Santa Clara County Short Sale Update 2013

If you are looking for a short sale home in Santa Clara County don't hold your breath. The number of short sales in Santa Clara County have plummeted in 2013. Here are the numbers:
Short Sale Single Family Homes:
Active listings: 25
Pending sales: 394
Closed Escrow in 2013  436
Total single family homes in Santa Clara County
Active listings: 1215
Pending Sales: 1665
Closed escrows in 2012:  4982
 The percentage of single family homes that are short sales are:
Active listings: 2 Percent
Pending Sales: 23 Percent
Closed Sales: 8.7 Percent

Short Sale Condos/Townhomes
Active listings: 13
Pending sales: 161
Closed sales in 2013: 242

Total Townhome Sales in 2013
Active listings: 384
Pending Sales: 673
Closed Sales 2013

Percentage of townhomes that are short sales
Active listings 3.4%
Pending sales: 24%
Closed sales in 2013: 12%

Total Sold Short Sales in 2013: 678
Total Sold Short Sales in the last 6 months of 2012: 1871

What do these numbers tell us? Short sales are down, by a lot. There are less than half the number of short sale homes sold in the first six months of 2013 compared to the second six months of 2012. Additionally there are fewer active and pending listings by percentage compared to closed sales in 2013. This leads me to believe there will be even fewer closed sales in the second half of 2013.

Prices have increased dramatically in Santa Clara County. In many cities we are back to values seen at the peak in early 2008. With these higher values owners can sell if they can not afford the payments, or take advantage of the historically low interest rates and refinance. Short sales are no longer needed for most home owners.

So if you are looking for a bargain in Santa Clara County it is probably a good idea to look for homes other than short sales. It is unlikely this decrease in short sale homes in Santa Clara County is going to change in the near future.

If you have any questions about short sales or any other type of sale in Santa Clara County please feel free to contact me.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
maryc@marcymoyer.com
D.R.E. 01191194
650-619-9285

Santa Clara 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 Santa 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: 579

Short Sales: 1743

Compared to the first 6 months of 2012:

Bank owned: 978

Short sales: 1603

Current Active Sales:

Bank Owned:  33

Short Sales: 76

Current Pending Sales:

Bank Owned: 54

Short Sales: 1044

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 Santa Clara 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 Santa Clara 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