Update: Please see the home page for the latest graphs, I am reverting earlier weeks to text to maintain site speed.
San Fernando Valley:
Single Family Homes
Active - Total 2033
Active - Short sale 631
Active - REO 179
Backup - Total 673
Backup - Short sale 381
Backup - REO 40
Pending - Total 1624
Pending - Short sale 699
Pending - REO 435
Distressed active / Total active = 39.8%
Distressed pending / Total Pending = 69.8%
Condo
Active - Total 681
Active - Short sale 355
Active - REO 59
Backup - Total 258
Backup - Short sale 186
Backup - REO 18
Pending - Total 496
Pending - Short sale 238
Pending - REO 146
Distressed active / Total active = 60.8%
Distressed pending / Total Pending = 77.4%
Ventura County:
Single Family Homes
Active - Total 1400
Active - Short sale 170
Active - REO 93
Contingent - Total 993
Contingent - Short sale 668
Contingent - REO 58
Pending - Total 700
Pending - Short sale 199
Pending - REO 206
Distressed active / Total active = 18.8%
Distressed pending / Total Pending = 57.9%
Release from Showing 299
Condo
Active - Total 440
Active - Short sale 84
Active - REO 40
Contingent - Total 405
Contingent - Short sale 303
Contingent - REO 23
Pending - Total 236
Pending - Short sale 78
Pending - REO 86
Distressed active / Total active = 28.2%
Distressed pending / Total Pending = 69.5%
Release from Showing 67
2 comments:
SFH-VC contingencies means "We got a great deal on a new house at 40% off and all we need to do is sell our existing house at par."
There is a lot of homes with signs in the ground but not on the mls where brokerages are keeping the listing in house. They get an offer and then put on the MLS as contingent.
There are also a lot of contingent homes going on 60 days contingent. So financing or something else is the issue. There are 2 contingency class, "contingent-back up" which means they will take back up offers and "contingent-1st right of refusal" in which if an offer comes in the original party gets a chance to clear the contingency and move on with their offer. Its this second category which usually gets the "I need to sell a home to buy yours". Its not that common but also agents could be marking listings incorrectly.
If i'm an asset manager/negotiator on a REO or Short sale the first thing I would do is get a property history of a property with an offer on it to ensure its been fully exposed to the market (i.e. listed and immediately gone pending). I think there are some games being played and I think they are only being played because there aren't checks in place to catch them.
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