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REO (BANK OWNED) SALES DATA FOR FOLSOM, CA DECEMBER -2009

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Real Estate Agent with Heritage Oak Properties 01367027

Folsom, CA REO (BANK OWNED) SALES DATA FOR December 2009

This is a continuation two plus year study of Bank Owned home sales data for Folsom, CA.  This report covers REO homes sold in December of 2009.

There were 19 REO homes sold in December, up from 12 in November.  That is a 58.4% increase despite the normal seasonal decrease in home sales in general.  The days-on-market decreased from 37 in November to 31 in December.  The number of REO homes that sold in less than two weeks was 47.4% of the total.  That tells us that well priced REO homes are selling like hot cakes. 

The 19 homes sold represent only 27.6% of all homes sold in Folsom, a lower number than normal.  Short sales homes are having an impact.

The overall home inventory in Folsom continues to drop and we have only a 3.6 month inventory at present.  This indicates a strong seller's market.  A neutral market is considered a 6 month inventory.

The cost per square foot of REO homes in December decreased from $ 170 in November to $ 165.  The cost per square foot of all homes sold in December decreased to $ 176, down two dollars from November.  Prices may have reached a bottom since the month-to-month changes have been bouncing within a narrow range.  

The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 6.2% savings for REO buyers. That is an increase from November.  

The overall sales price for REO homes was 102.1% of the final asking price.  The banks are still pricing these homes well and in December there was an eleven dollar per square foot savings, compared to the cost of all homes sold.  That is still a $ 27,500 savings on a 2500 square foot home, something worth considering when selecting a home.

The data follows:

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