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..