South Lake Tahoe Foreclosures… No Change Yet.

July 1st, 2010 categories: Buyers Report, For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, Our Background, South Lake Tahoe Statistics, South Lake Tahoe, CA

No increases in South Lake Tahoe foreclosures... yet!So, where is the predicted foreclosure deluge anyway?

The bottom line is this, there may be a lot of new foreclosures coming, but we have seen no evidence of such here in South Lake Tahoe… yet.

We've all heard about it, read about it; a certain set of U.S. economists are rife with, well… a mindset of more foreclosures coming. A lot of them. Predictions well into the millions!

These predictions come with stats and figures to support their positions, and the economists making them warn of a "shadow inventory." They have been coming in the news, and online seemingly everywhere. An example here, from last February says that 5 million more foreclosures are coming. Here's another from June 26th, a few days ago, and one from June and September last year.

Well, the truth is more foreclosures may be coming, and nobody knows for sure if they will come or not, whether in droves or otherwise. What we do know is South Lake Tahoe has not seen a foreclosure increase to date, and we may not see such a distressed property increase at all.

 Tracking South Lake Tahoe Distressed Properties : (Where we've been, and where we are now)

This summary comes from the chart below:

Number Distressed Properties Listed: (both REOs and short sales)

  • The average number of distressed properties listed per month in 2009 was 24.
  • The average number of distressed properties listed per month thus far into 2010 is 25.
  • The greatest number of distressed properties listed in any one month in 2009 was 32.
  • The greatest number of distressed properties listed in any one month this year is 26.
  • The average percent of distressed properties compared to non distressed properties listed in 2009 was 34.8%.
  • The average percent of distressed properties compared to non distressed properties listed this year is 27.8%.

Number REO's listed: (bank owned properties)

  • The average number of bank owned properties listed per month in 2009 was 13.
  • The average number of bank owned properties listed per month this year is 10.

Number Short Sales listed:

  • The average number of short sales listed per month in 2009 was 10.9.
  • The average number of short sales listed per month this year is 11.5.

2010 Q1 v Q2: (the differences between them)

  • Following usual and customary listing patterns, there is a greater average of homes listed in second-quarter than our first (69.3 listings v 94.3)
  • Not following this same pattern, however, are these averages:
    – An average of 13 REO's were listed per month in Q1, but only 10 in Q2.
    – An average of 11.7 short sales were listed per month in Q1, but only 11.3 in Q2.
    – An average of 24.7 distressed properties overall were listed per month in Q1, but only 18.3 in Q2.

South Lake Tahoe, CA listings per month

Other Lake Tahoe Real Estate Blog articles you may find interesting:

May 15, 2010: Where is the New Foreclosures Deluge?
November 15, 2009: Foreclosure Filings Down in October, what does it mean?
November 24, 2008: Sometimes South Lake Tahoe and National Real Estate Trends just don't Jive

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This entry was posted on Thursday, July 1st, 2010 at 11:07 am and is filed under Buyers Report, For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, Our Background, 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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