More “Help” For The Market?

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

The number of buyers who are searching for their next home in the Lake Oroville real estate market is about to increase putting further pressure on home prices thanks to FHA.

Under this new program, which runs until September 30, 2016, someone who has lost their home due to an “Economic Event” or has filed for Chapter 7 or Chapter 13 bankruptcy due to an “Economic Event” can qualify for the purchase of a home with an FHA loan in as little as 12 months after the loss of their home or discharge of their bankruptcy.

What is considered an “Economic Event” under the FHA guidelines? According to Mortgagee Letter 2013-26 it is defined this way: Continue reading

Look Ma, No REO’s!

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

Well, well, well what do we have here in the Lake Oroville area? The end of the Oroville foreclosure market?

Looking at this week’s home sales data for the Greater Oroville area you might draw such a conclusion being  there was not ONE foreclosed property that sold in the past week. (see the red highlighted stat).  To bolster your conclusion you may also point to the fact  that this is the first week since I have been tracking this number dating back to October 2009 that there has not been at least one bank-owned Oroville home that has sold.

As I prepared to share this week’s Oroville real estate information with you my plan was to caution you that we should certainly expect to see more foreclosure sales take place and that it is a little early to say the foreclosure market in the Oroville area has met with extinction.  However, as I was typing the first paragraph of this weekly editorial, and because I am such a great multitasker, I began think that I may be…..yes, wrong!

Maybe the “foreclosure market” IS over! Oh sure, there are still bank-owned homes for sale, but does the current inventory of Oroville bank-owned homes (19 homes, or less than 10% of the available inventory) actually constitute a “market?”  I wonder?

Here is another interesting fact this week: Continue reading

Almost Weekly Sales Report

By: Mark Wisterman

 I know, I know, I can’t keep calling it the weekly Lake Oroville housing report if I don’t actually report WEEKLY.  So, my phrase of the day is: Better late than never.

On the whole, there is not anything too earth-shattering in the Oroville real estate numbers over the past couple of weeks.  Unit sales are remaining fairly steady and the inventory of homes for sale in the Oroville market is sustaining the low levels that we have seen for a few months now. Oroville buyers are still having a tough time dealing with these low inventories in the face of rapidly rising interest rates, while sellers continue to hold back from listing their homes for sale waiting for the market values to climb higher.

And speaking of sellers: Continue reading

Weekly Sales Review is Back

By: Mark Wisterman

Here we are once again, meeting to review the past week’s market activity of Oroville home sales in the Lake Oroville real estate market.

There is not much out of the ordinary to report this week.  The only interesting statistic in this chart concerns the number “distressed” sales (bank owned or short sales) that have taken place 2 of the last 3 weeks. With only one of these sales last week and just 2 of them 2 weeks ago it will be interesting going forward to see if this is an early sign of a trend developing in the sale of Oroville homes or if it is just a temporary slowdown. The next few weeks will tell.

In a recent post on our office Facebook page at http://www.facebook.com/RealtyWorld.CA  I commented about the perception some buyers, and quite frankly their agents, have about prices in today’s Lake Oroville real estate market.  The comment being that there is no factual basis for anyone to make a blanket statement that everything is selling for more that asking price.  In fact for the 4 years that I have been tracking Oroville home sales there have been only 4 weeks where the average sales price has exceeded the average listing price. And not one, I repeat, NOT ONE of those weeks has occurred in 2013. In fact, the average sales price to listing price ratio is pretty much within historic norms. That is certainly not to say that some homes have not sold for more that asking price, because they have. My point here is that, as a buyer in the Oroville real estate market, you need to be sure you are fully informed about what the market is actually doing. It is easy to get sucked into the real estate hype. But do not feel bad if you do because many who work in the industry get sucked into it to. The reason: They do not take time to actually look at the numbers.

