According to the Washington County MLS as of April 11th, 2012, there were 1338 single family residential listings. Of the 1338 listings in Greater St. George, only 250 (18.6%) were short sales. It is notable that 206 (15.4%) were new construction listings (58 of those listings were “to be built”). There has been an over 8 or 9 % increase in residential sales prices from March 2011 to March of 2012 for respectively, the average sale and median sale prices in Greater St. George. Based upon this and other data previously published by Real Estate Weekly, I am of the opinion that the “distressed market” has largely moved to the background as we exit the distress phase and move into the expansion phase (creation of new units and increasing prices). During this early expansion phase we are experiencing a disconnect between the buyers who are largely being told by national media outlets that we are in a “buyers market” and the reality of a falling inventory and rising prices, which could actually slow current unit sales until more buyers come to terms with the market shift.
During the show today we welcome Warren Buffet’s comments regarding real estate as being a compelling investement, right now
Interesting interview with Warren Buffett where he states I’d Buy a Couple Hundred Thousand Single Family Homes If I Could…..
On the December 29th show we talked about all the different St George real estate topics covered over the year, but we decided to call 2011 the Year the Dog Didn’t Bark. Why? Because it seemed to us that with all the shenanigans that took place with the Robosigners and foreclosure that someone should have sent out the alarm…but instead it appears that it went unnoticed even by the government watchdogs, hence the title………
During today’s show we try to understand the outrage that has spawned movements like “Occupy Our Homes” and why so many of us are impatiently waiting for prosecutions of bank executives which are usually highlighted by the “Perp Walk”. Real Estate Weekly discusses the various “actors” in the housing crisis, including the Banks who did not listen to their own compliance and fraud officers as the real estate investors and amateur “speculators” who fueled the demand for the bogus loans.
Important links for todays show:
Occupy Protesters take over foreclosed homes
6o Minutes show segments on the former bank employees and lack of Federal Prosecution
New York Federal Reserve Bank Staff Report on Real Estate Investors, the Leverage Cycle, and the Housing Crisis
Michael Moore on Wall Street and Obama
The Story that got away this week….
Barclays Analyst See Housing Rebound Coming in 2012
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There has been a lot of chatter by real estate agents and the news media on the notion that there is a “shadow inventory” of homes, that will be dumping more real estate on the St. George real estate market. On last week’s show, we delivered the following results from a study performed by the Real Estate Weekly staff relaying the outcomes of Washington County Notice of Defaults filed by Recontrust (Bank of America) from October 1 2008-October 1, 2011.
Out of 1341 Bank of America Notice of Defaults filed in Washington County including St. George, a systematic sampling produced the following results:
The Notice of Defaults outcomes were….
NOD Cancelled 429 32.00%
NOD Still Outstanding 128 9.55%
Property was Sold or transferred 120 8.99%
Property Foreclosed 663 49.46%
According to our numbers, Bank of America could bring to the courthouse steps the 128 homes with NOD’s still outstanding but the other cancelled properties would need to restart the process, thereby creating months of delay in producing additional inventory. And that is why I refer to the “shadow inventory” threat to the St. George real estate market as the “Great Pumpkin” of real estate.
We have heard from many news organizations about the “inventory overhang” of foreclosures and with millions more to come is it real or are we waiting for the Great Pumpkin? Is the threat real or is shadow inventory really just a ghost? Join Real Estate Weekly to find out on Thursday at 4:30 when Dara and special guest, short sale specialist, Marlene Ritzman discuss Washington County defaults and the research performed by the staff of Real Estate Weekly. Don’t miss this special report-its information you won’t find anywhere else…
Dara Tancredi, host of Real Estate Weekly will have special guest Wes Davis from NAI South giving us the 3rd quarter update on the local commercial real estate market and exciting retail news for Saint George Real Estate and all of Southern Utah.
Wes Davis can be reached at (435) 627- 5705
Check out the show Thursdays 4:30 pm 1450 AM/96.7 FM KZNU. Don’t forget you can listen online from website our or by loading the KZNU Iphone App.
I have noticed many investors on the “courthouse steps” increasing the rental property portfolio. Check out this article from CNN Money regarding the rental market as a bright spot in the real estate market …
B of A has of late been lightening their load of real estate assets. Here is the latest from B of A from the Wall Street Journal….