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It's time for the short sale/vs REO round-up for the first half of 2012. Today I will do the entire county, and then will break down the numbers by city.

So, in Santa Clara County from Jan 1, 2012 until June 30, 2012 there were:

1783 closed short sales

1099 closed bank owned home

Total sales during this time period were 8201

Total % Short Sales: 21.7

Total % REO Sales: 13.4%

Total Percentage Santa Clara County Distressed Properties: 35.1%

This is still a significant number in terms of percentages and at this percentage they are bound to have an effect on the overall market.

If you have any questions about short sales or foreclosures in San Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Sunnyvale from Jan 1, 2012 until June 30, 2012 there were:

58 closed short sales

32 closed bank owned homes

Total sales during this time period were 447

Total % Short Sales: 12.9%

Total % REO Sales: 7.1%

Total Percentage  Sunnyvale Distressed Properties: 20%

20% of all Redwood City sales being distressed is enough to still have some effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales.

If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Redwood City from Jan 1, 2012 until June 30, 2012 there were:

46 closed short sales

22 closed bank owned homes

Total sales during this time period were 363

Total % Short Sales: 12.6%

Total % REO Sales: 6%

Total Percentage  Redwood City Distressed Properties: 18.6%

18.6% of all Redwood City sales being distressed is enough to still haves some effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level it probably will not have a long lived effect. It is interesting to see there are twice as many short sales as bank owned sales.

If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Santa Clara from Jan 1, 2012 until June 30, 2012 there were:

97 closed short sales

47 closed bank owned homes

Total sales during this time period were 491

Total % Short Sales: 19.8%

Total % REO Sales: 9.6%

Total Percentage  Santa Clara Distressed Properties: 29.4%

29.4% of all Santa Clara sales being distressed is enough to have an effect on the overall market. However, as inventory is still so low, unless these homes are truly physically distressed, which is more common with bank owned homes at this level, most homes will not sell for much less than fair market value. There are twice as many short sales as foreclosures in this time period which is what we are seeing in many other cities. 

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Mountain View from Jan 1, 2012 until June 30, 2012 there were:

16 closed short sales

22 closed bank owned homes

Total sales during this time period were 349

Total % Short Sales: 4.58%

Total % REO Sales: 6 %

Total Percentage  Mountain View Distressed Properties: 10.58%

10.58% of all Mountain View sales being distressed is not enough to have a major effect on the overall market. Additionally, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have much effect at all. Ther are so many employed people looking for homes near Google, Apple, and other high tech companies, that homes are getting multiple offers, selling at appreciating prices, and are almost always in high demand. It is interesting to see there are more foreclosures than short sales which we have not seen in other cities. 

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Los Altos Hills from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales

0 closed bank owned homes

Total sales during this time period were 45

Total % Short Sales: 2.2%

Total % REO Sales: 0%

Total Percentage  Los Altos Hills Distressed Properties: 2.2%

The low number of distressed property sales in Los Altos Hills is consistant with the other high prices neighborhoods in Silicon Valley. These areas are showing strong sales, good appreciation, and plenty of buyers with enough cash and income to purchase. Compared to the same time period in 2011 there were 2 closed short sales and 5 foreclosures with 52 sales for a total of 13.5% sales being distressed. 2012 is definatley different.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Los Altos from Jan 1, 2012 until June 30, 2012 there were:

3 closed short sales

3 closed bank owned homes

Total sales during this time period were 192

Total % Short Sales: 1.5%

Total % REO Sales: 1.5 %

Total Percentage  Los Altos Distressed Properties: 3%

Again, we have a high priced neighborhood and almost no distressed property sales. Values are appreciating and there are more pople trying to buy homes than there are homes available. Additionally, there is very little new contruction before the crash, so there is not a big group of people who bought into a large development and are now underwater.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Blossom Valley from Jan 1, 2012 until June 30, 2012 there were:

263 closed short sales

104 closed bank owned homes

Total sales during this time period were 626

Total % Short Sales: 42%

Total % REO Sales: 16.6%

Total Percentage  Blossom Valley Distressed Properties: 58.6%

58.6% of all Blossom Valley sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, many homes will get multiple offers and the values should increase this year. It is interesting to see there are over two and half times as many short sales as bank owned sales which has also happened in other cities. This area is great for investors with a lot more activity than in some areas like East Palo Alto or Belle Haven.

