The Housing crises is no stranger to San Jacinto, CA, located in the Inland Empire region of Southern California (Riverside County & San Bernardino County), one of the hardest hit in the entire country.
The market has been dominated by the sale of bank owned real estate with 80% of all closed transactions reported to the MLS have been bank owned - or 1,202 of the 1,501 sales that closed escrow in the last 12 months (November, 2008 thru October, 2009).
Although there are numerous ways to look at and consider these numbers, I am not trying to be philosophical about the good and evil affiliated with the housing market and the subsequent fall and crash of our economy, in general.
Thru March of this year, more properties were being listed in the MLS, in the City of San Jacinto than were being sold. By April, more REO (Bank Owned) homes were sold that were added to the inventory. As a net result, there were 131 more bank owned homes sold over the last 12 months than were added to the San Jacinto Inventory, on the MLS.
Last month, tied with May for the lowest number of closed REO escrows with 56. Unlike May when 135 new properties were listed for sale in the MLS, in October there were only 84 new listings.
Prior to March, 2009, each of the four proceeding months had between 107 and 112 new REO listings added to the MLS. Since the peak at 135 in March, we only had one month over 90 new MLS listings (June - 92).