Tuesday, June 10, 2008 at 06:33AM
Foreclosure Agents Update
We've been following the same four realtors who specialize in REO sales - here's an update on their sales of houses and condos:
Jun 11 - 328 Actives/98 Pendings = 3.35
Aug 21 - 382 Actives/111 Pendings = 3.44
Sep 20 - 425 Actives/97 Pendings = 4.38
Nov 9 - 486 Actives/128 Pendings = 3.80
Nov 25 - 484 Actives/138 Pendings = 3.51
Dec 14 - 446 Actives/147 Pendings = 3.03
Jan 15 - 474 Actives/149 Pendings = 3.18
Feb 7 - 482 Actives/187 Pendings = 2.57
Mar 13 - 477 Actives/205 Pendings = 2.33
Apr 18 - 467 Actives/247 Pendings = 1.89
May 13 - 418 Actives/298 Pendings = 1.40
June 10 - 344 Actives/288 Pendings = 1.19
The same four agents have closed 624 transactions year-to-date.
(They closed 763 in 2007)
Their active inventory has dropped considerably, but that could be due to the MLS debacle as much as anything. But it wouldn't surprise me to see the REO market grind to a halt. All participants must be beyond peak capacity, and until servicers are willing to hire more people or streamline the process, I don't think we'll see additional production - these agents are already looking at doubling their closings this year compared to 2007.
Jim the Realtor
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Reader Comments (6)
6 months ago these guys had 625 active and pending listings and now they only have about 400. That is shocking to me if they are still getting their share. Either something is wrong with the REO pipeline or it is drying up. Which is it?
Jim, can you tell if the are brokering/bundling?
Bob, just compare June to June. Nothing is drying up. It's spring, and prices have gotten more aggressive, so more are selling. Active listings are actually up YOY.
I'm not following Bob's math. Here are the totals, in order:
426
493
522
614
622
593
623
669
682
714
716
632
The agents, like the lenders, must be at peak capacity, with just more in the pending bin these days - taking more work.
dawg,
I haven't seen any packaging yet - Countrywide confirmed the other day that they aren't offering any bulk deals yet, and if you wanted to form your own package, no special discounts offered. This is such uncharted territory, they probably think that they are blowing them out just fine.
Right now, they probably are. REOs seem to move pretty quickly once they're actually on the market. Everyone is tired of trying the short sales, so bank owned with a decent price tag looks good. We'll see if this pace of sales can keep up once spring is over.
The whole concept of a short sale, where I would negotiate a price with the seller and *then* the seller's lender gets to approve or veto it, left me cold during our househunt last year. Show me something that says what the *lender's* requirment is or don't waste my time.