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New Foreclosures Coming in Sacramento Region: Comparing Data in RealQuest & Realist

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072308ins006aOne of the key factors for our market to improve and get back to “normal” is for the oversupply of foreclosure properties to be absorbed. Basically, it’s a messy real estate market out there in the Sacramento Region, and the mess has to be dealt with to move on.

Sacramento MLS allows us to analyze past sales as well as current listings to see how many properties sold as bank-owned or short sales and so on. What about future listings though? How many foreclosures will be coming to the market? Two interesting data sources for this type of information are Realquest and Realist.

RealQuest provides a free service online for anyone to view properties which are in “Pre-foreclosure” (coming soon to the market unless something happens to stop them – loan modification, catch up on payments, legislation, act of God, etc…), “Auction” (you’ve seen the commercials for the auction properties where “there are 2000 properties to sell off and they MUST sell this weekend”), and “Bank-Owned” (yes, the bank has title already).

This is what RealQuest looks like when doing a property search:

folsom-realquest1

Realist is also a service of First American Core Logic and is commonly known as “Tax Records” for Sacramento Metrolist Subscribers (a paid service). Realist has a new “foreclosure activity” search feature that covers the same categories that RealQuest does. But when looking up data in both RealQuest and Realist, there is definitely a difference. Sometimes the data is very similar, but other times the figures are way off. This may be due to the way RealQuest and Realist categorize their information as well as the difference between a free service (RealQuest) and a paid service (Realist). Ultimately there could be a number of factors why the data is so different, but it’s not the purpose of this post to go into depth about that. The real thrust here is to show that there is a new wave of foreclosure properties coming and we ought to be prepared for that. Let’s continue to be full of hope as well as avoid a lifestyle of worrying, but let’s keep an eye on what is going on.

Market Data from RealQuest & Realist:

City of Folsom in Sacramento County

  • Preforeclosure Properties: 296 (RealQuest) 186 (Realist)
  • Auction Properties: 46 (RealQuest) 79 (Realist)
  • Bank-Owned Properties: 158 (RealQuest) 262 (Realist)

City of Citrus Heights in Sacramento County

  • Preforeclosure Properties: 309 (RealQuest) 435 (Realist)
  • Auction Properties: 57 (RealQuest) 161 (Realist)
  • Bank-Owned Properties: 134 (RealQuest) 330 (Realist)

City of Orangevale in Sacramento County

  • Preforeclosure Properties: 136 (RealQuest) 145 (Realist)
  • Auction Properties: 26 (RealQuest) 45 (Realist)
  • Bank-Owned Properties: 126 (RealQuest) 128 (Realist)

City of Rancho Cordova in Sacramento County

  • Preforeclosure Properties: 245 (RealQuest) 256 (Realist)
  • Auction Properties: 32 (RealQuest) 107 (Realist)
  • Bank-Owned Properties: 223 (RealQuest) 298 (Realist)

City of Fairfield in Solano County

  • Preforeclosure Properties: 309 (RealQuest) 710 (Realist)
  • Auction Properties: 51 (RealQuest) 283 (Realist)
  • Bank-Owned Properties: 140 (RealQuest) 745 (Realist)

City of West Sacramento in Yolo County

  • Preforeclosure Properties: 232 (RealQuest) 225 (Realist)
  • Auction Properties: 109 (RealQuest) 114 (Realist)
  • Bank-Owned Properties: 159 (RealQuest) 207 (Realist)

NOTE: The discrepancy in the data above would be very important to research and explain if the data was actually used in an appraisal report or to support value conclusions in any way. It is very important to use the best available data in an appraisal report because solid value must be based upon reliable information.

The data above was really provided as an FYI for those who may be interested. Since RealQuest provides a free service too, go spend a few minutes on their website, see what you can find, and draw your own conclusions about reliability.

If you have any questions or potential appraisal needs, please contact me at 916-595-3735 and www.lundquistcompany.com

The Lowest Priced Multi-Unit Property on MLS (Sacramento Region)

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This blog hosts a “Lowest Priced House on MLS” category because it’s always interesting to see what the good ol’ American dollar can buy these days in this wild market. The last winner was a $12,500 house, but this time we’ll take a look at the lowest-priced multi-unit property (2-4 units).

And the winner is…. $35,900 (4 units)

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414 S Conejo Avenue is a bank-owned property in Modesto and is described as a 4-unit property with 2 detached single family units as well as one 2-story duplex on the same lot (per MLS). As of today the property has been priced at $35,900 for 11 days. The lot size is 0.24 acres and the units appear to have been built in 1945 per Tax Records. This property sold previously in March 2006 for $330,000. The previous MLS listing from 2006 stated that the units had the following bed/bath count: 3/1, 2/1, 1/1, 1/1.

The current MLS listing states “this is a cash deal”, which is indicative of the condition most likely. If you have further questions, I am glad to put you in touch with the Agent. And no, I don’t have any connections with the Agent or this property.

FHA Appraisal Inspections in the Sacramento Area

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FHA loans are the hot ticket in town these days, aren’t they? If you are involved in loans in the Sacramento Region, you probably find yourself doing quite a few FHA transactions these days in comparison to the past couple of years (I am certainly doing more FHA appraisals).

Since people sometimes ask me how an FHA appraisal inspection differs from a non-FHA appraisal assignment, I wanted to include a few differences below.  A non-FHA assignment could include some or all of the following, but an FHA inspection MUST include the following and more per strict HUD guidelines:   

  • Test appliances to ensure in working order
  • Test AC and Heat system
  • Observe if paint is chipping, peeling, or flaking
  • Test water (pressure, heat, smell, taste…)
  • Observe the attic
  • Observe the crawl space
  • Check all electrical switches to ensure lights come on
  • Check outlets to ensure they work
  • Flush all toilets and run water in all sinks
  • Take angled photos of the subject property
  • And more….

If anyone has questions on FHA appraisals within the Greater Sacramento Region, give me a call at 916-595-3735 or see www.lundquistcompany.com

NAMB Files a Lawsuit: What Will This Mean for Sacramento Region Agents and Brokers?

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When talking recently with local Realtors, Brokers, and Loan Officers about the Home Valuation Code of Conduct (HVCC), there has been concern and fear about how HVCC might shape the mortgage industry, not to mention, their business. 

Important News from the National Association of Mortgage Broker website:

McLean, VA – The National Association of Mortgage Brokers (NAMB), with the support of Baker & Hostetler LLP, filed a lawsuit today with the United States District Court for the District of Columbia against the Federal Housing Finance Agency (FHFA) Director James B. Lockhart over the controversial Home Valuation Code of Conduct (HVCC) included in the appraisal agreements between the FHFA, Fannie Mae and Freddie Mac (GSEs), and New York Attorney General Andrew Cuomo. 

What does this mean for local mortgage brokers, real estate agents, and all involved parties (including appraisers)? Well, there is nothing definitive to report, but with the lawsuit filed it may be possible to see the deadline for HVCC postponed ,or who knows, maybe they’ll throw it out altogether. We shall see.