July was a slow month for real estate around the nation. Recent stats from NAR or the National Association of REALTORS show that sales hit a 13 year low last month. HUD home sales in the area fell as well from 17 units in June to 13 in July, a 23% decline.
HUD homes are homes offered for sale through regional vendors by the Department of Housing and Urban Development. HUD homes are acquired by HUD as a result of borrower default on an FHA home loan. The properties are foreclosed on by the lender then purchased by HUD and placed back on the market through the regional vendors. Accordingly, HUD does not use the term "foreclosure" but instead uses the terminology "HUD acquired property" although they could be condos, townhomes, or acreages.
In the Des Moines area HUD uses the vendor Best Assets http://www.best-assets.com. You can view properties for sale on their site. Any licensed agent may help you purchase a HUD home, as long as the broker has a bid number. Our brokerage has a bid number and therefore I can help buyers purchase a HUD home through HUD's online bidding process.
In July 2010 there were 13 sales of HUD homes ranging in price from $36,000 to $170,000 in Clive, Des Moines, Pleasant Hill, Waukee and West Des Moines. The average discount off list price for these homes was -18%, a 1.6% rise from June 2010, and ranged from -40% to + 0%. There were no homes that sold over list price in July.
|
AREA |
ADDRESS |
LIST PRICE |
SALE PRICE |
SPREAD |
|
Clive |
2532 NW 157TH ST |
$162,000 |
$130,625 |
-19.4% |
|
Des Moines |
2615 50TH ST |
$80,000 |
$71,001 |
-12.5% |
|
|
4038 53RD ST |
$74,400 |
$74,400 |
0% |
|
|
2536 MORTON AVE |
$58,400 |
$50,350 |
-13.8% |
|
|
10959 SOUTHWOLD RD |
$56,700 |
$45,400 |
-20% |
|
|
5731 COLLEGE AVE |
$56,000 |
$53,200 |
-5% |
|
|
2736 DES MOINES ST |
$48,000 |
$38,000 |
-21% |
|
|
211 HUGHES AVE |
$41,000 |
$32,205 |
-19% |
|
|
1722 WALKER ST |
$40,000 |
$33,250 |
-19.4% |
|
|
2410 E 13TH ST |
$36,000 |
$28,500 |
-21% |
|
Pleasant Hill |
395 NE 56TH ST |
$170,000 |
$132,900 |
-21.8% |
|
Waukee |
125 3RD ST |
$139,000 |
$121,432 |
-12.7% |
|
West Des Moines |
8610 E P TRUE PKWY |
$108,000 |
$64,806 |
-40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE |
|
$82,269 |
$67,389 |
-18% |
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