January 2011 Real Estate Statistics - What they mean!

January 2011 Existing Home Sales

The Numbers and what they mean to you.

Existing Home Sales for January 2011 were modestly UP (+2.7%) vs. December 2010's substantial increase (from prior month at +12.5%).

Annually this works out to 5.36 million units based upon January SOLD stats vs. 5.22 million annually when based upon December's reported sales..

Existing Home Inventory (houses listed for sale) dropped by 5.1% to 3.38 million home units listed. With current sales and sales predictions, this equates to a monthly inventory reported to be 7.5 months. This follows the existing trend of improvement (reduction in total inventory) over prior periods. The trend is encouraging in many ways.

TWO VERY INTERESTING BITS OF DATA (IMO worth rereading and reposting):

1. CASH SALES accounted for 32% of all home sales reported. This is an ALL TIME HIGH and is more than 3 times the average. Investor mania in full bloom. Values in the market are the best I've seen.

2. FORECLOSURES and SHORT SALES accounted for 37% of all home sales reported. More to come I believe.

Some areas where foreclosures make a significant % of all homes sold:
Nevada - 57% of homes sold were Foreclosures or Short Sales
Arizona - 49%
California - 44%
Florida - 36%

We are still one of the areas little affected by distressed sales. We have foreclosures, but the numbers (at least to date) are relatively small when com pared to the really ugly markets like the big 4 above.

Speaking of foreclosures. The Silver City Foreclosed Home HOTSHEET is rocking and rolling, and the feedback has been great. Thanks for the kind words and input. My servers can handle a few more subscriptions to the free list, but YOU NEED TO ACT SOON. Getting notification by email when any new Foreclosed listings come on the market is what the Hotsheet is about.

There are a few free spaces left for the Silver City RESIDENTIAL HOTSHEET (my most popular email notification tool) and I've a bunch of free subscriptions left for the LAND and RANCH HOTSHEET. You may request any HOTSHEET subscription by clicking the appropriate link.

More Down Side perhaps.. The average price of the existing home sold was slightly lower than the prior months average. This negative trend in average sale price remains in tact. : (

Foreclosure Exposure - Robo Signing - Mubarak

Hi from Silver City New Mexico.. NOT NEW and NOT MEXICO

Gotta love this part of New Mexico. Photo taken near edge of town just west of water towers.

The gold nugget photo is public domain photo and is XXX large for here. We do have decent prospecting opportunities in this area. Relic hunters and Rock hounds will find themselves "at home" here too.

"On with the Show, Good health to you" do you remember the 60's song.................

The Bank Foreclosure numbers for January 2011 are out:

January Bank repos are up 12% month over month.
Lets look at how this breaks down in judicial vs non judicial states:

Non judicial states seem to be ramping up foreclosures, jumping a full 23% month over month. This is what I expected to see.

Judicial states report a decrease of foreclosed homes of 7% month over month. I find this interesting data and not what I expected.

Consider Florida, where there is an enormous backlog in the courts (due in part to the robo-signing scandal). Foreclosures are down a full 54% year over year. The market for foreclosed properties has not improved significantly in any way, much less improved by 54% .

It appears that banks have postponed or slowed down the foreclosure process significantly in states where the courts are involved - The numbers reduced significantly where there are robo-document signing issues. It would seem that for most distressed owners in most cases, it's more of a temporary pause before the eventual foreclosure.

Does this imply a longer recovery time as the abnormally high number of foreclosures wash through the system before we can dig ourselves out of the foreclosure mess?

Like many communities, Silver City has mostly dodged, to date anyway, a worst case foreclosure scenario.

We can look at metal detecting, rock hounding, and playing some music if you visit here too..

Please let me know how I can help you meet your real estate goals.

----archer--->

Mubarak speaking now and making threats. Please give it up buddy. You've had your run already... Take the money and run...

Silver City - Gold in Them Hills - New Photo Too

Preview photo from the Silver City Jamboree Jam*.

You are gonna love New Mexico. Come visit and play awhile.

Bring your musical talents and gear and get ready to rock.

I realize this doesn't look like traditional "rock and roll" garb.

Don't let the dome cover fool you. I've been helping some folks score a parcel of land this morning, and I'm still wearing my REALTOR work clothes.

TNeck, button down dress shirt, and Cowboy hat (or occasional ball cap)... Aaaah... I still like to dress at work like the old days when I was living and playin tunes in Texas and Colorado public "establishments". "Those were the days, yes they were" hmm hmm hmm

Don't fear the hat. Rest Assured. Most NM players "don't know country" in this country...

South? Yes. And Yes, we are in New Mexico. Remember:

NOT NEW and NOT MEXICO

Everyone that reads this (all 3 of you heh heh) will in the next three weeks speak to someone they know that is wanting to buy or sell real estate either in New Mexico or in the USA somewhere. I can help them out, and you can help me too.

Please call me with their contact information so I can help them reach their real estate goals too . As a member Realtor I am able to refer customers to any USA markets, and I promise to take as good care of your friends as I do for you..

Referrals are how I get most of my business, and they are the highest form of compliment that I receive from past customers and friends. Thanks in advance for your referral.

EMail Alan today... silver_blogger@dreamhomenewmexico.com
Call Alan today1 575 388 2875

* also known as Friedegg Fiesta De Musica con Box-O Grande..

Foreclosure Data for 2010 - Half Full Half Empty

Breaking news on the foreclosure front!

The number of foreclosures reported (according to Realty Trac) in 2010 improved for the nation's hardest hit real estate markets.
: )

However, increased foreclosure activity was reported in 72% of our most important markets.
: (

Is this half full or half empty?



