El Dorado Hills, Folsom Real Estate

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – APRIL 2012

Mike West (Heritage Oak Properties) — Fri, 25 May 2012 15:40:23 -0700

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – APRIL 2012

This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers April 2012.

There were 11 bank owned (foreclosure/REO) homes sold in El Dorado Hills in April, three less than in the previous month.

The average days on market increased from 47 in March to 49 in April, yet only one of the homes had been on the market for over 100 days. Only one the homes that sold had been on the market for two weeks or less, a much smaller segment than normal.

The 11 bank owned (Foreclosure/REO) homes that sold represent only 17% of ALL homes sold in El Dorado Hills this month. The lower inventory level of bank owned homes is the reason.

The available inventory of bank owned (Foreclosure/REO) homes in El Dorado Hills dropped to a .6-month supply in April, down from a 1.0-month supply in March. There have been two spikes in bank owned home inventory in El Dorado Hills in the past fifteen months. The inventory level exceeded a two-month supply in February of 2011 (a 2.7-Month supply) and December of 2011 (a 2.4-month supply).

The inventory for ALL homes available edged up to a 2.1-month supply in April, up from a 2.0-month supply the previous month. Pundits tell us that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned.

The average cost-per-square-foot for Bank Owned (Foreclosure/REO) homes dropped to $ 131 in April, down from $ 137 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in April was $ 154, up four dollars from March. In fact, that is the highest cost per square foot for any month since May of 2011, when it was $ 155.

The overall sales price for bank owned homes was 98.6% of the final asking price and 93.1% of the original asking price. Forty-six Percent of the buyers paid the full asking price or more in April for their bank owned home, a slightly larger segment than normal.

Note that there was one home sold, line item four in the chart below, which sold for 115.2% of the final asking price. Although it is not unusual for buyers to pay more than the asking price on a bank owned (Foreclosure/REO) home, it is unusual for them to pay over $ 50,000 more. That one sale has skewed the figures for April.

When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 15% less in April. That is a $ 23 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 57,500, a substantial sum.

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.

The data follows:

BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – APRIL 2012

Mike West (Heritage Oak Properties) — Fri, 25 May 2012 15:35:07 -0700

BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – APRIL 2012

This is the latest monthly report of our more than four-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers April of 2012.

There were 10 Bank Owned (Foreclosure/REO) homes sold in Folsom this month, exactly the same number as in the previous month.

The average days-on-market decreased from 36 the previous month to 30 in April. None of the homes had been on the market for over 100 days, and only 20% of the homes that sold were on the market for two weeks or less. That is a much smaller segment than normal.

The 10 Bank Owned (Foreclosure/REO) homes that sold represent only 12% of all homes sold in Folsom this month. The very low bank owned home inventory is the reason this segment of the market is so low and it seems to be shrinking.

The available inventory of bank owned (Foreclosure/REO) homes in Folsom decreased to a 1.0-month supply, down from a 1.1-month supply the previous month. That inventory level has not exceeded a two-month supply for over a year. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January 2011, and has not reached that level since.

The available inventory for ALL homes available remained at a 1.1-month supply for the second month in a row. We have not had an inventory level of more than a three-month supply since February of 2011. Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.

The Folsom market reflects what is happening in the rest of California and the western U.S. Inventory levels are very low. This factor is going to have an impact on housing prices in the very near future.

The average cost-per-square-foot for bank owned (Foreclosure/REO) homes was $ 131 in April, down from $ 137 in March. The average cost-per-square-foot for ALL homes sold in Folsom in April was $ 153, the same as in the previous month. It has been moving within a narrow range for the past year and has not fluctuated more than $ 3 since July of 2011, when it reached

$ 161.

The overall sales price for REO homes was 98.8% of the final asking price and 96.2% of the original asking price. In addition, 40% of the buyers paid the asking price, or more, for their Folsom bank owned (Foreclosure/REO) home in April.

Based on the cost-per-square-foot, bank owned homebuyers saved twenty-two dollars per foot on their bank owned home compared to the cost for all homes sold in Folsom this month. When applied to a 2,500 square foot home, that represents a savings of $55,000: a tidy sum

Given the overall data, it is obvious that homeowners who do not have to sell are keeping their homes, rather than accepting current market value offers. As prices rise, more homes will be placed on the market.

If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or an REO anywhere in the area, feel free to give us a call

(916) 337-0658.

The data Follows:

MORTGAGE FRAUD STILL RUNNING RAMPANT

Mike West (Heritage Oak Properties) — Sat, 05 May 2012 12:21:37 -0700

MORTGAGE FRAUD STILL RUNNING RAMPANT

The Federal Trade Commission continues to monitor mortgage fraud scams. One of the newer iterations is what they call the “Mass Joiner Lawsuits.”

Naturally, the target is the struggling homeowner. They lure their victims with promises of using legal tactics to forestall foreclosure, reduce mortgage balances, lowering the existing interest rates, or restoring borrower’s credit.

The perpetrators purport to be law firms, according to a consumer alert by the Federal Trade Commission’s web site. Some have only one attorney on staff and others have none.

The firms charge up front fees ranging from a few thousand dollars to more then $ 10,000 and deliver nothing in return. Reports reveal that unsuspecting homeowners have lost more then $ 60 million dollars to these scams in the last two years alone.

The firms claim that their tactic is to file class action suits on behalf of participating homeowners. The fact is that in most class action lawsuits the participants pay nothing in advance. The law firm works for a portion of the settlement they gain for those participants.

