South Lake Tahoe, CA Real Estate News: Where is the New Foreclosure Deluge?

May 11th, 2010 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA

South Lake Tahoe, CA real estate listings

Are More Home Foreclosures Coming to South Lake Tahoe or Not?

We keep hearing about it, and we know you must too. We're talking about the predicted foreclosure deluge that some keep predicting is sure to come. You know, this is the second-round of foreclosures that are the banks are holding back from us.

This is a tough one to gauge, whether it's rumor or fact, whether it will come in meaningful droves to affect South Lake Tahoe again. It's easy to slough it all off to the wails of naysayers and prophets of doom, but the truth is we just don't know. And we're not sure anybody does for sure.

Coupled with these foreclosure predictions is another decline in the median sold price, about 15% more of a decline comes from the rumor mill. That's about half of the decline we have seen since the real estate market turned some 3-4 years ago now.

We have just recently, however, seen an uptick in the South Lake Tahoe, CA median sold price, from $305,000 to $314,500 (here). This was an increase of 3.1% within our last reporting period, the largest such increase we have seen in 3 plus years. In other words,  we are not seeing any new decline yet. It's quite the opposite in fact.

What we use to find change in the South Lake Tahoe, CA real estate market is what we do here all of the time, by tracking the median sold price (here), homes in escrow (here), monthly absorption rates (which tracks demand over time, here) and home sales for the year and over the last 365 days as well (here). These reports keep us, and you, on top of any change that might be happening.

We thought we'd add one more look with regard to these more foreclousure predictions. Hopefully you'll find it interesting. The charts below indicate the number of listings per month since the beginning of 2009 and a line graph of same as well.

With regard to the incidence of foreclosures and distressed properties listed, here's what we're seeing, and there are no emerging signs of increased foreclosures yet:

The numbers below are for South Lake Tahoe, Ca only, and The Tahoe Keys is included.

Average Number Listings Per Month:

  • For all of 2009: 73.4
  • For 2010 first quarter: 69.3
  • For 2009 first quarter: 64.3

Average Number Bank Owed Properties (REOs) Listed per Month:

  • For all of 2009: 13
  • For 2010 first quarter: 13
  • For 2009 first quarter: 10.3

Average Number Short Sales Listed per Month:

  • For all of 2009: 10.9
  • For 2010 first quarter: 11.7
  • For 2009 first quarter: 10

Average Distressed Properties Listed per Month:

  • For all of 2009: 23.9
  • For 2010 first quarter: 24.7
  • For 2009 first quarter: 20.3

Other South Lake Tahoe listing observations:

  • Most listings in a month: 112 (July 2009)
  • Least listings in a month: 46 (October 2009)
  • Most bank owned listings (REOs) in a month: 19 (July 2009)
  • Most short sale listings in a month: 17 (February 2010)
  • Least bank owned listings (REOs) in a month: 6 (Feb. and Apr., 2009)
  • Least short sale listings in a month: 4 (October 2009)

The chart below indicates all South Lake Tahoe, CA listings by month since January 1, 2009 (Tahoe Keys is included)

South Lake Tahoe, CA home listings since January 1, 2009

The chart below is a line graph of all South Lake Tahoe, CA home listings since January 1, 2009 (Tahoe Keys is included)

South Lake Tahoe, CA home listings by month since January 1, 2009

Our last median sold report, here.

An interesting foreclosure report, here.

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This entry was posted on Tuesday, May 11th, 2010 at 2:28 pm and is filed under For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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