If you have any questions about short sales or foreclosures in Santa Clar County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Menlo Park from Jan 1, 2012 until June 30, 2012 there were:

9 closed short sales

9 closed bank owned homes

Total sales during this time period were 227

Total % Short Sales: 4%

Total % REO Sales: 4%

Total Percentage  Menlo Park Distressed Properties: 8%

8% of all Menlo Park sales being distressed is not enough to have any effect on the overall market. This is evidenced by the appreciation and high activity level of the market.

If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In East Palo Alto  from Jan 1, 2012 until June 30, 2012 there were:

36 closed short sales

20 closed bank owned homes

Total sales during this time period were 96

Total % Short Sales: 37.5%

Total % REO Sales: 20.8 %

Total Percentage  East Palo Alto Distressed Properties: 60.7%

60.7% of all East Palo Alto sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales which has also happened in other cities. 

If you have any questions about short sales or foreclosures 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

In Woodside  from Jan 1, 2012 until June 30, 2012 there were:

3 closed short sales

4 closed bank owned homes

Total sales during this time period were 51

Total % Short Sales: 5.8%

Total % REO Sales: 7.8%

Total Percentage  Woodside Distressed Properties: 13.6%

These numbers do not tell the whole story. 3 of the 4 foreslosures and 2 of the 3 short sales were in the Skyline area which is always a harder sell than closer to town, so given that information again, there are almost no distressed property sales in Woodside. There are currently 47 active listings in Woodside, about the same number as in Palo Alto, but without the incredible competition for homes like in the Palo Alto market. Maybe it is worth giving Woodside a look if you are having trouble finding what you want in Palo Alto.

If you have any questions about short sales or foreclosures 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

In Palo Alto from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales

3 closed bank owned homes

Total sales during this time period were 284

Total % Short Sales: .3%

Total % REO Sales: .9%

Total Percentage  Palo Alto Distressed Properties: 1.2%

1.2% of all Palo Alto sales being distressed properties is not enough to even comment on. The price of homes have in Palo Alto is now up to pre 2008 prices in the $2,500,000 price range and the homes over $2,500,000 usually do not have loans that are a very high percentage of their value so anyone who is having financial problems can generally sell and be made whole. So if you are looking for a bargain, look outside of Palo Alto.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

It's the beginning of the year so time for the round-up of last year's distressed property sales in the Cambrian Neighborhood of San Jose. So here's what happened:

Single family and condo townhomes :

Total sales:  656

Short Sales: 130

REO:            89

Distressed sales as a percentage of total sales: 33.45

Compare to 2010

Total sales:   750

Short Sales:   114

REO:            104

Distressed sales as a percentage of total sales:  29%

My conclusion:

The percentage of distressed properties in Cambrian is higher in 2011 over 2010. Also a 34% distressed property sale percentage is absolutely probably not enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales. This is being seen all over the bay area.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Los Gatos. So here's what happened:

Single family and condo townhomes :

Total sales:  421

Short Sales: 42

REO:            24

Distressed sales as a percentage of total sales: 15.7%

Compare to 2010

Total sales:   489

Short Sales:   36

REO:            38

Distressed sales as a percentage of total sales:  15.1%

My conclusion:

The percentage of distressed properties in Los Gatos is virtually the same  between 2011 and 2010. Also a 15% distressed property sale percentage is absolutely probably not enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Milpitas. So here's what happened:

Single family and condo townhomes :

