San Mateo County short Sale/ Foreclosure Update 2013 First Quarter

Looking for a distressed property in San Mateo County? Don't hold your breath. San Mateo County has very few short sales or bank owned properties this year. Here are the numbers:
Number of San Mateo County homes for sale (single family and condos):  589
Active San Mateo County Short Sales:  19
Percentage of San Mateo County homes for sale that are short sales: 3.2%
Active San Mateo County foreclosures: 16
Percentage of San Mateo County homes for sale that are foreclosures: 2.7%
Percentage of total San Mateo County distressed sales: 5.9%
This is not enough to have any effect on total home values. Many cities in San Mateo County have no short sales as home values have reached and exceeded the peak in 2007-2008.


Closed sales in San Mateo County in 2013: 1170

Number of closed San Mateo County short sales in 2013: 138

Percentage closed San Mateo County short sales in 2013: 5.5%

Number of closed San Mateo County foreclosures in 2013: 68

Percentage of closed San Mateo County foreclosures in 2013: 11.8%

The percentage of closed San Mateo County short sales and foreclosures is more a reflection of the past, not what is going on in the market now. San Mateo County short sales can take up to a year to close, and foreclosures can be in the works for years before they hit the market.

The bottom line is, if you are looking for a deal in San Mateo County, you will not likely find it in a short sale or foreclosure, because there are not enough of them and the total inventory is so low the 90% of all homes on the market get multiple offers.

If you have any questions about buying or selling a home in San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE 01191194

San Mateo County: 2012 Short Sale and Foreclosure Roundup

As the year comes to a close you may be wondering what the foreclosure and short sale market looks like in San Mateo Clara County. In a word, things are pretty quiet. The numbers of sales are down. Here is what it looks like:

Closed sales from June 1,2012 to Dec 26, 2012:  

Bank owned: 259

Short Sales: 509

Compared to the first 6 months of 2012:

Bank owned: 387

Short sales: 462

Current Active Sales:

Bank Owned:  17

Short Sales: 22

Current Pending Sales:

Bank Owned: 44

Short Sales: 310

As you can see there has been a large drop off in REO sales with a slight increase in short sales.

I expect a decrease in both short sales and foreclosures as San Mateo County home values increase, loan modifications increase, and the Homeoner's Bill of Rights takes effect in 2013. As prices increase fewer homeowners are underwater, and the need for short sales and foreclosures decrease. Also, the tax exemption of the debt forgiveness on short sales and foreclosures expires at the end of 2012. This will be a big incentive for homeowners to try to hold on until they are no longer underwater.

If you have any questions about San Mateo County Short Sales or Foreclosures please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285