Thursday, March 25, 2010

Real Estate Data Expert Tom Ruff on Bank Owned Property - How Many?

I have worked with Tom Ruff and been his friend for several years.  I have found him to be the best real estate data and trend expert in the country. Couple that with his quick wit and unique sense of humor, and you have an information expert that is anything but dry! Add his successful track record in real estate trend predictions, even when at odds with other experts, and you have someone to watch and follow in the real estate and financial sector.  Tom has no political agenda in what his company's research and findings reflect.  His work is honest and on target every time.   

Tom is a graduate of the University of Nebraska, founded The Information Store in 1982 and quickly became known as “The Source” of publicly recorded real estate data in Maricopa County. In August 2005 formed The Information Market, specializing in foreclosure data and housing studies. Mr. Ruff is an expert on publicly recorded data and is known for his monthly housing opinion which shares an inside and sometimes irreverent look at the Phoenix Housing Market, he is often quoted in local and national publications. Tom definitely lives up to the motto of the The Information Market - our knowledge, your success.  Here is Tom's latest article:

How Many?

Each day I receive emails from various sources, the linked Wall Street Journal article above was forwarded to me by local real estate housing analyst Trish O’Neil. I particularly like the article not so much about what it is saying about the future of housing prices, but how it outlines the difficulty in tracking bank owned properties, the writer’s conclusion; no one has found a way to track precisely how many of these properties are owned by banks. Well, we have, not nationally, but we know the precise number in Maricopa County. The reason this number is difficult to track is because the inventory changes daily. REO’s are sold each day, new foreclosures occur each day. This morning at 9:00 a.m. after subtracting yesterday’s home sales and adding in the new trustee’s deeds returning to the banks as well as any Deed in lieu of foreclosure, our REO number totaled 16,018. To arrive at this number several things have to happen, each grantor and grantee has to be assigned a code, example, “B” for bank, “I” for investor, “G” for government etc., etc. By coding each buyer and each seller for every conveyance taking place in Maricopa County; along with coding each type of conveyance and property class code, we can then determine the precise number others find impossible. It’s a matter of advance planning and coding, document counting won’t work. So, next time you read a national story claiming this or that about bank owned properties, remember, by their own admission, they really don’t know what they are talking about.

bank owned property, Brenda Blog, Brenda Huffman, Business-Development, foreclosure, Information Market, real estate, real estate data, real estate trends, Tom Ruff

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