FTC rules allow only lawyers to collect upfront fees to provide mortgage aid services. Obviously, they have a strong political lobby.

There are legitimate law firms providing mortgage aid services. The FTC recommends that you get the names of the lawyers who will be representing you and check them with the state bar association. Make sure that they have a license to practice in your state.

Watch out for those who make promises that sound too good to be true. In all likelihood, they are just that.

Select this link to view the Federal Trade Commission web site release on this subject.

http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt082.shtm

If you know someone who is having trouble with their mortgage and needs help, have them call (916) 337-0658. There is no charge. We are here to help.

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – MARCH 2012

Mike West (Heritage Oak Properties) — Thu, 26 Apr 2012 16:18:11 -0700

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – MARCH 2012

This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers March 2012.

There were 14 bank owned (foreclosure/REO) homes sold in El Dorado Hills in March, up from eight the previous month.

The average days on market increased from 42 in February to 47 in March. Three of the homes had been on the market for over 100 days. In addition, 43% of the homes that sold had been on the market for two weeks or less, confirming that well priced homes in good condition sell quickly.

The 14 bank owned (Foreclosure/REO) homes that sold represent only 20% of ALL homes sold in El Dorado Hills this month. The lower inventory level of bank owned homes is the reason.

The available inventory of bank owned homes in El Dorado Hills dropped to a 1.1-month supply in March, down from a 1.6-month supply in February. There have been two spikes in bank owned home inventory in the past fifteen months. The inventory level exceeded a two-month supply in February of 2011 and January of 2012. The inventory for ALL homes available dropped to a 2.2-month supply in March, down from a 3.2-month supply the previous month. Pundits advise us that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned.

The average cost-per-square-foot for Bank Owned homes jumped to $ 139 in March, up from $ 124 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in March was $ 153, up three dollars from February.

The overall sales price for bank owned homes was 100.4% of the final asking price and 96.1% of the original asking price. Sixty-Five Percent of the buyers paid the full asking price or more in March for their bank owned home, a slightly larger segment than normal.

When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 9% less in March. That is a $ 14 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of

$ 35,000, a substantial sum.

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.

The Data Follows:

BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – MARCH 2012

Mike West (Heritage Oak Properties) — Tue, 24 Apr 2012 14:58:12 -0700

BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – MARCH 2012

This is the latest monthly report of our more than four-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers March of 2012.

There were 10 Bank Owned (Foreclosure/REO) homes sold in Folsom this month, two less than in the previous month.

The average days-on-market decreased from 42 the previous month to 36 in March. None of the homes had been on the market for over 100 days, and 50% of the homes that sold were on the market for two weeks or less. Well prices homes in good condition are selling quickly.

The 10 Bank Owned (Foreclosure/REO) homes that sold represent only 14% of all homes sold in Folsom this month. The very low bank owned home inventory is the reason this segment or market is so low.

The available inventory of bank owned homes in Folsom increased to a 1.2-month supply, up from a .8-month supply the previous month. That inventory level has not exceeded a two-month supply for over a year. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January 2011, and has not reached that level since. The available inventory for ALL homes available dropped to a 1.1-month supply, down from a 1.5-month supply the previous month. We have not had an inventory of more than a three-month supply since February of 2011. Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market. The Folsom market reflects what is happening in the rest of California and the western US. Inventory levels are very low. This factor is going to have an impact on housing prices in the very near future.

The average cost-per-square-foot for bank owned homes was $ 144 in March, down from $ 147 in February. The average cost-per-square-foot for ALL homes sold in Folsom in March was $ 154, up from $ 151 the previous month. It has been moving within a narrow range for the past year.

The overall sales price for REO homes was 99.6% of the final asking price and 98.8% of the original asking price. In addition, 60% of the buyers paid the asking price, or more, for their Folsom bank owned Foreclosure/REO) home in March.

Based on the cost-per-square-foot, bank owned homebuyers saved ten dollars per foot on their bank owned home compared to the cost for all homes sold in Folsom this month. When applied to a 2,500 square foot home, that represents a savings of $ 25,000: a tidy sum

Given the overall data, it is obvious that homeowners who do not have to sell are keeping their homes, rather than accepting current market value offers.

If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.

The data follows:

California Home Prices UP, How About El Dorado Hills?

Mike West (Heritage Oak Properties) — Sat, 21 Apr 2012 12:11:37 -0700

California Home Prices UP, How About El Dorado Hills?

Although the number of California homes that sold in March declined, the median home price broke a 16-month trend of declining prices. In fact, the median price of existing single-family detached homes JUMPED 9.2% to $ 291,080 from the February number of $ 266,660. It was also up 1.6% from the March 2011 figure.

Select this link to view the complete report from the California Association of Realtors:

http://www.car.org/newsstand/news/march2012sales

While information about national and statewide trends is interesting, local data is more important to local buyers and sellers. In this post, we will discuss that local housing market in El Dorado Hills, California.

EL DORADO HILLS, CA HOME SALES DATA – MAR 2012

The purpose of this post is to provide those interested in the El Dorado Hills, CA housing market data about that market. This report covers March 2012, and the fourteen previous months.

The first chart lists the cost-per-square-foot for all homes sold in El Dorado Hills by month. Although there is a slight fluctuation from month to month, the viewer can see that there is no downward trend. When we look at year-over-year prices, March of 2011, was only one-dollar higher than it was in March of this year. We submit that the market is bumping along at the much-touted “bottom.” Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait. In fact, they may have missed the boat completely. The challenge now will be to find a home to buy.

