26 Million Underwater Homeowners
Date: Tuesday October 6, 2009Posted in: real estate, foreclosures, short sales
Mark L. Strombotne, who practices real estate law in San Jose, spoke at our weekly office meeting this morning. Mr. Strombotne gave us some very insightful, up-to-the-minute information on strategies for financially troubled homeowners. He stated that nearly half of the nation’s 52 million mortgage borrowers will have negative equity by the end of the first quarter of 2011, up from the 14 million at the end of this year’s first quarter, according to estimates in an August 5, 2009 report by Deutsche Bank.
With so many borrowers underwater - or owing more on their home than it’s worth - the risk is high that they’ll default and their homes will go into foreclosure. Moody’s Economy.com estimates that 17.5 million mortgage borrowers will be underwater by early 2010.
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South County Real Estate Sales Week of June 15 - 21, 2009
Date: Wednesday June 24, 2009Posted in: real estate, Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics
Sales slowed up a bit this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy but many of the homes sold had been on the market at least 100 days - so sellers take heart and hang in there! There were 33 residences that went from active to pending status as compared to last week’s 46. Of all the sales this past week, 30 were single family homes and 3 were townhouses/condominiums. The highest priced listing sold last week was 3480 Bluegrass Court in Morgan Hill, a 2630 s.f. home on a 28,750 s.f. lot in Holiday Lake Estates priced at $950,000 that had been on the market for 395 days. The lowest priced listing sold last week was a bank-owned condo at 1271 Juniper Dr. #9 in Gilroy, a 742 s.f. condo priced at $98,000 (below $100,000!) Sixty percent of the sales this week were priced under $500,000 and10% were above $800,000.
Of these sales, the list price ranges were:
Below $200,000 = 4 sales (12% of total)
$200,000 - $500,000 = 16 sales (48% of total)
$500,000 - $800,000 = 10 sales (30% of total)
$800,000 - $1,200,000 = 3 sales (10% of total)
As of June 21, 2009, there are 332 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 380 pending residential listings. Therefore, 53% of the total listings are pending under contract as of this date. However, many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.
Twenty-nine residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. If homes continued to sell at this rate it would take 11.45 weeks to sell all south county listings. Therefore, as of this past week, we have 3 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
active bank owned condo gilroy Homescopes housing listings Morgan Hill pending real estate residences San Martin Santa Clara County short sale single family sold townhouseSouth County Real Estate Sales Week of June 8 - 14, 2009
Date: Tuesday June 16, 2009Posted in: real estate, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales
Sales jumped up this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy, although no homes priced above $900,000 were sold. There were 46 residences that went from active to pending status as compared to last week’s 32. Of all the sales this past week, 39 were single family homes and 7 were townhouses/condominiums. The highest priced listing sold last week was 18175 Carriage Drive in Morgan Hill, a 3728 s.f. home priced at $899,000 that had been on the market for 343 days. The lowest priced listing sold last week was a bank-owned condo at 7598 Monterey Street, #260 in Gilroy, a 706 s.f., 3 year old condo priced at $110,000 and located in the new mixed used development in downtown Gilroy. Sixty-three percent of the sales this week were priced under $500,000 and only 4% were above $800,000.
Of these sales, the list price ranges were:
Below $200,000 = 2 sales (4% of total)
$200,000 - $500,000 = 27 sales (59% of total)
$500,000 - $800,000 = 15 sales (33% of total)
$800,000 - $1,200,000 = 2 sales (4% of total)
As of June 7, 2009, there are 336 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 388 pending residential listings. Therefore, 54% of the total listings are pending under contract as of this date. However, many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.
Seventeen residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. If homes continued to sell at this rate it would take 19.8 weeks to sell all south county listings. Therefore we have 5 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
active bank owned condo gilroy Homescopes housing listings Morgan Hill pending real estate residences San Martin Santa Clara County short sale single family sold townhouse
