This report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This blog post is focusing strictly on the South Lake Tahoe, CA. side only and does not include West, North, or the NV portion of Lake Tahoe.

As of today, June 11,  2010 @ 2:15 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 441.  66 of these active listings are bank-owned or short sales.

Homes sold from June 1,  2010 to June 11,  2010 are: 11. Of the 11 homes sold, 6 or 55%, are foreclosure (bank owned or short sales). During the same time period last year, June 1, 2009 to June 11, 2009, 13 homes sold, of which 3 or 23% were foreclosure.

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

The numbers through March 2010 are estimates, the rest are projections.

It’s a bit like guessing how many pennies are in a gallon jug at the state fair, but housing analysts keep trying to count how many foreclosed homes banks and mortgage investors own.

Why should we care? Unlike at the state fair, there is no prize for guessing right. Still, if we can track the number of these REO (“real estate owned”) homes, we can get some sense of how banks and others are doing in their efforts to dispose of the properties and how much longer they will be weighing on the housing market.

The good news is that two of the leading contenders in this guesstimating game–Tom Lawler, an independent housing economist and gentleman farmer in Leesburg, Va., and Robert Tayon, an analyst at Barclays Capital in New York–have been comparing their methods recently and learning from each other. Both are in the same ballpark and both say the REO count is on the rise.

Mr. Lawler estimates there were 574,000 one- to four-family REO homes at the end of the first quarter, up from 518,000 at the end of 2009 but well below a peak of 668,000 in the third quarter of 2008. More modest (honest?) than most economists, Mr. Lawler describes his estimates as “crude” and “a work in progress.” He figures his tally is too low–he can’t find good data on all of the thousands of REO owners– but still “indicative” of the trend.

Mr. Tayon of Barclays estimates that REOs totaled 522,000 in March, up from 479,000 at the end of 2009 but below the peak of 688,000 in September 2008.

After soaring in 2008, the REO total shrank for most of 2009 as foreclosure-prevention efforts slowed the flow of defaulted loans toward resolution and investors rushed to buy what they saw as bargains in hard-hit areas such as Phoenix and Las Vegas. Now, as banks and other loan servicers work their way through the backlog of loan-modification applicants and reject many of them, the REO count is rising again. Mr. Tayon expects it to peak at 538,000 in August 2011 before starting to decline gradually.

Fannie Mae and Freddie Mac, two of the biggest holders of REO, both expect their REO inventories to increase in the next few quarters, Mr. Lawler says.

The expected rise in REO supply will “challenge” housing markets in areas with high concentrations of foreclosures, Mr. Lawler adds. But he doesn’t think the effect on prices will be as severe as it was in late 2008 and early 2009, when loan servicers dumped huge amounts of property on the market.

There are still plenty of struggling borrowers at risk of losing their homes. The Mortgage Bankers Association, a trade group, last week reported that 14% of mortgage loans on one-to-four-unit homes were 30 days or more delinquent or in the foreclosure process as of March 31. That represents about 7.3 million households. The rate was 12% a year earlier. At the same time, fewer people have fallen behind in recent months as the economy has improved.

Those who want to guess how many REOs will be in the jug two years from now will have to take a view on whether the economy is going to produce enough jobs to create demand for all those houses …….. Article contributed by By James R. Hagerty

This report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This blog post is focusing strictly on the South Lake Tahoe, CA. side only and does not include West, North, or the NV portion of Lake Tahoe. 

As of today, June 4,  2010 @ 2:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 420.  65 of these active listings are bank-owned or short sales.

Homes sold from June 1,  2010 to June 4,  2010 are: 2. Of the 2 homes sold, 1 or 50%, are foreclosure (bank owned or short sales). During the same time period last year, June 1, 2009 to June 4, 2009, 5 homes sold, of which 1 or 20% were foreclosure. 

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

This report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This blog post is focusing strictly on the South Lake Tahoe, CA. side only and does not include West, North, or the NV portion of Lake Tahoe. There will be future reports on those areas also.

As of today, May 21,  2010 @ 1:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 403.  61 of these active listings are bank-owned or short sales.

Homes sold from May 1,  2010 to May 21,  2010 are: 30. Of the 30 homes sold, 10 or 30%, are foreclosure (bank owned or short sales). During the same time period last year, May 1, 2009 to May 21, 2009, 17 homes sold, of which 8 or 47% were foreclosure. 

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

This report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This blog post is focusing strictly on the South Lake Tahoe, CA. side only and does not include West, North, or the NV portion of Lake Tahoe. There will be future reports on those areas also.

As of today, May 14,  2010 @ 2:30 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 408.  58 of these active listings are bank-owned or short sales.

Homes sold from May 1,  2010 to May 14,  2010 are: 15. Of the 15 homes sold, 3 or 20%, are foreclosure (bank owned or short sales). During the same time period last year, May 1, 2009 to May 14, 2009, 13 homes sold, of which 6 or 47% were foreclosure. 

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.