The second chart shows the level of inventory, (the number of homes for sale divided by the number of homes sold each month). Pundits tell us that a six-month inventory is a neutral market.

Therefore, we can see that the El Dorado Hills market is, and has been for some time, a seller’s market. We had a buyer’s market in January and February of 2011, but the current inventory is half what it was last year. In fact, we have been bumping along in the two to four month range for the past year.

The media is finally coming to the realization that the housing market has changed. The housing shortage is the new line they use to grab viewers.

Over a year ago, we posted an article warning about the pending housing shortage. Obviously, we were right. All you have to do is ask those actively looking for a home.

It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.

If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.

To use the very best Internet property search tool go to www.BuyYourVilla.com.

California Home Prices UP, How About Folsom?

Mike West (Heritage Oak Properties) — Fri, 20 Apr 2012 15:24:19 -0700

California Home Prices UP, How About Folsom?

Although the number of California homes that sold in March dropped from the February pace, the median home price broke a 16-month declining trend. In fact, the median price of existing single-family detached homes JUMPED 9.2% to $ 291,080 from the February number of $ 266,660. It was also up 1.6% from March 2011.

Available inventory statewide remains extremely low. The further we get into 2012, the more indications we see that the housing market in on the mend.

Select this link to view the complete report from the California Association of Realtors: http://www.car.org/newsstand/news/march2012sales

While information about national and statewide trends is interesting, local data is more important to local buyers and sellers. In this post we will discuss that local housing market in Folsom, California.

FOLSOM, CA HOME SALES DATA – MAR 2012

The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The data presented covers March 2012, and the preceding fourteen months.

The first chart lists the cost-per-square-foot for all homes sold in Folsom by month.

Although there is a slight fluctuation from month to month, the viewer can see that there is little change in the past eight months. We submit that the Folsom market is bumping along at the much-touted “bottom.” Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait. In fact, they may have already missed the boat! The challenge will be to find any home that they can buy.

The second chart shows the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market has been a seller’s market for some time. There has been a shortage if inventory for many months and the trend is for an even smaller number of homes to be available.

The media is finally starting to realize that the housing market has changed.

Over a year ago, we posted an article warning about the pending housing shortage. Obviously, we were correct. All you have to do is ask those actively looking for a home.

It is going to get worse. The demand will result in price increases and with those increases; more homeowners may put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.

If you would like to see this data for other cities and towns in our area feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.

To use the very best Internet property search tool go to www.BuyYourVilla.com.

THE FIVE THINGS YOU MUST KNOW ABOUT BUYING RAW LAND

Mike West (Heritage Oak Properties) — Fri, 13 Apr 2012 11:56:39 -0700

THE FIVE THINGS YOU MUST KNOW ABOUT BUYING RAW LAND

The housing market, like all markets, is cyclical. Although there have been a few bumps in the road over the past few years, the cycles have climbed to red-hot levels and dropped the ice cold depths, we know that it will eventually return to neutral. The American dream is still alive and well and will be so into the foreseeable future. The epitome of that American dream is to buy parcel of raw land, select the exact spot on that parcel to place their home, choose the floor plan that best meets their desires and make the hundreds of decisions that will turn that dream into reality. Unfortunately, not everyone can live this dream.

For those who do pursue the dream, the first step is to select and purchase the parcel of land. Buying raw land is not the same as buying an existing home. A buyer should consider many more factors to ensure the desirable outcome. In this post, we will discuss five factors that any buyer considering a land purchase should know about. Forewarned is forearmed. Making an informed purchase decision will smooth the road to your goal and eliminate many headaches and expensive problems.

ACCESS

Many buyers may not be aware of the fact that a significant number of land parcels on the market today are land locked. Access to them is available only by trespassing on a neighbor’s property or by helicopter. Although it may be possible to obtain an easement from a neighbor, that neighbor is likely to charge for the privilege. Many neighbors have no wish to grant an easement and do not have to do so. Even if you obtain an easement, you will also have to incur the cost of putting in a road and meeting that property owner’s requirement, whatever they may be. Selecting a property to which access is easily available illuminates these headaches. Most of these roads are dirt and can be in poor condition. Some require four-wheel-drive for passage. Parcels with paved road access are rare and usually price a little higher. However, in the long run the real cost is much lower.

POTABLE WATER

Potable water is essential no matter the size of the home. Parcels with access to local utility water are rare and usually much smaller and closer to towns. The most practical alternative is a well. Some properties on the market have existing wells, most do not. Putting in a well can be a speculative process. When you start drilling, you never know for sure if you're going to hit water. There is also the cost of drilling a well. The deeper you have to go to drill the higher the expense. It can easily cost $5,000-$10,000 to drill the well. In addition, when you do hit water there is no guarantee that well productivity will be sufficient. Obviously, the safest bet is to purchase a property with an existing tested well that produces an acceptable level of supply.

POWER

Electrical power is another essential ingredient in the equation. Although solar alternatives are becoming more viable, connection with the grid is the safest, tried and true, solution. PG&E, like any other utility, charges to bring in power to your building site from the closest access. The closer that access, the lower the costs. There is also a consideration about putting the power lines underground or on poles overhead. Finding a parcel with power at your desired building site is ideal. It is also extremely rare. Finding a parcel with power access at the property line is your second best choice. That is not the usual case with most parcels on the market but they do exist. It is far more common for most parcels to have power 200 to 500 feet, or more, from your desired building site. Bringing power in on those parcels can be very expensive.