Lucky for you, you have this Lake Oroville real estate market blog site to help you stay on top of the numbers.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change
5/2/2013 5/9/2013 5/16/2013 Previous Week
# of Total Sales 10 13 10 -23.08%
# REO/Short Sales Sold (SS) 2 7 1 -85.71%
% Sales that are REO/SS 20.00% 53.85% 10.00% -81.43%
Avg. List Price $132,430 $141,500 $138,350 -2.23%
Avg. Sold Price $127,195 $130,244 $132,445 1.69%
Sold Price % of Listing Price 96.05% 92.05% 95.73% 4.01%
Avg. Days On The Market 57 96 94 -2.08%
Total Sales Volume $1,271,950 $1,693,169 $1,456,900 -13.95%
# of Single Family Listings 151 158 156 -1.27%
# Foreclosed On Market 17 21 20 -4.76%
% of Foreclosed on Market 11.26% 13.29% 12.82% -3.54%
# Short Sales on Market 9 6 8 33.33%
% Short Sales on Market 5.96% 3.80% 5.13% 35.04%
Days of Inventory Left 106 85 109

 

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Another Week Come and Gone

 By: Mark Wisterman

We meet, once again, to review the latest weekly real estate market information for the Lake Oroville real estate market

The number of Oroville home listings that sold this week continue to show increases as does the average price for Oroville real estate market listings that have sold. With $1.75 million in total sales of Oroville homes listed, this was also an above average week for sales volume.

So what the heck is the cause of all these increases? Take a look at the numbers highlighted in red. The number of homes in the greater Lake Oroville area available for sale continues to shrink. Down over 2.5% from the previous week.  It is this number alone, in my opinion, that is driving the rest of the numbers.  In my next post I will spend a little time discussing these low inventory numbers and how I think it is going to affect the Oroville, CA real estate market in the short term and what buyer’s and seller’s can do in the face of the changing real estate market in Oroville.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change
2/28/2013 3/7/2013 3/14/2013 Previous Week
# of Total Sales 9 10 12 20.00%
# REO/Short Sales Sold (SS) 3 5 6 20.00%
% Sales that are REO/SS 33.33% 50.00% 50.00% 0.00%
Avg. List Price $144,367 $132,915 $153,700 15.64%
Avg. Sold Price $140,861 $124,940 $145,925 16.80%
Sold Price % of Listing Price 97.57% 94.00% 94.94% 1.00%
Avg. Days On The Market 64 190 186 -2.11%
Total Sales Volume $1,267,750 $1,249,399 $1,751,100 40.16%
# of Single Family Listings 150 149 145 -2.68%
# Foreclosed On Market 19 17 21 23.53%
% of Foreclosed on Market 12.67% 11.41% 14.48% 26.94%
# Short Sales on Market 9 5 6 20.00%
% Short Sales on Market 6.00% 3.36% 4.14% 23.31%
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Lake Oroville Real Estate Week In Review

Time to once again take a look at the weekly home sales for the greater Lake Oroville real estate market.

Another good week for the number of  Oroville homes sold in the Lake Oroville real  estate market this past week. Total sales volume exceeded $1,000,000 in back to back weeks for the first time in months.  The inventory of available homes for sale in the Oroville real estate market continues to decline as more buyers are entering the market as they try to beat the rise in interest rates that is occurring in the face of improved unemployment numbers were reported this week.

The number of  “distressed” Oroville home listings, those that have been foreclosed upon or have loan balances in excess of their values also continues to slide. Going forward I look for the short sale market of Oroville homes for sale to be on the brink of extinction towards the end of the year as values continue to slowly recover.  As the value of Oroville homes increases we will begin to see more inventory of owner occupied homes which will provide buyers more opportunities to avoid having to deal with the foreclosure market and the backwards way that the banks and their agents have deal with their transaction.  Before writing this post I briefly researched the sales activity of local agents whose clients are predominantly banks. I think that the most telling stat I discovered was that, for the first two months of this year, one of the busiest foreclosure agents in the Lake Oroville area has seen a nearly 40% decrease in the number of listings sold as compared to the same period last year.  I will monitor this in the coming months to see if this is just a blip or an actual trend developing.

 Tip of the Week: Pay attention the interest rates. The pressure is on for rates to increase! 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending % Change
2/14/2013 2/21/2013 2/28/2013 3/7/2013 Previous Week
# of Total Sales 8 6 9 10 11.11%
# REO/Short Sales Sold (SS) 2 2 3 5 66.67%
% Sales that are REO/SS 25.00% 33.33% 33.33% 50.00% 50.00%
Avg. List Price $122,516 $117,100 $144,367 $132,915 -7.93%
Avg. Sold Price $117,138 $102,525 $140,861 $124,940 -11.30%
Sold Price % of Listing Price 95.61% 87.55% 97.57% 94.00% -3.66%
Avg. Days On The Market 178 51 64 190 196.88%
Total Sales Volume $937,100 $615,150 $1,267,750 $1,249,399 -1.45%
# of Single Family Listings 155 150 150 149 -0.67%
# Foreclosed On Market 20 18 19 17 -10.53%
% of Foreclosed on Market 12.90% 12.00% 12.67% 11.41% -9.93%
# Short Sales on Market 7 7 9 5 -44.44%
% Short Sales on Market 4.52% 4.67% 6.00% 3.36% -44.07%
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Lake Oroville Weekly Home Sales Update

