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October 14th, 2010 11:30 AM by David W. Welch
Let me start by saying, I don't have historical data or any kind of benchmark for the number of properties temporarily off the market. I have never tracked this before, but I may have to start, given the current situation with foreclosures. I have already posted a few times about what may be happening here in Orlando regarding the bank owned properties effected by the Bank of America, JP Morgan and GMAC self-imposed halt to foreclosures. I am hearing from buyers agents who had contracts on REO properties and from REO agents directly that some of these listings are being taken off the market temporarily. We have a separate status just for this situation called TOM (temporarily off market). I have never tracked properties in this status, so I do not know what is typical, and because it is a temporary status I do not have historical data to draw from.
I can tell you that our inventory has dropped by a few hundred since the beginning of October and currently stands at 16,108 active listings. Our sales appear to have slowed considerably too with only 459 closings so far this month with a median sales price of $119,000. That price is up from September's $105,000 median. Of the sales so far 177 are bank owned, 104 are short sales and 178 are equity sales. Bank sales have been accounting for about 50% of all sales for quite some time now, but only represent 38% of the sales so far this month. When I checked on the number of properties currently in TOM I found 1,288 with 485 REO, 547 short sales and only 255 equity sales. Of the 485 REO's in TOM, 420 were placed in this status just this month. Since the foreclosure hold up was announced earlier this month, I have watched active REO listings drop from 2,176 to 1,890 and pending sales drop from 2,102 to 1,983. Those two drops add up to 405 properties which is really close to the number added to TOM, so my assumption is these are the properties being held up by the moratorium.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone