It’s been a while since we’ve seen any distressed sales (bank owned, short sales, foreclosures, notice of default filed) but surprisingly there are 4 on the market all of the sudden. Given that most appear to be “pre-foreclosure” sales, meaning there is either a notice of default or a notice of trustees sale (meaning bank is threatening to foreclose) this isn’t quite the same level as a bank owned sale, this is still an interesting developement in the market. Generally speaking there haven’t been any of these in sometime as it’s realtively tough to be “underwater” on a mortgage when home values have gone up so dramatically. Here’s the distressed listings as of 11/22 (note that listing below are live so this list will change over time)
We haven’t seen many foreclosures or bank owned homes in the past few years but the recent listing of 4174 W 141st Street in Hawthorne. This was an online auction situation and they had over 15 bids. The big question is whether we’ll start seeing additional distressed sales in the next year. People and mortgages are under real pressure at the moment. Hopefully there’s a positive solution but it seems pretty clear that there will be some downward pressure on the market.