South County Financially Distressed Sales
Date: Friday October 17, 2008Posted in: REO, real estate, short sale, Morgan Hill, South Santa Clara County, Gilroy, foreclosure, pending sales, housing
RealtyTrac, an online foreclosure marketplace, contains nationwide foreclosure information and is a good source for finding out what is happening with distressed properties locally. RealtyTrac shows that Gilroy currently has 446 bank-owned properties and 295 pre-foreclosure properties (one where the owner has received a Notice of Default.) As a comparison, Morgan Hill has 154 properties that are bank-owned and 163 pre-foreclosure properties. So, all-in-all, Gilroy has 424 more properties that are in some stage of foreclosure than does Morgan Hill. These include commercial properties, but the vast majority are residential. Even San Martin has their fair share of bank-owned homes. According to RealtyTrac, there are 154 bank-owned properties in that small community.
However, both Gilroy and Morgan Hill are seeing a majority of the sales that are occurring are “financially distressed” sales, meaning either bank-owned or short sales. See my blog post from September 8th for the description of short sales and bank-owned properties: http://southcountyrealestatetoday.com/2008/09/08/a-brief-primer-on-distressed-properties/
The Multiple Listing Service shows that in the past month, there were 77 residential listings in Gilroy that went under contract. Of those that did, 58 were either bank-owned or short sales. In other words, just over 75% of the recently sold homes in Gilroy were financially distressed.
And in Morgan Hill, there were 40 residential listings that went into contract in the past month. Of those, 27 were either bank-owned or short sales. That would be just over 67% of the recently sold homes in Morgan Hill that were financially distressed. Still a very high number.
And, finally, San Martin has had two sales in the past month - both were short sales.
2 Comments
Hey Gretchen, Thanks for the breakdown on foreclosure statistics. It’s interesting seeing the different ways of viewing the current market. I was surprised at the number of homes that are either REOs or Short Sales that are selling compared to regular sales. But I think this is what we are going to be seeing for a while. Harriet Pecot
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