San Jose Short Sales

Home Affordability Makes Buying a Home in San Jose Easier

admin — Tue, 01 Feb 2011 01:25:48 +0000

According to Movoto.com, more than half of all U.S. families can afford one of the homes currently for sale across the country. It isn’t quite that favorable for home buyers in San Jose, but prices are still attractive and now is a good time to be considering a home purchase in San Jose. San Jose homes for sale inventories are up and prices are back at early 2000′s levels, making buying a foreclosure or short sale in San Jose more attractive.

San Jose Foreclosure Rate Update – Still High!

admin — Tue, 02 Nov 2010 18:22:48 +0000

RealtyTrac just released new foreclosure stats for Q3 in the top 20 US metro areas and the news isn’t good in most areas. However the Bay Area may be slowly mending. At least the foreclosure rate seems steady.

According to the report, In the San Jose/San Francisco Bay Area, Q3 2010 foreclosure activity decreased by 21.7% versus Q3 2009 and decreased by 0.69% from Q2 2010. These decreases are heartening in the sense that foreclosure activity seems to have stabilized, but the rates are still running well above what might be considered “normal” for San Jose. Nearly 18,000 homes entered foreclosure during Q3 with 1.06% of homes in foreclosure. These rates are much better than the Sacramento area where ~2.0% of homes are in foreclosure.

With the continued foreclosure activity and high unemployment levels in the San Jose area, we expect home owners will continue to consider short sales as a good foreclosure avoidance option. Home buyers looking for below market price buying opportunities should make sure San Jose short sales are on their list of homes to evaluate.

October San Jose Short Sale Stats

admin — Fri, 22 Oct 2010 17:56:56 +0000

San Jose, CA real estate listings continue to show high numbers of short sale listings with 877 short sales listed as of Oct. 22, 2010. Short sales represent 35% of the houses for sale in San Jose and offer opportunities for a significant discount in sales price. We don’t believe the current problems with foreclosure paperwork that Bank of America, JP Morgan Chase, Ally and other banks are experiencing are likely to affect San Jose foreclosures. California has not been included in most of the moratoriums and it seems that foreclosures in process are unlikely to be delayed. Home owners facing foreclosure are still well advised to investigate short sales as a way to avoid foreclosure and the negative effects of foreclosure.

San Jose August Short Sale Stats

admin — Tue, 31 Aug 2010 00:43:31 +0000

So far in August, 897 properties have been listed in the San Jose MLS. Of those listings, 27.5% or 247 listings were marked as short sales. The average 3 bed room short sale listing price so far is $387,389 versus the average on non-short sale listings of $564,487. The nearly $200,000 disparity in average list prices reflects mainly that short sale listings tend to be located in the lower priced neighborhoods of San Jose. 3 bedroom bank owned properties were priced only slightly higher at $405,214 on average. Bank owned listings in August total 143 homes or 15.9% of total listings.

If you’re looking for a discount property in San Jose, you’ll find extensive inventory of distressed homes at attractive prices. Given the continuing bad news in the real estate market, expect distressed property inventories to continue at high levels.

August 2010 San Jose Short Sale Listings