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Short Sales Slowing In the East Bay
RealtyTrac reported that foreclosure filings are up 25% in 2012 but this is not reflecting in the inventory of new bank owned homes or new short sale listings either. Many of those homeowners are pursuing modifications. The expectations last year was that short sales would flood the market but that has not happened. In the Northern California East Bay market (Contra Costa / Alameda Counties) I pulled a sample of active listings that are short sales and there were only 25 active listings. (Data pulled 1/26/2013)
The cities used in this sample included Alamo, Danville, San Ramon, Pleasant Hill, Walnut Creek, Martinez, Lafayette, Orinda and Moraga. In 2012 there were 997 closed short sales in those same cities which is about 83 per month. If you just look at Jan & Feb last year 251 short sale properties closed. That figure represented over 20% of all sales last year. Given those figures and based on January active listings, short sales will easily drop by 35% for the East Bay market.
We should start to see more non stress sales as many homeowners who hung on during the ride to the bottom will be breaching their underwater mark as the market recovers and feel more comfortable going on the market in an equity position.