*****Image: Blog Meister's gear set up for jam in local swill tavern 2011. 65 Super Reverb -all original. Purchased used around 1969, this has been the number one amp since acquired. 1976 American Strat - original and the newest of 3 in the arsenal. Acquired new in 1977.
Not pictured are Boss "Talent Boost" effects pedal and a Sans Talenti's digital "Third Hand" for those tough chords. Hear Sans warm up backstage (grab your ear protection first) before last year's Bridge People Street Urchin festival in Silver City.

What Do the Home Sales Numbers Mean - Trend is Your Friend

Hi. Contact me today me for your real estate (and basic mortgage) questions.

Remember, Ill help you get it done...

First Off. I want to lead out with some significant market news:
DOW breaks above 12K mark briefly on two consecutive days. Stocks flirted yesterday with a close above 12000.

We are now flirting with the 12000 mark again today. Many of us believe it's only a matter of time before we put this mark in the rear view mirror as we move inevitably towards a much bigger number.

Could yesterday's New Home Sales report have something to do with the day's overall upbeat feel in the market?

REPORT DATA: The status for December 2010 New Home Sales was UP at 329000 units - a +17.5% improvement vs. November's UNCHANGED status at 280000 units.

It's important to remember that New Home Sales numbers are based upon contracts signed and not on actual closed sales.

Existing homes sales numbers are based upon actual closed transactions, and since Existing Home Sales account for almost all of the home sales reported in the Silver City New
Mexico area, they are more important statistics for us to pay attention to.

Still this equates to a 6.9 months supply of New Home Inventory, a surprising improvement over November's almost 9 months supply of new homes. Nice number there for certain. Players like D.R. Horton (DHI), Lennar (LEN), and Pulte (PHM) all got a boost in the market on the positive news.

Homebuilders have made a fantastic recovery. from being off 50% (based upon stock and index price) as a group, the group now trades off by less than 2% from 2008

December Pending Home Sales (Existing) was reported a few minutes back and is a mixed bag from this perspective. Pending Home Sales for December 2010 were UP 2% over November's numbers. This equates to a 4.2% DECLINE year over year.

It's possible that interest rates which threatened a break out in December got a few fence sitters "Off" their seats. IMO, rising rates (at least the fear of) added momentum to the number of accepted signed contracts during the month.

Contracts signed for Pending Home Sales were expected to be up 1% so the 2% spin seems an improvement. Unfortunately these numbers always seem to be adjusted down the road and it is hard to know how accurate any "first published" numbers really are.

The NE showed an average increase at 1.8%, BUT the WEST was very weak with the number of contracts signed for existing homes DOWN 13.2% in the same period.

******** IMAGE ABOVE: You "don't need no stinking" hot tub when you can walk to the Hot Springs on the Gila River below the house. Small parcel of Land (.6 acre+/-) with unfinished cabin near Gila Cliff Dwellings. Has electric, phone available, more... Gila Hot Springs New Mexico. Broker owned. Needs well and septic. As is-where is. General Warranty Deed. No other warranties or guarantees made.

In case you forgot... Please Contact me today me for your real estate questions and needs.

2011- Find Gold n Silver in Silver City

Now's the time to look for the "gold" that lies waiting for you in New Mexico. Less than 5% of the available and accessible gold has been mined (according to most experts).

If they were talking about Real Estate gold, I 'd say that a much larger % has actually been claimed.

There are, however, pockets of the precious commodity (both real gold and real estate gold) available if you know where to look.

I have been treasure hunting for close to 40 years, and have helped many folks learn to prospect during that time. For most of the last decade, it's been helping folks find treasure when they purchase or sell a New Mexico home. I take pride in getting a fair price for you when you sell and the same pride when you get real value when you purchase your version of Dream Home. Lessen the pain and worry of closing too. Careful attention to your time frames and details should help you with a less stressful purchase and closing.

Note to Visitors: The phrase "All that glitters is not gold" applies to real estate as well as to prospecting and treasure.

Unless you live here and are intimate with the demographics of the area, when you shop for homes and are ready to make a purchase, you are pretty much at the mercy of folks who give you their version of our market. The resource you choose to rely upon might not always put your interest's first.

Occasionally we have families, well to do singles, retired couples and others who are not familiar with this area, purchase very nice homes and settle comfortably into the Silver City life. Too often it seems a purchase is completed at a price which to me seems high for whats available (fair) in the market.

I understand that to new friends coming here from other markets that our asking prices may seem like fantastic opportunities based upon where they came from (there are some if you know where to look). It's when numerous properties sell in a short time frame at well above fair value that it can artificially inflate values for similar type properties for a long time.

If no "pricing" red flags are brought up or investigated while in the looking process, it's possible some purchasers make decisions upon an asking price they assume normal, reasonable, and probably fair in the current market.

As the first REALTOR to support IDX web searches in this community with the Dream Home New Mexico website (proudly the Premier site for Silver City), I am making available another outstanding resource on local information including Finance, Education, Business and Personal Demographics, Way and Quality of Life, Weather and Environment (plus lots more)..

I think it is important to know fair value and to be familiar with LOCAL SILVER CITY NEW MEXICO INFORMATION FAQS - not gobbldygook from hungry wolves looking for an improved payday.

Regarding the Local Info site: You will not be required to register, but if you decide to, you can also save listings and property searches as well as receive notification when something about one of your favorite's is changed.

Finally you have a real ability to see what our community is about and what we have to offer.

Please enjoy.

---archer--->

Archer will help you hit your target too....