http://bestfanniemae1004mcsolution.ning.com/ - Fannie Mae 1004 MC Answer to Foreclosures Question
This is an answer for a Zachary Property in Cypress Park S/D – $130K to $160K range. For properties sold comparable to my subject, look at the attached smart graph showing a 10+% increase since 4/1/2008. Amazing. Also see zachary reo count since 1/1/2006, only 7 comparable to 5.73% reos since then. Remember, these are properties comparable to my subject, not a broad analysis of the zachary market. The smart 1004 mc output also shows the “Percentage of Sales With Contributions“, which helps quickly answer the 1004 mc. In this case, the % is 36%, 50% and 38% in the current-3 month period. So, seller paid concessions looks to be remaining stable. Percentage of Seller Paid Concessions was 2.6%, 2.9% and 2.8%, again, stable.
REO Question: NO
The SMART MLS Analysis showed only 7 REOs sales of 122 total comparable sales since 1/1/2006, or 5.73% of Total Sales, which doesn’t appear to be an indication that REOs are negatively impacting this market. It’s also stated here that a recent article (The Landmines Within by Michael Tarabotto http://activerain.com/blogsview/927638/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS. MLS is reporting only 1 comparable REO listing. Realty Trac is showing 5 REO Listings in Zachary and not enough detail to determine if these are actually comparable to the subject property.
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