SEPTIC - PERCOLATION TEST

No County will issue a building permit unless the applicant can produce a Perk Test report indicating that the soils at the selected location will absorb and filter waste materials. If the property passed a perk test, that assures the owner that the septic system they install will function properly. A good buyers agent will include a clause in the purchase offer document stipulating that the buyer can cancel the agreement of the property does not pass the perk test.

Land parcels with access to local sewer systems are rare indeed. A vast majority of properties will require a septic system and passing a perk test is essential. A few properties on the market have already passed the perk test and the listing agents are usually happy to provide a copy of the test report.

YOUR FINANCING

Financing the purchase of raw land is very different from financing the purchase of an existing home. There is no such thing as a 30-year fixed-rate mortgage for land. The majority of land sellers will accept only cash offers. There are rare occasions where a seller will finance a portion of the purchase for short term (one to two years). Most will require 30% to 50% down. The third financing alternative is the hard moneylender. Some will finance the purchase with as little as 20% to 25% down for a period of two to three years. However, their rates and fees are much higher than you will find when financing an existing home.

For those who qualify, there are construction loans available where the lender makes payments for each phase of construction. For example, they fund for the foundation, inspect the completed work and then fund for the framing. Inspections are made after each phase prior to founding the next. When construction is complete, the loan converts to a standard home mortgage loan. In almost all cases, construction must be completed within 12 months.

Finally, prudence dictates that prospective buyers consult the local County building Department to ascertain the costs for permits and fees. Much will depend on the location of the parcel selected in the size of the home you wish to build. It is always a good idea to have a ballpark estimate of your total costs before pursuing your dream.

Feel free to contact us, at 916-337-0658 or e-mail Mike@BuyYourVilla.com, if you have any questions or wish more information about a parcel in which you have an interest. Our goal is to help buyers successfully navigate this process and make their dream a reality.

LISTING SLIDE SHOW--STUNNING HORSE PROPERTY IN THE CALIFORNIA FOOTHILLS

Mike West (Heritage Oak Properties) — Fri, 30 Mar 2012 13:31:34 -0700

Mortgage Rates Are Moving Back Up--Have You Waited Too Long?

Mike West (Heritage Oak Properties) — Fri, 30 Mar 2012 13:06:31 -0700

MORTGAGE RATES ARE MOVING BACK UP

Have you waited too long?

We have been advising potential buyers for months that housing prices and interest rates are so low that it is time to take the plunge. The present housing market is one that we are not likely to see again in our lifetime. Some have decided to follow our advice while others have not.

Some tell themselves that they are waiting for the bottom of the market. The problem is that the only way to know when we hit the bottom is when we look back at the data for several months so that we can identify when it happened. Hindsight is always 20/20.

We cracked our crystal, so we are not very good at predicting the future.

What we can tell you is that mortgage interest rates are on the way up. The average rate for a 30-year fixed-rate mortgage is back above 4% now and the pundits tell us that they are destined to keep going up through 2012 and 2013.

You may not be aware of the fact that a few decades ago people were paying as much as 17%! The low 4% range is still EXCELLENT.

Fortunately, rates are not skyrocketing, so there is still time to act. Of course, the longer you wait the higher rates are going to be.

The current market conditions are also ideal for those with sufficient equity to refinance and lower their monthly mortgage payments. The key factor is the amount of equity an owner has in their property. Anyone with a 25% equity interest in his or her home that is paying 6% or above is just GIVING money to their lien holder. How do you like making investors richer?

Granted, lenders are more particular about whom they loan money to in our current market. The days of the fast and furious lending spree with “Liars Loans” and negative amortization loans have gone the way of the Klondike Gold Rush. However, the award goes to the persistent. They will look back on these good old days, when you could get a mortgage loan for 4%!

Select this link for a recent Wall Street Journal article on this subject:

http://online.wsj.com/article/SB10001424052702303812904577295762407392928.html?mod=WSJ_RealEstate_LeftTopNews

HIDDEN MORTGAGE FEE TO INCREASE SOON!

Mike West (Heritage Oak Properties) — Mon, 12 Mar 2012 14:25:06 -0700

HIDDEN MORTGAGE FEE TO INCREASE SOON!

When you go into one of the major banks to get a home, loan chances are good that they will sell your loan on the secondary market soon after loan origination. Odds are that you not write many payment checks to the originating bank. They take that cash and use it to originate more loans.

Fannie Mae and Freddie Mac, the two huge Government Sponsored Enterprises, purchase most of these loans and sell them to investors. The originating banks follow Fannie Mae and Freddie Mac loan guidelines to ensure that there will be no problem selling the loans.

When the loan originator quotes you an interest rate for your loan, that interest rate made up of three segments. The largest goes to the investors who buy the loan; a smaller portion goes to the loan servicer who maintains borrower contact, collects the monthly payments and handles loans in default; and the final portion is the guarantee fee. Fannie Mae and Freddie Mac charge a guarantee fee as a form of insurance against default for the loans that they acquire and resell to investors. The fee is also a primary source of revenue for Fannie and Freddy.

On April 1, 2012, that guarantee fee will increase 10 basis points, or one percent. The increase in the guarantee fee is to cover some of the costs or the two-month extension of the payroll tax reduction last December.

The increase in the guarantee fee will result in an increase in the interest rate that loan originators will charge after April 1.

There is one way to avoid paying this guarantee fee and the associated higher interest rate on loans originated in April and beyond. You can apply to a loan originator who does not sell their loans on the secondary market.

