Placer County Bank Owned Homes - REO Sales Statistics April

Placer County Bank Repos for Sale

The number of bank owned homes for sale in Placer County is slightly higher than it was on May 4th. However, there are over 41% fewer bank owned homes listed today in Placer county than there were on August 6th 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 2,278 residential properties for sale. This is approximately the same percentage of the market as recorded on May 4th.

The least expensive bank owned home for sale in Placer County is a 701 square-foot condo on Gibson Drive in Roseville, which is listed for $47,500. The most expensive bank repo for sale in Placer County is a 16,200 square-foot home on Polo Ranch Place in Granite Bay, which is listed for $3,950,000. 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 decreased since May 4th. The number of bank owned homes currently pending sale is over 28% lower than the number that were pending on August 6th of last year.

Bank repos now comprise 33% of the residential properties pending sale in Placer County, based on a total of 709 pending sales. This is 3 percentage points lower than May 4th.

Placer County Bank Repos Sold Between April and June 2009 vs. April through June 2008

The number of bank repos that sold in Placer County between April and June 2009 was over 16% lower than the number that sold between April and June 2008.

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

The number of bank repos sold in Placer County between April and June 2009 was over 14% less than the number that was sold between January and March 2008.

The average number of days that it took for a bank repo to sell was 1 day longer between April and June than it was between January and March.

On average, between April and June 2009 banks had to reduce their asking price at the time of the offer by a smaller percentage during negotiations than was necessary between January and March 2009.

The projected number of months of inventory of bank repos in Placer County increased from .98 months on May 4th to 1.17months on July 26th.

The least expensive bank repo that sold in Placer County between April and June 2009 was a 583 square-foot condo on Lincoln Way in Auburn, which sold for $45,000 after being listed for $50,000. The most expensive bank repo that sold in Placer County between April and June 2009 was a 4,572 square-foot home in Winchester Country Club in Meadow Vista, which sold for $1,300,000 after being listed for $1,499,000.

The largest percentage discount that was negotiated from the asking price of a bank repo sold in Placer County between April and May was a 31% discount negotiated on a 1,454 square-foot home in Auburn on Mikkelsen Drive, which sold or $127,500 after being listed for $184,900.

The largest dollar discount that was negotiated from the asking price of a bank repo sold in Placer County between April and May was a $199,000 discount negotiated on the home that was also the highest priced bank owned sale mentioned above in Winchester Country Club in Meadow Vista, which sold or $1,300,000 after being listed for $1,499,000.

55% of the bank owned properties sold in Placer County between April and June 2009 were sold for at or above their asking price. 79% of the bank owned properties sold within 5% of the asking price and 92% of the properties sold within 90% of the asking price. Less than 2% of the bank owned homes sold for less than 80% of their asking price. 6 out of the 437 properties, to be exact.

If you are looking to submit low ball offers on bank owned properties, be prepared to get rejected 98% of the time. Based on the bank owned sales in Placer County over the past 3 months, you have less than a 1 in 50 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@patrickhake.com or leave a comment below.