Real Estate Weekly

Real Estate News that Matters

Real Estate Weekly - Real Estate News that Matters

St. George Utah Foreclosure Bank of America Study

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.

Waiting for real estate’s “Great Pumpkin ?”

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…

Commercial Real Estate Update with Wes Davis

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.

What is working now? “Spec Home” building revisited

During the 2011 SUHBA Parade of Homes, I felt quite certain that if I had built  3 additional homes just like the parade home, I could have sold those too.   (The parade home went under contract several weeks PRIOR to the home show.)

We have noticed an ever increasing trend in the Saint George Utah New Home Market  where home builders are being forced to build “spec homes” because “to be built” listings have not been moving.   Here is an interesting news story from CNBC that explains the recent phenomenen.

The explanation lies in the fact that buyers are unwilling to carry two homes, so they are only beginning to look for a home once the home they own is under contract and that is the reason that homes that are underway are such hot sellers.  For more information check out this link from  CNBC….

http://www.cnbc.com/id/44596205?__source=RSS*blog*&par=RSS

SUREIA MTG-follow up info

Thanks for coming to last night’s meeting on buying and managing rental properties –  and a special thanks for all of the great information provided by our speaker, Susan Stucki of Monarch Property Management.  Her contact info is 435-628-3950 for those looking for it last night.   As promised here is the city and state code sections I promised to post  and I have added a Guaranteed Rent so that contact info is available to for our landlord/investors to get in on that program!

Click on these links to pull up the documents in PDF format.

St. George City Rental Fit Premises Code

Updated Utah Code 57-8a-Community Association Act

Check out the final product from our REHAB seminar in March!

After our March “Flip this House- Dixie Style”! SUREIA meeting, our attendees had the opportunity to  walk through our next rehab project located at in Ivins.    We used your wonderful feedback as well as information learned from our rehabbing trip to Jacksonville, FLA, where we spent 4 days refining our rehabbing techniques with our very own real estate coaches, Paul and JD Esajian, stars of A & E’s “Flip this House” to rehab this nice home.  Click here to check out the final product from our REHAB seminar in March!

End of Hamp?

Some updated video discussing the congressional vote to abandon the HAMP program which has been an abysmal failure and discussion of a “double dip” in Housing.