As we pointed out here on the 19th, local Redding area home sales fell off fairly substantially in June. Yesterday, an article by David Benda about June housing numbers for Shasta County for our local newspaper made much the same point. Not sure if that link is behind the paywall, so the gist of it was this:
“Higher interest rates and a growing supply of homes for sale put the brakes on Shasta County’s accelerating real estate market in June.”
I thought this was an interesting point from the article:
“Equity home sales — or properties not in some form of distressed (sale) _ made up four of every five homes sold in California in June, the California Association of Realtors reported. The trade group did not have numbers for Shasta County.”
Well, we do have those numbers at Redding Homes Blog. There were 210 home sales reported to the MLS for June. That number is slightly smaller than the entire count of 232 as reported by the article, but you can see most local home sales occur through our MLS. Of those sales reported, 158 were Equity sales (normal sales), 33 were REO (bank or government owned), and 19 were Short sales (pre-foreclosure). Here’s how the proportion looks:
So around 25% are in some form of distress. A few years ago, the number of local distress sale homes was much higher when compared to equity sales. So apparently were are gradually returning to a more traditional marketplace. We are still above the given state average of 4 out of 5 being Equity sales, at our present average of 3 out of 4.
Information is deemed to be reliable, but is not guaranteed. © 2013 MLS and FBS. Prepared by Skip Murphy on Wednesday, July 31, 2013 8:09 AM.
A few days back we posted about this upcoming government owned luxury home near the Tierra Oaks Golf community. There was good interest in it, and we promised to let you know when it had a price. Here it is priced out, asking $486.9K. Representing the seller’s interests in this sale is foreclousre listing agent Freddie Martin of Real Estate 1. We decided to post it over at our Redding Foreclosure Deal of the Day, and you can read more about it and see more iamges at the link.
HUD has published a new map based website that shows all the local government owned homes for sale from Fannie Mae, Freddie Mac, and HUD. All in one place. It seems to have some bugs today, but it has great promise. We applaud the effort to make it easier for the buyer to locate government owned homes for sale. As always, you can find the latest REO, Bank Owned, and Short Sale listings at this website: http://ReddingForeclosures.info
That’s what this lady did. She says here that she lived in her home for 24 years before a medical problem set her back financially. Apparently unable to work something out with the lender, she was foreclosed out. She has decided to move back in to her home, calling it repossession. The lender calls it trespass. We are left to decide the true meaning.
I know from direct experience that banks and government have well-oiled foreclosure machinery at work. Meanwhile, loan modifications and successful short sales are random exceptions. We don’t know the entire story here, but on the surface the question is clear. What should it mean to a civil society that one can pay 24 years of a 30 year mortgage, only to be bankrupted by a medical emergency? Both the mortgage industry and the medical industry are for-profit enterprises. Just doing their job.
What of the human cost?
Read the repossession story at the link. Back when I worked for banks and government, helping them sell foreclosed homes, the eviction “stories” became real people to me. Kids, and dogs, and crying mothers. I think we forget that, perhaps deliberately. The human cost.
The appliances in this Redding REO came from a nationwide vendor.
Fixed-up REO homes sell faster, and for significantly more money. That’s the conclusion of this article about research by one of the bigger servicers, Field Asset Management (FAS). While their conclusion might seem like a no-brainer, the reason they are promoting the information has only to do with their self-interest, since they make money doing the work. Left out of the equation are the many local contractors, subcontractors, and vendors who could really use the work. Often, contracts are awarded to insiders on a national basis at distant large firms, shutting out the benefit of the work to locals.
It’s a shame. But typical of the ‘housing crisis’ money flow. It’s all in who you know…
We dutifully tried to sell this as home a Short Sale last year at $449K, to no avail. We only had it a few weeks before the bank started foreclosure. It’s weird. We hear of people given a year or more before foreclosure proceedings start, or then like this, just a few weeks. Anyway, the Short Sale was not to be. Now, it’s a foreclosed, bank-owned property for sale. These images are from last year when it was still occupied.
Again for emphasis:
The photos above are not quite how it looks now. Currently, it’s a large, vacant, empty and lonely REO property waiting for new loving owners. There’s more information about the current listing of this foreclosed Cottonwood luxury home
here. Representing the bank/seller is foreclosure listing agent Bill Jackson of Coldwell Banker. We can get you inside for a look, and represent your interests as a buyer if you like it. Call (530) 244 7603