Placer County Bank Owned Homes - REO Sales Statistics January

Placer County Bank Repos for Sale

The number of bank owned homes for sale in Placer County decreased over 40% since January 11th and there are over 34% fewer bank owned homes listed today in Placer county than there were on April 5th of last year.

Many believe that this decline is due primarily to the foreclosure moratoriums negotiated by state and federal leaders with many of the large lending institutions. This opinion is supported by www.fidelityasap.com, which posts trustee's sale data. Most of the foreclosures scheduled recently have been postponed by the beneficiary, which is the lending institution. Many of these properties are currently listed as short sales, but not all of them. Should the foreclosure moratoriums be lifted, many of the homes will proceed into foreclosure and appear in the MLS later as bank owned homes.

If or when this will happen, is not known for sure. It could be soon, it could be never. The truth is that it is all based on politics now, and not on contract law or economics. If the decisions regarding these homes were based on contract law and economics, the homes would already be foreclosed on and on the market.

Bank repossessions now comprise 7% of the residential properties for sale in Placer County, based on a total of 2,222 residential properties for sale. This is down from 13% of the inventory on January 11th.

The least expensive bank owned home for sale in Placer County is a 1,500 square-foot tear down fixer on Hwy 65 in Sheridan, which is listed for $47,500. The most expensive bank repo for sale in Placer County is a 8,000 square-foot partially finished home in Monte Claire in Loomis, which is listed for $2,550,000. To view the details and photos available for these bank owned homes, along with all other bank owned homes for sale in Placer County, click Placer County bank owned homes for sale.

Placer County Bank Repos Pending Sale

The number of bank owned homes pending sale in Placer County has increased since January 11th. The number of bank owned homes currently pending sale is over 18% lower than the number that were pending on April 5th of last year.

Bank repos now comprise 36% of the residential properties pending sale in Placer County, based on a total of 715 pending sales. This is 16 percentage points lower thanJanuary 11th.

Placer County Bank Repos Sold Between January and March 2009 vs. January through March 2008

The number of bank repos that sold in Placer County between January and March 2009 was over 30% greater than the number that sold between January and March 2008.

Placer County Bank Repos Sold Between January and March 2009 vs. October through December 2008

The number of bank repos sold in Placer County between January and March 2009 was nearly 16% less than the number that was sold between October and December 2008.

The average number of days that it took for a bank repo to sell was 6 days longer between January and March than it was between October and December.

On average, between January and March 2009 banks reduced their asking prices by a larger percentage from their original asking price before a workable offer was made and they also had to reduce their asking price at the time of the offer by a larger percentage during negotiations than was necessary between October and December 2008. The average and median discount from asking price for bank owned homes has gotten closer to about 1%, after being near 0 for two consecutive quarters.

The projected number of months of inventory of bank repos in Placer County decreased from 1.67 months on January 11th to 1.17months on May 4th. This was due to the sharp decline in the number of bank owned homes for sale.

The least expensive bank repo that sold in Placer County between January and March 2009 was a 840 square-foot condo on Galena Drive in Auburn, which sold for $48,000 after being listed for $50,000. The most expensive bank repo that sold in Placer County between January and March was a 5,773square-foot home in Shelborne in Granite Bay, which sold for $1,075,000 after being listed for $974,900.

The largest discount that was negotiated from the asking price of a bank repo sold in Placer County between January and March was a $157,250 discount negotiated on a 3,477 square-foot home in Rocklin on Kali Place, which sold or $321,750 after being listed for $479,000.

54% of the bank owned properties sold in Placer County between January and March 2009 were sold for at or above their asking price. 81% of the bank owned properties sold within 5% of the asking price and 94% of the properties sold within 90% of the asking price. Less than 1% of the bank owned homes sold for less than 80% of their asking price. 3 out of the 428 properties, to be exact.

If you are looking to submit low ball offers on bank owned properties, be prepared to get rejected 99% of the time. Based on the bank owned sales in Placer County over the past 3 months, you have less than a 1 in 100 chance of negotiating a sale below 80% of the banks asking price.

If you have any questions regarding these statistics or if you are interested in buying a bank repo in Placer County, please feel free to call us at 916-728-1981, e-mail us at pat@patandalison.com or leave a comment below.