Corona Inventory

So, we tried to write a little bit more consistently, and it hasn't quite worked out. Anyway, it (and by 'we' and 'it' I mean 'ME') is a work in progress.

Standard Sales (301)

92879 (45)
92880 (64)
92881 (56)
92882 (66)
92883 (70)

Short Sales (648)

92879 (116)
92880 (172)
92881 (63)
92882 (147)
92883 (150)

REO (130)

92879 (25)
92880 (31)
92881 (18)
92882 (33)
92883 (23)

Here we are two months later and our inventory (from raw data, I am only going to dissect the numbers on a quarterly basis) has increased by 49 homes in Corona. We have 23 more short sales on the market, 43 more standard sales on the market, and 17 less bank owned homes on the market.

The number that intrigues me is the number of bank owned homes on the market. The number of bank owned homes on the market is the real market indicator.

The inventory here in Corona took a small step (26% - 98 to 72) backwards this week. In fact, we had two of the five zip codes in Corona without a new REO listing. In fact there were only 8 REO listings total.

92879

REO (0)
Short Sale (8)
Standard (5)

92880

REO (3)
Short Sale (9)
Standard (5)

92881

REO (1)
Short Sale (5)
Standard (5)

92882

REO (4)
Short Sale (7)
Standard (4)

92883

REO (0)
Short Sale (9)
Standard (7)

New Year's Resolution

They say that the top 3 New Year's resolutions are: weight loss, starting an exercise program and stopping smoking. Well, I am not usually one to have a New Year's resolution...because, well quite frankly, if I don't have one...then my chances of not breaking my resolution are 100%. However, this year, in honor of New Year's (which is just around the corner), but definitely not a resolution, I am planning on blogging a lot more. My goal is to get 4 posts up a week in kind of a structured format. So, I thought I would take a few minutes to get my goal out there...so at the very least it is written down (and if there are readers - eventually - they will have an idea of what posts are coming and when).

Monday - Inventory lists

As it stands today, the inventory lists will include the zip codes 92879, 92880, 92881, 92882, 92883. I have done a good amount of business in Riverside, Moreno Valley and a number of other areas in SW Riverside county. So, I am thinking about adding some of those areas, but the main focus is going to be on the city of Corona.

Tuesday - Business profile

Due to the focus being on Corona, the business profiles will be exclusively of businesses in Corona. I guess I should have said mostly, because there is a good chance that I am going to write about D'Elias grinder shop, which is in downtown Riverside. Anyway, I am not entirely sure how this is going to look or what is going to happen here, but I am pretty excited about the opportunities.

Thursday - Me

I am going to be writing about the things going on in my life. This section will include but is not limited to: the non-profits that I work with, the Triathlons I am participating in and the training for them, sports, music...basically things that I like...oh, I may get a little political here too...

Friday - Corona

I am going to be sending out the things going on in the city of Corona. Examples of this could be: what trade shows are happening in Corona, when they light the trees in town for Christmas, etc...just general information about Corona.

This is not set in stone, but it is going to be a guide for how the posts will come out. There are going to be a few exceptions but they will be pretty obvious when they come along (like a new listing, a house sold, etc).

I hope you check back often...

The end of inventory (until September)

So, tomorrow turns into another day and another and another, the next thing you know...it is a week later. Fortunately for me...today just happens to be the same day that the new housing report came out. What better day to finish the post on inventory than today? Here is the gist of the housing report...

"Sales of U.S. previously owned homes plunged 27 percent in July, twice as much as forecast...at the current sales pace, it would take 12.5 months to sell [the current inventory]."

Where does that leave us in our neck of the woods? Well, inventory is down...way down...unfortunately, so is demand. It is very hard to believe that demand would be low because of the expired tax credits. You wouldn't think that $8,000 would have that big of an impact on the market but it does. Having said that, the sales data for July being way down is a little misleading. This is because SO many people did everything they could to close by June 30, 2010, in order to get the tax credit that it inflated June's numbers a little, thus making July's numbers seem that much worse.

Here is the current inventory for Corona broken down by Zip Code.

92879 - 10,755 homes. 166 (1.5%) for sale. 29 standard sales. 98 short sales. 25 REOs.

92880 - 3,729 homes. 231 (6.2%) for sale. 55 standard sales. 136 short sales. 17 REOs.

92881 - 7,510 homes. 118 (1.6%) for sale. 47 standard sales. 45 short sales. 15 REOs.

92882 - 16,310 homes. 235 (1.4%) for sale. 53 standard sales. 122 short sales. 33 REOs.

92883 - 2,015 homes. 220 (10.9%) for sale. 51 standard sales. 120 short sales. 28 REOs.

There are 40,319 homes in Corona, with a total of 970 homes on the market. This means that 2.4% of the homes in Corona are for sale. At the height of the foreclosure market (2007-2008), we were averaging 3,500 homes on the market, which is 8.7%.

Available Homes in Corona

Bank Owned

92879 - 18
92880 - 9
92881 - 5
92882 - 27
92883 - 10

Standard

92879 - 17
92880 - 29
92881 - 21
92882 - 33
92883 - 37

Short Sales

92879 - 76
92880 - 90
92881 - 41
92882 - 75
92883 - 73

More on inventory

Short Sales
92879 (80)
92880 (88)
92881 (37)
92882 (65)
92883 (64)

Standard Sales
92879 (22)
92880 (24)
92881 (16)
92882 (33)
92883 (39)

If we add all of the homes together...we are left with a total (I have not included any probate sales) inventory in Corona of 540 homes. I have mentioned before how low the inventory is compared to where it was just a year ago. If we looked at this on the surface, we might come to the conclusion that the worst is over for real estate in Corona. And this might very well be the case, depending on how successful the banks are at modifying loans (currently approx. 16% of loan mods are being approved). However, a little more digging reveals that there are 3,058 homes at some stage of foreclosure in Corona.

I am still working out in my own head what this means...therefore, I am offering no conclusions yet. But, I am working on it.

Corona Foreclosure Lists

It has been a long time since I posted foreclosure lists. There are a few reasons for this: 1.) I am going through some transitions in my life, 2.) it is a big commitment to post them every week (and I have slacked off), and most importantly 3.) the number of foreclosures has decreased dramatically. So, here they are...all 72 of them. The short sales and standard sales will be in a separate post.

92879 (18)
92880 (12)
92881 (7)
92882 (23)
92883 (12)

Foreclosure Lists (92879)

92879 (91)

Standard Sale (15)
REO (10)
Short Sales (59)