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