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March 2010 Single Family Home Stats show little change

Categories: Housing Market Statistics
April 6th, 2010 by Phil Levy

CMM_Report_MedianSoldPrice_chartCMM_Report_MSI_chart 

Looking back over the past two years at the critical Median Price and Month’s Supply of Inventory metrics reflect little change – at least for the last year.

The attached charts reflect the latest market update for single family homes in the Santa Clarita Valley. The first chart depicts the Median Sold Price by Month. As of March 2010 the median price was $409,950 compared with $403,000 in March 2009. This represents a 2% increase. Units sold remained about the same at 176 for March 2010 vs 168 for March 2009.

Likewise the Month’s Supply of Inventory remains at historically low levels of about 2 months. In March 2009 it was 4 months. Average days on market declined from 72 to 62. Bottom line is that buyers are still having a difficult time finding a home, despite the continuing reduced prices from two and three years ago. Although prices seem to be trending somewhat higher it’s not yet sufficient to bring the increase in inventories level needed for a balanced 5 to 6 month supply of inventory.  Short sales and foreclosures still dominate the market.

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Foreclosures continue to dominate the Santa Clarita Valley Housing Market – as of May 2009

Categories: Uncategorized
June 28th, 2009 by Phil Levy

 

A recent analysis of data extracted from the SoCal Multiple Listing Service revealed that foreclosures continue to dominate sales closing escrow.  Through May 2009 bank owned properties represented 46% of all sales reported through the SoCal Multiple Listing Service.  Short Sales represented another 20% and all other classifications represented the remaining 34%.  The following table depicts the month and year to date totals.

 

Month To Date No of Sales

Month To Date Pct of Sales

Sale Categories

Year To Date No of Sales

Year To Date Pct of Sales

106

37%

Lender Owned

586

46%

65

22%

Short Sales

261

20%

118

41%

All Other

429

34%

289

100%

Total

1,276

100%

 

An analysis of active listings as of the end of June, 2009 paints a switch between the short sales and foreclosures, however.  Of only 640 active listings 285 were short sales and 64 were lender owned.  This respectively represents 45% and 10% versus 22% and 37% in the table above.  A conclusion that can be reached by this switch is that the short sales tend to languish on the market while lender owned properties are priced and polished to move.

These ratios are consistent with an analysis previously published on March 31, 2009. reference to  March 31, 2009 blog post.

The data used for this posting was extracted from the SoCal Multiple Listing Service.

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Foreclosure Radar Reports Record California Initial Foreclosure Filings for March 2009

Categories: Uncategorized
April 15th, 2009 by Phil Levy

Foreclosure Radar a web site that tracks every California foreclosure reported on April 14, 2009 that March 2009 set a new record for filings of Notices of Default (NOD), the initial public filing in the foreclosure process.  

In March 2009, 54,268 NOD’s were filed in California.  This represents a 29% month over month increase and a 26% year over year increase.  These filings also rose 26% from its previous peak reached in April 2008.  

In March 2009 33,178 Notice of Trustee Sale (NOTS) filings were recorded.  This was an increase of 82% month over month and 20% year over year.   This figure was down 15% from it’s peak reached in July 2008.

During the same month, however 10,040 properties were auctioned representing a 41% month over month decrease and 37% year over year decrease.  The is the last step in the foreclosure process and should be considered a lagging indicator.

The dichotomy between the increased NOD and NOTS filings and decreased sheriff’s auctions is explained by delays in foreclosure proceedings caused by various government programs aimed to assist distressed property owners through additional notification requirements (i. e. CA SB 1137) and moratoriums (i. e. Fannie/Freddie) which expired at the end of March 2009.  Additionally many financial institutions may have postponed foreclosure proceedings pending Federal stabilization efforts such as TARP, Making Home Affordable Plan, and certain accounting changes, whereby lenders anticipated a market or Federal guarantees for troubled loans.

Some increase to foreclosure activity can thus be expected now that the legislative and administrative dust has settled.  It remains to be seen whether the mortgage modification or refinance programs included in President Obama’s Marking Home Affordable Plan will significantly effectuates a reduction in foreclosures.

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