The Federal Housing Finance Agency (FHFA) announced the first step of a Real-Estate Owned (REO) Initiative targeted at the hardest-hit metropolitan areas announced in August 2011. Investors interested in participating may "pre-qualify" to establish eligibility to bid on transactions in the initial pilot phase as well as subsequent phases.
The REO Initiative will allow qualified investors to purchase pools of foreclosed properties with the requirement to rent the purchased properties for a specified number of years. This rental period could provide relief for local housing markets that continue to be depressed by the volume of foreclosed properties, and provide additional rental options to certain markets. Prequalification ensures investors will have the financial capacity and operational expertise to manage properties in a way that is conducive to the stabilization of communities hard hit by the by the housing downturn.
During the pilot phase, Fannie Mae will offer for sale pools of various types of assets including rental properties, vacant properties and non-performing loans with a focus on the hardest-hit areas. The first transaction will be announced in the near-term.
California’s housing market is unique. California has an extremely low REO inventory where REO sales are getting top dollar in multiple offer situations. On average, REOs are sold are sold in less than 60 days. Bulk sales in California not only would have a negative impact on home prices, but would also push down home values for existing homeowners in those communities. C.A.R. is asking that the Federal Housing Finance Agency, Dept. of Treasury, and Dept. of Housing and Urban Development consider this program only in areas where REO inventory is abundant and selling in bulk makes sense.
We support C.A.R. in fighting this Fannie Mae.
Janet O'Brian is a Certified Short Sales Specialist in California is ready to help you with your Situation… Short Sale
| Monthend Numbers | |||||||||||||
| Jan '12 | Dec | Nov | Oct | Sep | Aug | July | June | May | Apr | Mar | Feb | Jan '11 | |
| Listed | 601 | 599 | 732 | 797 | 813 | 679 | 631 | 646 | 620 | 561 | 690 | 443 | 550 |
| Pending | 581 | 522 | 572 | 568 | 585 | 542 | 468 | 502 | 518 | 487 | 504 | 414 | 392 |
| Sold | 416 | 476 | 467 | 557 | 545 | 413 | 369 | 392 | 374 | 384 | 389 | 299 | 297 |
| % CHG Month over Month | |||||||||||||
| Listed | 0.3% | -22.2% | -8.9% | -2.0% | 16.5% | 7.1% | -2.4% | 4.0% | 9.5% | -23.0% | 35.8% | -24.2% | |
| Pending | 10.2% | -9.6% | 0.7% | -3.0% | 7.4% | 13.7% | -7.3% | -3.2% | 6.0% | -3.5% | 17.9% | 5.3% | |
| Sold | -14.4% | 1.9% | -19.3% | 2.2% | 24.2% | 10.7% | -6.2% | 4.6% | -2.7% | -1.3% | 23.1% | 0.7% | |
| % CHG Current Month over Same Month Last Year | |||||||||||||
| Listed | 8.5% | 7.3% | 20.9% | 32.1% | 21.0% | -1.9% | -7.0% | -2.0% | -0.6% | -27.6% | -6.1% | -57.3% | -25.6% |
| Pending | 32.5% | 23.0% | 27.3% | 32.7% | 9.4% | 8.3% | -1.5% | -15.3% | 5.4% | -43.3% | -34.3% | -50.5% | -41.8% |
| Sold | 28.6% | 11.3% | 25.5% | 38.8% | 10.8% | 9.0% | -11.7% | -19.6% | -11.5% | 14.8% | -31.6% | -21.1% | -24.2% |
Current Statistics tracking the Real Estate Market in the Antelope Valley, Palmdale & Lancaster Core areas. Homes For Sale
| Month to Date and Projected Opened Escrows* | |||
| Total Active | 1,505 | ||
| Total Active Core Area | 1,090 | ||
| Total Active REO's | 218 | ||
| Total Short Sale | 369 | ||
| Pending MTD/Projected | 128 | 412 | |
| Sold MTD/Projected | 91 | 293 | |
| Percent Sold Over List Price | 51.65% | ||
| Sold Last Month / % of Difference | 416 | -29.51% | |
| Last Year Month / % of Difference | 297 | -1.27% | |
| Active Listing Mix (Core) | |||
| REO % of TTL | 20.00% | ||
| Short Sale % of TTL | 33.85% | ||
| REO+SS % of TTL | 53.85% | ||
| Traditional Sale % of TTL | 46.15% |
Absorption Rate*
Current Month 4.2 Months
At Last Months Rate 6.9 Months
Historical High Active Listing - 5300+ Mid 2007 - Within the last 3 years our Low Active Listing were under 700 in Nov '09
Richard & Janet O'Brian Real Estate Agents in California work with buyers of all types, from first time, to investors, please let us work for you! Call us today. If you are looking for an aggressive Team to find and fight for the best deal call us or visit out website http://www.homesbyjr.com/. Or Keller Williams Realty AV
Janet O'Brian is a Certified Short Sales Specialist by the National Association of Realtors® (SFR) and is ready to help you with your situation Short sale Help. She can Stop Foreclosures Now!
(Quick Mapping Links for Core Areas)
Palmdale
Lancaster
Ana
Verde
Ritter
Ranch
Quartz
Hill
Leona
Valley
Lake
Hughes
Lake
Elizabeth
*The Core Nunbers do not include outlying segments of the Antelope Valley or out-of-area properties. Lancaster, Palmdale, Quartz Hills, Leona Valley, Antelope Acres, Lake Elizabeth, Lake Hughes, Littlerock, Lake Los Angeles, Green Valley and Juniper Hills are included in the core grouping. All figures are Single Family Residential only.
Keller Williams Realty AV Ranked #1 in the Antelope Valley 661.733.0508 to list your home.
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