 Home sales for the Lake Oroville real estate market had somewhat of a breakout week this past week as there were significant improvements in the major valuations area of the data.

In addition to big increases in the average list price and the average sold price of the Oroville homes that sold this week, there was a doubling of the total sales volume of homes that closed escrow this week. The sale of distressed homes in the Oroville real estate market (those that are bank owned or were sold for less than was owed on them) continues to hold at levels that have not been seem since the depths of the mortgage mess.

Inventories of Lake Oroville  area homes for sale continue to be constrained which seems to be causing, for lack of a better term, a mini-frenzy among Oroville home buyers who seem to think that there will never be any other  Oroville homes on the market and have allowed themselves, often with the prodding of their agent, to get sucked into the unenviable position of having to engage in auctioneering to buy a home. In an upcoming post I will give you my take on why I have a concern that there may be a mini-bubble developing in the market right now.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending % Change
2/7/2013 2/14/2013 2/21/2013 2/28/2013 Previous Week
# of Total Sales 9 8 6 9 50.00%
# REO/Short Sales Sold (SS) 5 2 2 3 50.00%
% Sales that are REO/SS 55.56% 25.00% 33.33% 33.33% 0.00%
Avg. List Price $90,756 $122,516 $117,100 $144,367 23.29%
Avg. Sold Price $86,278 $117,138 $102,525 $140,861 37.39%
Sold Price % of Listing Price 95.07% 95.61% 87.55% 97.57% 11.44%
Avg. Days On The Market 66 178 51 64 25.49%
Total Sales Volume $776,500 $937,100 $615,150 $1,267,750 106.09%
# of Single Family Listings 158 155 150 150 0.00%
# Foreclosed On Market 20 20 18 19 5.56%
% of Foreclosed on Market 12.66% 12.90% 12.00% 12.67% 5.56%
# Short Sales on Market 8 7 7 9 28.57%
% Short Sales on Market 5.06% 4.52% 4.67% 6.00% 28.57%

 

 

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I Hope This Doesn’t Cause A Headache

Well, hello again, everyone! It is good to be able to take the time to update you on the real estate market in the Lake Oroville market area.

It has been a very long time since I last provided any meaningful stats on the Lake Oroville real estate market and I hope to be doing this on a much more frequent basis now that we are beginning to see new trends emerge in the number of Oroville homes that have sold as well as the number of Lake Oroville home listings that are currently on the market.

Probably the biggest news when in comes to the Oroville real estate market has to due with current inventories of homes available. Since the depths of the market crash we have seen a steadily decreasing number of  Oroville homes come to market. When you view the slide show that is included with this post, you will see that the number of homes available was just over 400 in March of 2009.  According to our Multiple Listing Database, as of this past Friday, there are now only 150 single family homes for sale in the greater Lake Oroville real estate market. This low inventory is making it extremely difficult on buyers as it causes a little bit of a “feeding frenzy’ whenever a home that is in move-in ready condition comes on the market in that some of the prices get bid up to the point where some buyers can no longer qualify.

You can expect this inventory shortage to continue until values recover to the point where homeowners, who are “underwater” and would like to sell but can’t, finally see that their homes are once again worth more than they owe on them. Barring anything that the government will do to screw things up, we should begin to see more news reports of significantly fewer of these upside down situations in the 2nd half of this year, which should provide the impetus towards an increasing number of Oroville CA homes for sale.

Below is a 4 week chart of the sales in the Lake Oroville CA market and below that is  a slide show that provides a little more overview on the current state of the Oroville Ca housing market.