At the beginning of this post, we stated that most loans are sold on that secondary market. There is a smaller segment of loans are known as portfolio loans. They are loans that the originators keep and service themselves. Credit unions and community banks are usually portfolio lenders. Since they do not have to meet Fannie Mae and Freddie Mac guidelines, the lenders may be more flexible with their loan guidelines and are an excellent source for financing for borrowers.

To view the complete New Your Times article, select this link:

http://www.nytimes.com/2012/03/04/realestate/mortgages-a-hidden-fee-is-set-to-rise.html?_r=1&scp=1&sq=mortgages-a-hidden-fee-is-set-to%20rise&st=cse

If you have any questions about real estate financing call us at (916) 337-0658 or e-mail Mike@BuyYourVilla.com

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – FEBRUARY 2012

Mike West (Heritage Oak Properties) — Sat, 10 Mar 2012 12:20:07 -0800

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – FEBRUARY 2012

This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers February 2012.

There were eight bank owned homes sold in El Dorado Hills in February, down one from the previous month.

The average days-on-market decreased from 65 in January to 42 in February. Only one of the homes had been on the market for over 100 days. In addition, 37.5% of the homes that sold had been on the market for two weeks or less, confirming that well priced homes in good condition sell quickly.

The eight bank owned homes that sold represent only 18% of ALL homes sold in El Dorado Hills this month. The lower inventory level of bank owned homes is the reason.

The available inventory of bank owned homes in El Dorado Hills dropped to a 1.6-month supply in February, down from a 2-month supply in January. The inventory level exceeded a two-month supply in only two months in 2011. The inventory for ALL homes available dropped to a 3.5-month supply in February, down from a 3.9-month supply the previous month. Pundits advise us that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned.

The average cost-per-square-foot for Bank Owned homes was $ 124 in February, down two dollars from the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in February was $ 149, exactly that same as the previous month.

The overall sales price for bank owned homes was 98.6% of the final asking price and 94.2% of the original asking price. Only one buyer paid the full asking price or more in February for their bank owned home. That is a smaller number than normal.

When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 17% less in February. That is a $ 25 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 62,500, a substantial sum.

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.

The data follows:

BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – FEBRUARY 2012

Mike West (Heritage Oak Properties) — Fri, 09 Mar 2012 13:24:34 -0800

BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – FEBRUARY 2012

This is the latest monthly report of our more than four-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers February 2012.

There were 12 Bank Owned homes sold in Folsom this month, two more than in the previous month.

The average days-on-market decreased from 47 the previous month to 42 in February. Only one of the homes had been on the market for over 100 days, and 41.7% of the homes that sold were on the market for two weeks or less. Well prices homes in good condition are selling quickly.

The 12 Bank Owned homes that sold represent 20% of all homes sold in Folsom this month. The very low bank owned home inventory is the reason this segment or market is so low.

The available inventory of bank owned homes in Folsom decreased to a .8-month supply, down from a one month supply the previous month. That inventory level has not exceeded a two-month supply since February of 2011. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January and has steadily declined since. The available inventory for ALL homes available edged up to a 1.7-month supply, up from a 1.6-month supply the previous month. We have not had an inventory of more than a three-month supply since February of 2011. Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.

The average cost-per-square-foot for bank owned homes was $ 147 in February, down from $ 155 in January. The average cost-per-square-foot for ALL homes sold in Folsom in February was $ 153, down one dollar from the previous month. It has been moving within a narrow range for the past year. Last month the cost-per-square-foot for bank owned homes was higher than the cost for all homes sold is statistical anomaly.

The overall sales price for REO homes was 97.2% of the final asking price and 94% of the original asking price. In addition, 33% of the buyers paid the asking price, or more, for their Folsom bank owned home in February.

Based on the cost-per-square-foot, bank owned homebuyers saved six dollars per foot on their bank owned home compared to the cost for all homes sold in Folsom this month. When applied to a 2,500 square foot home, that represents a savings of $ 15,000: a tidy sum

Given the overall data, it is obvious that homeowners who do not have to sell are keeping their homes, rather than accepting current market value offers.

If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or an REO anywhere in the area, feel free to give us a call

(916) 337-0658.

The data follows:

ARE YOU THE VICTIM OF ROBO-SIGNING?

Mike West (Heritage Oak Properties) — Wed, 07 Mar 2012 16:24:11 -0800

ARE YOU THE VICTIM OF ROBO-SIGNING?

Did you lose your home to foreclosure between January 1, 2008 and December 21, 2011? Was your loan servicer, the company you paid your mortgage payments to, on this list?

Bank of America

Ally

Chase

Citi Bank

Wells Fargo

The United States Department of Justice recently announced a TWENTY-FIVE BILLION dollar settlement with these banks, to let them off the hook for alleged illegal Robo-signing activities.

Robo-signing was the practice of having employees sign hundreds of documents per day, attesting to the fact that each properties’ foreclosure document file was in order and that it met all of the legal tests required by the courts before a foreclosure could take place. So, rather than reviewing the documents and making sure everything was in order, these employees just signed pile after pile of legal documents and forms without looking at them.

Fortunately, there were one or two people with a conscience involved. They became whistleblowers and the banks had to pay $25,000,000,000to get off the hook for those alleged illegal activities.

So, you may ask, what does this have to do with me? The fact of the matter is that if you were one of the distressed homeowners who were a victim of Robo-signing activities you may have some cash coming.

