Hi All, just wanted to give you a quick update on the REO and Short Sale market in North Idaho. Out of 452 total sold properties in the month of MAY 2010; 87 were REO properties or 19%. The average REO sold price was $166,000 and banks settled on offers, on average, 95.37% of list price. There is only a 2 month supply of REO’s on the market compared with a total of 26 month supply of regular inventory. See the two year trend line of REO active inventory, sold inventory, and month of supply below (I found this chart interesting and I am sure you will too):
REO MARKET TREND – CHART - TWO YEAR
http://www.flexmls.com/link.html?ript27vue9e,7,1
If you would like to preview the available REO market inventory, see this link:
http://www.flexmls.com/link.html?ript2ut2sps,7,1
9% of all sales in May were short sales or 44 total short sales closed in May. There are many more short sales on the market now then before, the trend is certainly moving toward a greater level of short sale inventory. The banks seem to still be awash in short sale files and the approval process still takes time. Worst case scenarios are the foreclosure dept’s and loss mitigation dept’s of banks not communicating. Here are the chart and list of available inventory:
SHORT SALE MARKET TRENDS - CHART – TWO YEAR
http://www.flexmls.com/link.html?ript2bdqcky,7,1
Short sale market inventory:
http://www.flexmls.com/link.html?ript35yvvnd,7,1
Thanks, have a great rest of the day – if you’re out and about tonight, I am entering my chili into a cook-off at the Veterans Park at Cherry Hill from 5-8pm. Come on down if your available! As always, if you or someone you know has interest in North Idaho real estate, let me know! Also, if you know of someone that would like this information, forward this to them or give me their email address. I would love to work with you/them. TJB