As always, I appreciate your comments and questions.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Previous %
1/31/2013 2/7/2013 2/14/2013 2/21/2013 Change
# of Total Sales 11 9 8 6 -25.00%
# REO/Short Sales Sold (SS) 6 5 2 2 0.00%
% Sales that are REO/SS 54.55% 55.56% 25.00% 33.33% 33.33%
Avg. List Price $130,550 $90,756 $122,516 $117,100 -4.42%
Avg. Sold Price $125,768 $86,278 $117,138 $102,525 -12.48%
Sold Price % of Listing Price 96.34% 95.07% 95.61% 87.55% -8.43%
Avg. Days On The Market 56 66 178 51 -71.35%
Total Sales Volume $1,383,450 $776,500 $937,100 $615,150 -34.36%
# of Single Family Listings 162 158 155 150 -3.23%
# Foreclosed On Market 22 20 20 18 -10.00%
% of Foreclosed on Market 13.58% 12.66% 12.90% 12.00% -7.00%
# Short Sales on Market 8 8 7 7 0.00%
% Short Sales on Market 4.94% 5.06% 4.52% 4.67% 3.33%

 

 

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Keep Your Perspective

It has been far too long since we last had some quality time together.  When I first started this blog it seemed I was blogging 3 or 4 times per week. Lately, though it has been more like 3 or 4 times per year.

Don’t ask me why I had lost my enthusiasm for commenting on the real estate markets of Lake Oroville, Chico, Paradise and the surrounding areas. I guess it just seemed like that I could not muster up an effort to comment on what seemed to be a dismally depressed real estate market.

Lake Oroville

Or maybe I was just dismally depressed.  Whatever the reason, I have been feeling for a while now that it is time to get this blog up and moving forward again. Market conditions both locally and nationally have been changing lately and it seems a good time to get back into the swing of things.

Let’s get restarted by taking a look at this article that I found at Inman News. While reading this “gloom and doom” titled column I want you to tell me what is missing from this article that discusses the state of the foreclosure market on a national level. I think what you do not see in this article is why I have told all of you since the beginning of this blog to keep your perspective on things.  We’ll pick up on our discussion when you get done reading.

CLICK HERE TO VIEW THE ARTICLE

So what did you NOT see in this article about the number of foreclosures on the market?

You get a gold star if you said that the word CALIFORNIA did not appear in the article. That’s right, the state that was hit as hard or harder by the foreclosure mess than any other state in the Union does not even get a mention in a report that says the number of foreclosures in this country is still at an all time high.
This is why I keep updated links on this site showing the latest foreclosure filings in, not only the Lake Oroville real estate market, but also the real estate markets of Chico, Paradise, Yuba City and Marysville areas. As they say, all real estate is local. It is ok to keep yourself abreast of the national real estate market, because quite frankly, and I am sorry to say, it seems to be the national numbers that set the mood of the country. But it is your job to set the mood of this state and this local Oroville real estate market by staying informed on the local markets.  Only time will tell, but it seems that the light at the end of the tunnel is no longer a gigantic freight train.

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Latest Foreclosure Stats Just Released

For all of you interested in the foreclosure trends in the areas that I service, which includes the real estate markets of Lake Oroville, Paradise, Chico, Yuba City, Marysville, and Tehama and Glenn counties, here are the latest stats as compiled by ForeclosureRadar.com

These one year charts show that an interesting long term trend has begun to develop that we have not heard too much about in the media.  These charts are beginning to show significant reductions in the number of foreclosures filings taking  place.  Although the charts are a little roller-coaster-like when looking at the monthly numbers, the overall trend is slowly working its way down.

To be sure, we are certainly not out of the woods by any stretch of the imagination when it comse to the impact foreclosures are having on the overall value of the home across the state.  It is encouraging to see that the long term trend is beginning to head south ever so slightly. Will it stay down? That is hard to say given the recent events with the foolishness surrounding the debt ceiling, stock market gyrations, and the fact that consumers have a general feeling of despair when it comes to the current economic climate in which we find ourselves. What I do know is that with the media so focused on the incompetence in Washington, D.C. there is a good chance that this news will not be considered important enough to share, simply because it is not “dramatic” enough.

On this blog site we take the drama out of the market and replace it with just the facts so you can decide for yourself what is happening.

I have placed links at the bottom of this posting for each area of the real estate market I service. Click on whichever area in which you are interested in seeing.

Oroville Foreclosure Report      Chico Foreclosure Report

Paradise Forclosure Report      Marysville Foreclosure Report

Yuba City Foreclosure Report     Glenn County & Tehama County Foreclosure Report

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