4 (one was a relist)
New pendings from 1 week ago – 5 down 1
New withdrawns from 1 week ago – 6 up 5 (however 2 of them were mistakes on the MLS)
New cancelled from 1 week ago – 1 same
New expireds from 1 week ago – 3 up 2Comment – Another home on Reisling that was listed originally at 725 then went to 698 and now is at 653! Unfortunately it is on a busy street and a cruddy home. A home on my street had been on the market awhile originally in the 800-875 repriced at 725-800 went pending about 10 days ago… That sucks as I was hoping for it to drop below 700. I am noting in some of the withdrawns that people are not under mortgage distress so they are bailing out on the idea of selling the home and will ride out the storm.
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7/10/07 – 92126
Actives – 193 up 2
Pendings – 58 up 1Closed escrows (sold) in the past week – 10 up 3
New listings since last week – 18 up 1
New pendings from 1 week ago – 15 up 4
New withdrawns from 1 week ago – 0 down 3
New cancelled from 1 week ago – 2 up 2
New expired from 1 week ago – 1 same*****************************
92129
Actives – 102 down 6
Pendings – 49 down 2Closed escrows (sold) in the past week – 6 up 2
New listings since last week – 9 same
New pendings from last week – 11 same
New withdrawns from last week – 3 up 1
New cancelled from last week – 3 same
New expireds from last week – 1 sameSD Realtor
ParticipantUpdate time.
7/17/07 – 92131
Total Actives – 115 down by 2 from last week
Total Pendings – 42 down by 2 from last weekClosed escrows (sold) in the past week – 6 up 1
New listings added in the past week – 10 up 4 (one was a relist)
New pendings from 1 week ago – 5 down 1
New withdrawns from 1 week ago – 6 up 5 (however 2 of them were mistakes on the MLS)
New cancelled from 1 week ago – 1 same
New expireds from 1 week ago – 3 up 2Comment – Another home on Reisling that was listed originally at 725 then went to 698 and now is at 653! Unfortunately it is on a busy street and a cruddy home. A home on my street had been on the market awhile originally in the 800-875 repriced at 725-800 went pending about 10 days ago… That sucks as I was hoping for it to drop below 700. I am noting in some of the withdrawns that people are not under mortgage distress so they are bailing out on the idea of selling the home and will ride out the storm.
*****************
7/10/07 – 92126
Actives – 193 up 2
Pendings – 58 up 1Closed escrows (sold) in the past week – 10 up 3
New listings since last week – 18 up 1
New pendings from 1 week ago – 15 up 4
New withdrawns from 1 week ago – 0 down 3
New cancelled from 1 week ago – 2 up 2
New expired from 1 week ago – 1 same*****************************
92129
Actives – 102 down 6
Pendings – 49 down 2Closed escrows (sold) in the past week – 6 up 2
New listings since last week – 9 same
New pendings from last week – 11 same
New withdrawns from last week – 3 up 1
New cancelled from last week – 3 same
New expireds from last week – 1 sameSD Realtor
ParticipantThanks for posting Chris!
pr – Yes the rates have come down for conforming loans. In general all mortgage rates will follow the long bond yields, however all programs will build a premium in as an offset to risk. Loans that cannot be sold will eventually go away and not be offered. If a lender cannot make money on a loan then that lender goes out of business unless servicing a loan is part of their business model.
SD Realtor
ParticipantThanks for posting Chris!
pr – Yes the rates have come down for conforming loans. In general all mortgage rates will follow the long bond yields, however all programs will build a premium in as an offset to risk. Loans that cannot be sold will eventually go away and not be offered. If a lender cannot make money on a loan then that lender goes out of business unless servicing a loan is part of their business model.
SD Realtor
ParticipantRustico if you have made complaints to the DRE then that is great. I would also say that is the first time I have heard that you or anyone else on Piggington has ever done so. Good to see you back.
The fact that there is little or no action that the DRE takes is indeed a sad commentary. I agree with you guys. I also feel that this applies to the real estate industry, our own city council, our government, and many other staples of which our society relies on. That does not justify it nor does it make it right. Since this is a website dedicated to real estate issues, this is a correct forum to discuss these items. I guess I feel like we run across this every 2-3 months.
Cyphire, I am sorry I mistook the listing for a Prudential listing. My mistake. Again, when you take an MLS listing you cannot expedite the expiration date. Also let me ask you this question. One of the most common complaints I get when I go to listing appointments is that people do not want to get into long listing agreements. So then as a listing agent I lose both ways right? Did I make the listing intentionally short to get a quick expiration to reset the time on market? No I did it because I let my clients choose the length of the contract. As we all know there are a ton of things wrong with the way data is presented in the RE industry. My pet peeve is the way sold price data is presented. Personally I think this is much more damaging to the appraisal and industry as a whole then things like days on market.
I cannot or will not go on a crusade to clean up the industry. I work to much as it is and with two careers and a family it is simply not a priority for me. I can do more for my clients by saving them money and doing diligent work.
SD Realtor
ParticipantRustico if you have made complaints to the DRE then that is great. I would also say that is the first time I have heard that you or anyone else on Piggington has ever done so. Good to see you back.
The fact that there is little or no action that the DRE takes is indeed a sad commentary. I agree with you guys. I also feel that this applies to the real estate industry, our own city council, our government, and many other staples of which our society relies on. That does not justify it nor does it make it right. Since this is a website dedicated to real estate issues, this is a correct forum to discuss these items. I guess I feel like we run across this every 2-3 months.
Cyphire, I am sorry I mistook the listing for a Prudential listing. My mistake. Again, when you take an MLS listing you cannot expedite the expiration date. Also let me ask you this question. One of the most common complaints I get when I go to listing appointments is that people do not want to get into long listing agreements. So then as a listing agent I lose both ways right? Did I make the listing intentionally short to get a quick expiration to reset the time on market? No I did it because I let my clients choose the length of the contract. As we all know there are a ton of things wrong with the way data is presented in the RE industry. My pet peeve is the way sold price data is presented. Personally I think this is much more damaging to the appraisal and industry as a whole then things like days on market.
I cannot or will not go on a crusade to clean up the industry. I work to much as it is and with two careers and a family it is simply not a priority for me. I can do more for my clients by saving them money and doing diligent work.
SD Realtor
ParticipantHi Arraya that is what I am thinking. The key will be how long it stays there assuming it does get to that point.
Yes Herewego rates have tracked treasuries and started to fall slightly.
SD Realtor
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