Santa Clara Home (REO) Statistics

Here's my Market Report for Santa Clara County as of 02/03/2009

There are currently 5699 Active Listings (single family homes, townhomes, and condos) in Santa Clara County, but 2805 are Bank Own (REO) and Short Sales. That is 49% Bank Owned/Short Sales.

There are currently 2224 homes that are in pending, but 1692 homes are Bank Owned (REO) and Short Sales. Therefore, 78% of the Pending homes are Bank Owned REOs or short sales.

The bank deals are the MARKET right now. That is why it's important for sellers to know so they will have to price closed to what the banks are selling or they will not attract buyers. Foreclosures are going to increase and values are going to continue to decline. Unless you absolutely need to sell your property DON'T. If you must sell, please call me.

If you are a buyer, you need to be buying. Prices are incredible awesome and mortgage rates are at low. If you are waiting for the bottom you may very miss it. The only way we will know we have hit bottom is when it is in our rear view mirror.