You will have to go to www.nationalmortgagesettlement.com (a government web site) and complete a foreclosure review request. There is NO CHARGE to you for this review. IF they find that your loan servicer caused you financial harm resulting from following improper procedures, you may get up to $ 2000. It certainly is not going to make up for the loss of you home, but it is better than getting nothing.

There are strict deadlines, so do not delay requesting your foreclosure review. There will be many people applying. The process is also going to take some time. It may be two or three years before you get the cash. However, the fact that you got something back may be satisfying to some borrowers.

Please pass the information on to friends and family members who may qualify.

If you have any friends of family members facing foreclosure in the greater Sacramento area, please let us know. (916) 337-0658 We are here to help.

EL DORADO HILLS, CA HOME SALES DATA – JAN 2010

Mike West (Heritage Oak Properties) — Fri, 02 Mar 2012 13:39:50 -0800

EL DORADO HILLS, CA HOME SALES DATA – JAN 2010

The purpose of this post is to provide those interested in the El Dorado Hills, CA housing market data about that market. The first chart lists the cost-per-square-foot for all homes sold in El Dorado Hills by month for the past fifteen months.

Although there is a slight fluctuation from month to month, the viewer can see that there is not a downward trend. Nor have prices risen over the past fifteen months. We submit that the market is bumping along at the much-touted “bottom.” Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait.

The second chart shows the level of inventory, the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market is, and has been for some time, a seller’s market.

Those who listen to the media should remember that disaster sells soap, so media reporting, by necessity, emphasizes the negative aspects of the market. Although there are segments of the housing market that are in trouble, Folsom is NOT one of them.

Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.

It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.

If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.

To use the very best Internet property search tool go to http://www.BuyYourVilla.com.

FOLSOM, CA HOME SALES DATA – JAN 2010

Mike West (Heritage Oak Properties) — Fri, 02 Mar 2012 13:14:09 -0800

FOLSOM, CA HOME SALES DATA – JAN 2010

The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The first chart lists the cost-per-square-foot for all homes sold in Folsom by month for the past fifteen months.

Although there is a slight fluctuation from month to month, the viewer can see that there is not a downward trend. Nor have prices risen over the past fifteen months. We submit that the market is bumping along at the much-touted “bottom.” Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait.

The second chart shows the level of inventory, the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market is, and has been for some time, a seller’s market.

Those who listen to the media should remember that disaster sells soap, so media reporting, by necessity, emphasizes the negative aspects of the market. Although there are segments of the housing market that are in trouble, Folsom is NOT one of them.

Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.

It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.

If you would like to see this data for other cities and towns in our area feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.

To use the very best Internet property search tool go to http://www.BuyYourVilla.com.

THE BEST LAND BUY IN NORTHERN CALIFORNIA

Mike West (Heritage Oak Properties) — Fri, 24 Feb 2012 13:57:08 -0800

THE BEST LAND BUY IN NORTHERN CALIFORNIA We thought that you might be interested in viewing a slide show of a choice parcel of land currently on the market in Pollock Pines, California. This 14 acre parcel is conveniently located only five minutes travel tim off Highway 50 and a.5 miles from Jenkinson Lake. Sacramento is less than an hour away in one direction and South Lake Tahoe is an hour away in the other. There is paved road access all they way to the parcel and a graven driveway to the building pad. Of course, with over 14 acres you can choose to build at any of the many possible building sites. There is an EXCELLENT well in place, power to the parcel boundry and the perk test has been done. The timber has been marked but the seller never harvested, so a new owner may elect to do so or leave things as they are.

VERY SPECIAL FORESTED PARCEL IN THE FOOTHILLS AT A GREAT PRICE!

Mike West (Heritage Oak Properties) — Wed, 22 Feb 2012 13:29:13 -0800

14 VERY SPECIAL, FORESTED ACRES IN THE FOOTHILLS--GREAT BUY!

$$129,995

4507 Arundel Road Pollock Pines, CA 95726 -

14 Forested Acres
Tranquil setting
Highly Productive well
Power to the parcel
Paved Road access
Passed perk test
Refurbished logging road meanders across the parcel
Potential for a three-way split*
Many possible building sites
Potential to harvest timber**
Short five-minute drive from Highway 50
Only 1.5 Miles from Jenkinson Lake
At 3500 foot altitude--much cooler than the valley
Only an hour from Lake Tahoe
Less than an hour from Sacramento

NOW AT AN EVEN BETTER PRICE--SELLER MOTIVATED!

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This secluded get-away is conveniently located only five minutes from Highway 50 and 1.5 miles from Jenkinson Lake, just south of Pollock Pines, an ideal combination of convenience and privacy. There is paved road access all the way to the parcel. Lake Tahoe is slightly over one hour away and San Francisco is just over 2.5 hours away.

Much of the preparation is been done for a buyer planning to build their halcyon dream home. There is PG&E power to the parcel, a highly productive well in place and a perk test report available. The roughed in building pad may be used. However, a recently refurbished logging road rambles across the parcel, providing easy access to much of the property, facilitating selection of any number of building sites.

The area consists of up-scale custom-built homes set on bucolic parcels of just over four acres. Potential exists to split this parcel into three (*buyers considering that option should consult El Dorado County for more definitive information).

The present owner had obtained approval to harvest timber from this parcel but never exercised that option. A buyer may be able to obtain similar approval and collect the associated income (**buyers considering that option should consult the Department of Forestry for requirements).

