Scripps Ranch Distressed Sales Update

(Refill those coffee cups. It’s market statistics time.)

At a meeting with a client recently, I was spouting off the numbers of distress sale properties on the market in Scripps Ranch (foreclosures or short-sales). Specifically, I said that approximately 40% of detached offerings currently required lender approval or were bank-owned.

I fibbed. It wasn’t intentional, of course. The last time I looked at the numbers, we were in fact running at about 40%. Things are, if not dramatically better, then a little better this morning.

detacheddistressed5_09Dispensing with the disclaimer, this data is courtesy of the Sandicor Multiple Listing Service (MLS) for the 92131 zip code. All information is deemed reliable but not guaranteed, blah, blah and so on.

Fortunately my Great Karnak impression for attached listings was right on the money. My estimate was a non-committal “over 50%.” Here is the real deal:

attacheddistressed5_09

Full disclosure: I did sift through all of the detached homes listed to make sure that there weren’t some lender owned homes in there for which the agent didn’t check the little “subject to lender approval box.” I found one, and I dutifully adjusted the numbers. When I got to the attached homes, I lost steam, so we are likely looking at a larger percentage of bank-controlled sales than that little pie suggests.

This data is from an admittedly small sample (99 total detached homes and 48 attached homes are listed for sale in the MLS this morning), but you get the idea. We aren’t out of the woods yet, and talk on the streets is that we are in for a new wave of foreclosure activity as a result of Fannie and Freddie lifting the foreclosure moratorium in April (a moratorium that was designed to keep families in their homes through the holidays).

Back to some good news. Our inventory is low and buyer interest is high. Steve and I have been little over-extended beehives of activity over the past two weeks and are about to find ourselves listing-less (a temporary condition) as a result. So with four disclosure packages to get out the door this morning and a whole bunch of appraisers and inspectors to meet (I delegated the latter, more glamourous stuff to Steve), I am off to battle.

Once I have cleared the steaming mound of papers from my desk, I’ll be updating the month end sales data for the I-15 corridor, if only so I can get the “market stats” pages of  our web site off my back.

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