Robert Huntsinger - Empire Realty Upland, CA - Full Service at a Discount

Since the beginning of the year foreclosures have been occurring in greater numbers than sales, for both San Bernardino and Riverside counties we have amassed over 7,000 foreclosures that have remained unsold since the beginning of the year. These numbers will continue to grow as long as the foreclosures are greater than the sales.

Now we move into economics 101, as long as inventory continues to increase sales prices will continue to relax.

Data Quick and ForeclosureRadar.com provided the raw data and Empire Realty provided the detailed analysis.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing your next home in Upland, Claremont, La Verne, Alta Loma, Rancho Cucamonga, Ontario, Fontana, Mira Loma, Corona, Chino, Chino Hills and Riverside or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

FORECLOSURERADAR.COM - San Bernardino County - August 2008

In reviewing the foreclosure statistics for San Bernardino County we found that even though the foreclosure activity appeared to be near it's peak it looks like a second wave of foreclosures are about to come over us. The summer sales numbers which increased greatly from earlier months of the year are now dropping at a high rate thus we will start building inventory which will increase the speed at which prices fall and drive more foreclosures.

The ratio of the NOS's to NOD's, with a 90 day lag, continues at an alarmingly high ratio, as it continues at a high rate as it has all year, currently it is at 87% down 1% from last month. (Why a 90 day lag on the data? NOD's expire and move into NOS's at 90 days)

The number of NOD's had peaked in June at 4,281, this month bounced back from last month to 4,211 a 2.9% increase. We are on track to book 48,000 NOD's and 33,000 NOS's in 2008, let's hope for a better year in 2009.

Get the full report with the raw data at Empire Team.

Here is where we break out the crystal ball, we predict the following:

NOS's for August will be 3,663 - Actual 3,570 2.5% lower than forecasted.

NOS's for September will be 3,767

NOS's for October will be 3,602

NOS's for November will be 3,705

We used 88% of the NOD's to come up with these numbers with a 90 day lag. Keep in mind that the NOS cure rate is still around 12% so the actual number of foreclosures will be less.

How was last month's prediction?

We predicted the NOS's would hit approx. 3,663 in AUGUST 2008, they came in at 3,570. Our prediction was off by 93 units.

Jumping out on a limb?

After reviewing the data I am going to jump out on a limb here. I predict that the second wave of foreclosures is going to come through this winter, I am already seeing sales dry up and fast. Inventory will build, prices will drop and foreclosures will pile up. Someone remember to have me review this post in February 2009 as I believe that the story will be written by then.

Empire Realty is your real estate source for useful and money saving information.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, San Bernardino, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

Jumping out on a limb?

After reviewing the foreclosure and sales data for the Inland Empire I am going to jump out on a limb here.

I predict that the second wave of foreclosures is going to come through this winter, I am already seeing sales dry up and fast. Inventory will build, prices will drop and foreclosures will pile up.

Someone remember to have me review this post in February 2009 as I believe that the story will be written by then.

Empire Realty is your real estate source for useful and money saving information.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, San Bernardino, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

No matter what the market, people will continue to desire to live in Victorville, as it remains one of the most active cities within San Bernardino County. Comparatively speaking, the Victorville housing market continues to post brisk sales.

In of July 2008, 39 single family homes and a total of 0 condos/townhomes sold, down 34 from last month. My overall view of the market is still slipping in cost per square foot while the sales numbers are stabilizing a little.

For a full county market report Click Here.

Closed Sales For July 2008, Up 12 from last month

75 Single Family Homes

0 Condos/Townhomes

Pending Sales For July 2008, Up 24 from last month

117 Single Family Homes

0 Condos/Townhomes

Current Actives As of Today's Post, Up 6 from last month

770 Single Family Homes

0 Condos/Townhomes

Foreclosure Activity for July 2008

92392 - 212 Notice of Defaults (NOD) Up 2 from last month

92392 - 202 Notice of Foreclosure Sale (NOS) Up 38 from last month

92394 - 104 Notice of Defaults (NOD) Down 12 from last month

92394 - 143 Notice of Foreclosure Sale (NOS) Up 27 from last month

92395 - 92 Notice of Defaults (NOD) Up 16 from last month

92395 - 76 Notice of Foreclosure Sale (NOS) Down 2 from last month

Price Per Square Foot
Looking at the price per square foot helps us understand the value placed on homes in a real estate market. Median Price per Sqft. as of September 14, 2008 for Victorville is $198, down $9 from last month.

By Zip Code:

92392 - Lost $10 a square foot from last month, a $20,000 loss on a 2,000 square foot home, giving it an $96 average per square foot value.

92394 - Lost $4 a square foot from last month, a $8,000 loss on a 2,000 square foot home, giving it an $91 average per square foot value.

92395 - Lost $3 a square foot from last month, a $6,000 loss on a 2,000 square foot home, giving it an $100 average per square foot value.

Any way you slice it, the averages are getting real close to replacement value.

This sales data lags a month.

Data Sources: MRMLS, Altosresearch, Foreclosure Radar and Data Quick.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing your next home in Victorville or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount

No matter what the market, people will continue to desire to live in Riverside, as it remains one of the most active cities within Riverside County. Comparatively speaking, the Riverside housing market continues to post brisk sales.

In of July 2008, 263 single family homes and a total of 11 condos/townhomes sold, down 279 from last month. Click Here to view the Riverside County market report.

Closed Sales for July 2008: Up 55 from last month

382 Single Family Homes

20 Condos/Townhomes

Pending Sales for July 2008: Up 59 from last month

899 Single Family Homes

31 Condos/Townhomes

Current Actives as of Today's Post: Down 193 from last month

2,219 Single Family Homes

117 Condos/Townhomes

Foreclosure Activity for July 2008

92501 - 40 Notice of Defaults (NOD) Down 7 from last month

92501 - 49 Notice of Foreclosure Sale (NOS) Up 12 from last month

92503 - 169 Notice of Defaults (NOD) Up 13 from last month

92503 - 173 Notice of Foreclosure Sale (NOS) Down 8 from last month

92504 - 100 Notice of Defaults (NOD) Up 1 from last month

92504 - 96 Notice of Foreclosure Sale (NOS) Up 10 from last month

92505 - 87 Notice of Defaults (NOD) Down 3 from last month

92505 - 91 Notice of Foreclosure Sale (NOS) Up 15 from last month

92506 - 48 Notice of Defaults (NOD) Down 15 from last month

92506 - 67 Notice of Foreclosure Sale (NOS) Up 20 from last month

92507 - 54 Notice of Defaults (NOD) Down 9 from last month

92507 - 58 Notice of Foreclosure Sale (NOS) Up 16 from last month

92508 - 68 Notice of Defaults (NOD) Down 6 from last month

92508 - 80 Notice of Foreclosure Sale (NOS) Up 20 from last month

92509 - 142 Notice of Defaults (NOD) Up 1 from last month

92509 - 115 Notice of Foreclosure Sale (NOS) Down 12 from last month

Price Per Square Foot
Looking at the price per square foot helps us understand the value placed on homes in a real estate market. Median Price per Sqft. as of September 14, 2008 for Riverside is $168, down $11 from last month.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing your next home in Riverside or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.