A buyer may be able to harvest the timber, split the parcel and build on one of the divided plots. Possibilities abound!

Buyers looking to get away from the noise, traffic, crime and heat of the city or the valley may wish to consider moving to this stunning foothill location.

Become a modern day Paul Bunyan!

GOVERNMENT FORECLOSURE REVIEW STARTED YESTERDAY

Mike West (Heritage Oak Properties) — Thu, 02 Feb 2012 19:01:55 -0800

GOVERNMENT FORECLOSURE REVIEW STARTED YESTERDAY

We recently published a post about the government foreclosure review. That review started yesterday. The important thing to remember is that there is a deadline of April 30, 2012, for review requests.

Distressed homeowners who went through foreclosure in 2009 or 2010 may be affected. There are 14 loan servicers, listed on the Office of the Controller of the Currency web site, who may not have followed proper legal procedures during the foreclosure process.

The loan servicers involved for this program include:

· America’s Servicing Co.

· Aurora Loan Services

· BAC Home Loans Servicing

· Bank of America

· Beneficial

· Chase

· Citibank

· CitiFinancial

· CitiMortgage

· Countrywide

· EMC

· EverBank/EverHome Mortgage Company

· Financial Freedom

· GMAC Mortgage

· HFC

· HSBC

· IndyMac Mortgage Services

· MetLife Bank

· National City Mortgage

· PNC Mortgage

· Sovereign Bank

· SunTrust Mortgage

· U.S. Bank

· Wachovia Mortgage

· Washington Mutual (WaMu)

· Wells Fargo Bank, N.A.

· Wilshire Credit Corporation

If you, or someone you know, lost your home to foreclosure during the specified period and one of the 14 loan servicers completed that foreclosure, you may have some money coming.

You may request an independent audit of your foreclosure at no cost to you.

If the independent audit determines that the foreclosure caused you financial harm due to loan servicer error, the government will order remediation (you get money back).

The important thing to remember is that a request for an independent audit DEADLINE IS APRIL 30, 2012. The will not consider requests post marked after that date valid for this program.

We ask that you pass this information on to anyone you know who may have been harmed. It is about time the little guy wins a round!

Select this link to review the full article and links for additional information:

http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-133.html

REMEDY FOR SOME FORECLOSURE VICTIMS!

Mike West (Heritage Oak Properties) — Thu, 19 Jan 2012 18:00:42 -0800

REMEDY FOR SOME FORECLOSURE VICTIMS!

If you lost your home through foreclosure in 2009 or 2010 there may be a remedy waiting for you. The Office of the Comptroller of the Currency (OCC) has ordered an independent review of foreclosures processed by GMAC Mortgage, HSBC Finance Corp., Sun Trust Mortgage and EMC Mortgage.

If one of these loan servicers processed your foreclosure, and you believe that you were financially harmed during their foreclosure process, you may have some cash coming!

The government has determined that there may have been flaws in the foreclosure processing in some cases. Homeowners/borrowers who feel that they were financially harmed may request an independent review. If errors are found, the servicer will be required to compensate the borrowers for that financial injury.

Borrowers are eligible if:

The home lost in foreclosure was the borrower’s primary residence
The loan was at any step of the foreclosure process between January 1, 2009 and December 31, 2010
The loan was serviced by one of the organizations listed above
The request for a review must be received by the independent reviewing authority by April 20, 1012.

The review process is a free program, so there will be no charge to borrowers.

For more information, select this link:

http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm

BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA-DECEMBER - 2011

Mike West (Heritage Oak Properties) — Wed, 11 Jan 2012 18:26:14 -0800

BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA – DECEMBER 2011

This is the latest monthly report of a four-year study of bank owned home sales in El Dorado Hills, CA. This report covers December 2011.

There were six bank owned homes sold in El Dorado Hills in December, down one from the previous month. A low inventory is the primary reason.

The average days-on-market increased from 29 in November to 79 in December. One of the homes had been on the market for over 100 days. Some old inventory was cleared out. None of the homes that sold had been on the market for two weeks or less, which is very unusual.

The six bank owned homes that sold represent only 8% of ALL homes sold in El Dorado Hills this month. This is a much smaller segment than normal, despite the increase in inventory.

The available inventory of bank owned homes in El Dorado Hills spiked at a 2.4-month supply in December, the second highest inventory level in 2011... The available inventory for ALL homes available dropped from a 2.9-month supply the previous month to a 2.2-month supply in December, the lowest inventory level in 2011. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills.

The average cost-per-square-foot for Bank Owned homes was $ 150 in December, up considerably from $ 126 in the previous month, and the highest in the past fifteen months. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in December remained $ 153 for the second month in a row.

The overall sales price for bank owned homes was 94.9% of the final asking price and 87% of the original asking price. Only one of the buyers paid the full asking price in December. The banks did not do a very good job of estimating the market value of their “toxic Assets” that sold in December.

Bank owned homebuyers paid 98% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in December. That is only $ 3 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 7,500, much less than usual.

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.

The data follows:

BANK OWNED (Foreclosure) HOME SALES DATA FOR FOLSOM, CA – DECEMBER 2011

Mike West (Heritage Oak Properties) — Tue, 10 Jan 2012 17:37:03 -0800

BANK OWNED (Foreclosure) HOME SALES DATA FOR FOLSOM, CA – DECEMBER 2011

This is the latest monthly report of a four-year study of bank owned (REO) home sales in Folsom, CA. This report covers December 2011.

There were 16 REO homes sold in Folsom this month, up from 12 the previous month.

The average days-on-market increased from 49 the previous month to 67 in December. Two of the homes had been on the market for over 200 days and two others had been on the market for over 100 days. Obviously, some of the old inventory was cleared out. However, 38% of the homes that sold were on the market for two weeks or less, proving once again that well priced homes in good condition sell quickly.

The 16 REO homes that sold represent 23% of all homes sold in Folsom this month. The very low bank owned home inventory is one reason for this statistic.

The available inventory of bank owned homes in Folsom dropped to a 7-month supply, the lowest inventory level of bank owned homes in the past 15 months. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January and has steadily declined since. The available inventory for ALL homes available decreased to a 1.6-month supply, down from a 2-month supply the previous month. Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.

The average cost-per-square-foot for bank owned homes was $ 141 in December, unchanged from November. The average cost-per-square-foot for ALL homes sold in Folsom in December was $ 157, up one dollar from the previous month. It has been moving within a narrow range for the past year.

The overall sales price for REO homes was 96.50% of the final asking price and 89.38% of the original asking price. Both of these numbers are lower than usual. The 89.38% number is a reflection of the banks ability to judge the true market value of their “toxic assets.” They did not do well on those homes sold in December. In addition, only 32% of the buyers paid the asking price, or more, for their bank owned homes in December. That too is lower than usual.

Based on the cost-per-square-foot statistic, bank owned homebuyers paid 10% less for their home than did buyers of non-bank owned homes in December. When we apply that to a 2500 square foot home, it represents a savings of $ 40,000: a considerable savings.

If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call

(916) 337-0658.

The data follows:

STUNNING HORSE PROPERTY IN THE FOOTHILLS

Mike West (Heritage Oak Properties) — Mon, 09 Jan 2012 15:23:22 -0800

Stunning Horse Property In The Foothills

We recently had the opportunity to create a slide show of this fantastic property. We included some of the many photos that are available on our web site. Feel free to view the slide show and view all of the other photos as well.

If you like the slide show, PLEASE select “LIKE” on the YouTube site. The more likes we get the more people are likely to see it. Enjoy!

Go to http://www.BuyYourVilla.com to access the photos

BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA-NOVEMBER - 2011

Mike West (Heritage Oak Properties) — Thu, 15 Dec 2011 18:10:59 -0800

BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – NOVEMBER 2011

This is the latest monthly report of a four-year study of bank owned home sales in El Dorado Hills, CA. This report covers November 2011.

There were seven bank owned homes sold in El Dorado Hills in November, down from 10 the previous month. A low inventory is the primary reason.

The average days-on-market decreased from 56 in October to 29 in November. None of the homes had been on the market for over 100 days. Twenty-nine percent of the homes that sold were on the market for two weeks or less.

The seven bank owned homes that sold represent only 16% of ALL homes sold in El Dorado Hills this month. This is a much smaller segment than normal, largely due to the low available inventory.

The available inventory of bank owned homes in El Dorado Hills decreased from a 1.7-month supply the previous month to a 1.5-month supply in November. That inventory level has not been over a 2-month supply since March of this year. The available inventory for ALL homes available dropped from a 4.2-month supply the previous month to a 2.9-month supply in November. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market for ALL homes in El Dorado Hills.

The average cost-per-square-foot for Bank Owned homes was $ 126 in November, down one dollar from the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in November increased to $ 153, up from $ 146 the previous month.

The overall sales price for bank owned homes was 101% of the final asking price and 97.1% of the original asking price. Yet 86% of the buyers paid the full asking price or more for their bank owned homes in November. Apparently, these homes were well priced and buyers decided to take advantage of those prices along with excellent mortgage interest rates.

Bank owned homebuyers paid 83% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in November. That is a $ 23 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 57,500, a considerable sum.

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.

The data follows:

BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – NOVEMBER 2011

Mike West (Heritage Oak Properties) — Thu, 15 Dec 2011 18:06:29 -0800

BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – NOVEMBER 2011

This is the latest monthly report of a four-year study of bank owned (REO) home sales in Folsom, CA. This report covers November 2011.

There were 12 REO homes sold in Folsom this month, one less than sold the previous month.

The average days-on-market increased from 45 the previous month to 49 in November. Only one of the homes had been on the market for more than 100 days. However, 17% of the homes that sold were on the market for two weeks or less, a smaller segment than normal.

The 12 REO homes that sold represent only 14% of all homes sold in Folsom this month, here too a smaller segment than normal. The very low bank owned home inventory is a primary reason for this statistic.

The available inventory of bank owned homes in Folsom rose to a 1.2-month supply. The inventory for bank owned homes in Folsom has not exceeded a two-month supply since February of this year. The available inventory for ALL homes available decreased to a 2.1-month supply, down from a 2.4-month supply the previous month. Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.

The average cost-per-square-foot for bank owned homes was $ 141 in November, down from $ 153 the previous month. The average cost-per-square-foot for ALL homes sold in Folsom in November was $ 156 for the second month in a row. It was $157 in September and $155 in August.

The overall sales price for REO homes was 99.21% of the final asking price and 95.30% of the original asking price. In addition, a full 59% of the buyers paid the asking price, or more, for their bank owned homes in November.

REO buyers paid 91% (or fifteen dollars per square foot) of the cost-per-square-foot for their bank owned home when compared with the cost-per-square-foot for ALL homes sold in November. When applied to a 2500 square foot home, that represents a savings of $ 37,500: a considerable savings.

If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call

(916) 337-0658.

The data follows: