Good morning, and welcome to another exciting edition of Monday Morning Numbers. I didn't get a second post out last week. I'd tell you some wild and exciting tale of alien abduction and how I had to thwart a massive invasion of Earth, but that would be mostly untrue. If it happens again this week, I'll make sure to take my laptop along. Anyway, let's take a look at what's happening in our real estate market this week:
Active Listings: 94
Contingent Listings: 52
Pending Listings: 58 (28.4% of the inventory)
Price changes for the past week: 9 (6.2%)
New listings: 14
Click here for an updated price per square foot chart.
Another week looking a lot like the previous week - some very slight variation in numbers, but it looks like the trend of slightly increasing inventory has stalled for now, and a few more homes are pending than last week. We have 5.9 months of inventory this morning.
A quick update on the foreclosure front: After a couple of months of increased foreclosures, we saw the number of homes taken back by the banks drop t0 25 last month. We seem to be back in a cycle of most of the trustee sales getting postponed again. As a result, we're back down to about 53 unlisted REO properties after a slight uptick a month or so ago, and we're up to about 120 unresolved trustee sales. If that backlog keeps shrinking, we may see another sight dip in our inventory levels in the next couple of months. But at some point, most of those unresolved sales will become REO inventory, so that will boost the inventory a little while after they start going back. I keep hearing about how we're going to be up to our ears in REO's later this year. I don't think so. Maybe up to our ankles...
Anyway, check in later this week, and alien overlords willing, I'll update activity on the South Side.
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