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)
As we are short sale specialists from the abundance of short sales we were involved in when the market went south years ago, we’re often contacted by home buyers looking for a “deal”……meaning a distressed home sale including bank owned homes (REOs) and short sales. Here’s a chart that shows why currently that’s just about impossible. Keep in mind that this is all combined short sales and REOs for all the listed cities in the South Bay.