Folsom, CA REO (BANK OWNED) SALES DATA FOR JULY 2009
This is a continuation of my monthly report on Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in July of 2009, the latest in my two year long study.
There were 20 REO homes sold in July, six more than sold in June. The average days-on-market increased to 32, up from 30 in June. REO homes are still selling quickly. Of the REO homes sold, 40% were on the market for less than two weeks. Some of the older inventory has been cleaned out. Only one of the homes sold was on the market for over 100 days.
The 20 homes sold represent 30.8% of all homes sold in Folsom, up from 24.6 in June.
The cost per square foot of REO homes in June increased to $ 170, up from $ 159 in June. The cost per square foot of all homes sold in June decreased to $ 182, down three dollars from June.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented only a 6.6% savings for REO buyers.
The overall sales price for REO homes was 99.5% of the final asking price, and 96.3% of the original asking price. This proves once again that an expectation of buying a Bank Owned home for fifty cents on the dollar is a pipe dream. Unfortunately, some self-proclaimed experts may still be preaching about 50% savings to the uninformed and gullible.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in June, $12 per square foot. That is a $ 30,000 savings on a 2500 square foot home, not a small sum.