Total sales:  513

Short Sales: 150

REO:            112

Distressed sales as a percentage of total sales: 51.1%

Compare to 2010

Total sales:   535

Short Sales:   131

REO:            140

Distressed sales as a percentage of total sales:  50.1%

My conclusion:

The percentage of distressed properties in Milpitas is virtually the same  between 2011 and 2010. Also a 50% distressed property sale percentage is absolutely large enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It is no secret that the market in Silicon Valley is crazy. The inventory has never been lower so the competition for homes is  fierce. For example, Taylor Morrison is opening up a new town home development in Sunnyvale in May and they already have 300 people on the waiting list. Homes in Palo Alto are sometimes getting over 10 offers. 

If you are a seller you may be trying to acomplish a short sale, and life becomes complicated with all of the details of supplying documents, giving the bank what they want, when they want it, and living by their timelines.

Maybe you are trying to buy an reo and you have to sign documents that make you do everything short of giving up your first born.

So the big question is "Do you want to buy a sell a house right now?" If then answer is yes then you need to listen to the person saying "because I said so." Whether that person is the listing agent for a home you want to buy, the bank who needs to approve your short sale, or the bank who owns the foreclosed property you want.

Follow directions, exactly. If the directions say fill out the disclosure package completely, fill it out. If Bank of America says they want the first 5 numbers of your social if you are trying to buy a short sale then give it.

This is not an environment for everyone, and it will not last forever, nothing does. But if you want to buy right now it is best not to have issues with authority, just do what is asked of you. This is not to say that you should go into this blindly or give up your inspection rights, but it does mean you need to follow directions and do what is asked of you.

If you are selling short, do what the bank wants. You have the right to accept or reject their their conditions but you do not get to tell them what they need to do.

If you are selling in a hot market and it is a sale with equity, don't be a bully. Give clear directions and be grateful for the people who want to buy your home.

If you have any questions about buying or selling a home in Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Sunnyvale. So here's what happened:

Single family and condo townhomes :

Total sales:  835

Short Sales: 111

REO:            73

Distressed sales as a percentage of total sales: 22%

Compare to 2010

Total sales:   849

Short Sales:   106

REO:            89

Distressed sales as a percentage of total sales:  23%

My conclusion:

The percentage of distressed properties in Sunnyvale is virtually the same in Sunnyvale between 2011 and 2010. This percentage is starting to have an effect on prices, east of El Camino. However in the 94087 zip code there were 11 short sales and 3 REOs in 2011 compared with 4 short sales and 2 REOs in 2010 out of 295 sales in 2011 and 307 sales in 2010. While short sales almost trippled in 2011 the percentages are still very low compared to the other zip codes in Sunnyvale. 

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the end of the year so time for the round-up of distressed property sales in Mountain View. So here's what happened:

Single family and condo townhomes :

Total sales:  563

Short Sales: 62

REO:           34

Distressed sales as a percentage of total sales: 17%

Compare to 2010

Total sales:   572

Short Sales:   50

REO:            34

Distressed sales as a percentage of total sales:  15.5%

My conclusion:

The percentage of distressed properties in Mountain View is a higher in 2011, 17% as compared to 2010, 15.5% but the majority of these distressed properties are in the lower price range of Mountain View sales so are being purchased by investors and first time home buyers. West of El Camino is not seeing much distressed property activity.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Los Altos Hills. So here's what happened:

Single family and condo townhomes :

Total sales:  97

Short Sales: 4

REO:            6

Distressed sales as a percentage of total sales: 10.3%

Compare to 2010

Total sales:   81

Short Sales:   5

REO:            1

Distressed sales as a percentage of total sales:  7.4%

My conclusion:

The percentage of distressed properties in Los Altos is higher  2011 over 2010. 7-10% distressed property sale percentage is just beginning to affect values but I think there are other reason Los Altos Hills values are decreasing that are more important than short sales and foreclosures. The area is just not as popular these days as Atherton and Palo Alto are for the high end buyer.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194