'Market Trends' Category
Brookside 92026 Market Update
September 3rd, 2010 Categories: Brookside Escondido, Escondido, Market Trends, Real Estate News
Market Trends Report market update ESCONDIDO 92026
Sunday August 29, 2010
THIS WEEK
The median single family home price in ESCONDIDO 92026 this week is $399,000.
Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.
PRICE
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
SUPPLY AND DEMAND
Local conditions are currently quite strongly in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 17. With several months of inventory available at the current sales rate, buyers should find ample choice.
QUARTILES
Investigate the market in quartiles—where each quartile is 25% of the homes listed.
Most expensive 25% of homes Upper-middle 25% of homes Lower-middle 25% of homes Least expensive 25% of homes
Trend
Real-Time Market Profile
$ 399,000 $ 190 140 30 % 9% 9% 2,303 0.50 – 1.0 acre 3.9 2.5 Cold! Buyer’s Market 17
The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory.
Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Median List Price
Asking Price per Square Foot Average Days on Market Percent of Properties with Price Decrease Percent Relisted (reset DOM) Percent Flip (price increased) Median House Size (sq ft) Median Lot Size Median Number of Bedrooms Median Number of Bathrooms Market Action Index* * see below for details on the Market Action Index
Characteristics per Quartile
Quart
1 2 3 4
Median Price
$ 761,995 $ 464,500 $ 359,000 $ 250,000
Med. Sqft
3,722 2,541 1,936 1,376
Med. Lot Size 1.0 – 2.5 acres
0.25 – 0.50 acre 0.25 – 0.50 acre
6,501 – 8,000 sq ft
Med. Bed Bath Age Inven.
4.0 3.5 11 56 3.0 2.5 19 56 4.0 2.5 24 57 3.0 2.0 40 57
Ab- Avg. New sorbed DoM
3 5 192 2 7 134 6 3 123 3 4 116
Sue Johnson’s Market Research Report
Reprinted with Permission – Altos Research Corporation
Altos Research Corp. reports real-time analysis of the residential real estate market in local markets across the country. All information contained herein is based on properties currently listed for sale and available publicly. When evaluating a particular property, make sure you use comparable sales data in addition to the market trend information available in this report. The data presented in this report is accurate to the best of our knowledge, but cannot be guaranteed as such. Use this report as one input in the real estate decision making process, but do not rely on it for accuracy. Nothing in this report or any other Altos Research publication is a recommendation to buy or to sell real estate. We recommend you work with a licensed real estate agent or broker.
Copyright 2005-2010 Altos Research LLC
www.altosresearch.com
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Latest Market Data For Escondido 92029
April 21st, 2010 Categories: Escondido, Market Trends
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Home Affordable Mortgage & Home Affordable Foreclosure Alternative Program Facts and Stats
April 17th, 2010 Categories: Find Your Home, Homebuyer Tax Credit, Market Trends, Mortgage News, Real Estate News
HAMP program – Home Affordable Mortgage Program for loan modification. This is where the home owner must start. 80% of loan modifications fail.
HAFA program – Home Affordable Foreclosure Alternative Program refers to the short sale process expedited.
HAMP starts with a phone call from the seller/borrower requesting the loan mod through HAMP. Only 20% of these requests actually get approved.
More Interesting Stats:
3 million Hamp program packages that have been sent to clients.
1 million loan mods in process. Which leaves 800,000 short sales coming up that are currently in the pipeline.
How much does the borrower’s credit get dinged by a short sale?
There is no benefit to your credit score in doing the HAFA Program.
“Vantage Score” – a new credit bureau reporting agency that a lot of lenders are now moving toward for scoring on loans. They did a survey on 400.000 clients and they broke them down into four groups of 100,000 borrowers each.
- group one – borrowers have perfect credit, then did a short sale.
- group two – borrowers are behind on their mortgage, but all the rest of their credit was good.
- group three borrowers – are behind on all credit, but the mortgage is great
- group four borrowers – trashed every part of their credit.
• On average, those in group one had their credit score drop between 110-140 points.
• Those in category number two had their credit score drop by an average of 75 points.
• Those in category number three had their credit score drop by an average of 40 points.
• Those in category four had their credit score drop by an average of 0-20 points and in some cases their credit score went up because it made their credit better.
A Foreclosure can drop a credit score by 200-300 points.
A Borrower could possibly qualify for a new loan in 2 years with a short sale Or 4 years with a foreclosure.
Currently 3.2 million homes are in foreclosure.
10 % of all loans are currently 60 days late.
30% of all homes are upside down and the number is expected to rise to 42% by end of 2010.
HAFA is not for Freddie Mac or Fannie Mae. They will, however, have a very similar program out soon.
Purpose of the HAFA program is to standardize the process
Forms.
Requirements.
There are some more requirements coming that you may not have seen yet, where the borrower could be required to make payment through the process to qualify.
SSA 7 page agreement.
RASS is the form you use to submit your offer and the service provider will need to respond to you within 10 days. If they turn your offer down, they must provide a reason as to why they turned it down.
There are ways that they can opt out of HAFA as well if it is not in their best interest.
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