Stanislaus County Short Sales Numbers set to Explode!

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Real Estate Agent with Century 21 M&M - 209-633-2839 BRE #01423125
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Stanislaus County Short Sales Numbers set to Explode!

I was pretty sure that eventually this would happen.   I was pretty sure it would be soon.  NStanislaus Countyow it has.   The number of homes sold in June of 2012 in a Stanislaus County Short Sale surpassed the number of bank owned homes sold.  You can see the numbers for yourself in my post June 2012 Stanislaus County Home Sales Stats. Stanislaus County Short Sales have been closing the gap on the number of Bank Owned Homes (REO) for the last several months. 

Bank owned sales have dominated the market here for the last few years.   Back in 2007 and 2008 about the only thing selling was bank owned homes.   The thought of making an offer on a short sale then was daunting.  Short sales were much different back then and there were just so many more REO homes to choose from.  Check out the numbers below:

  • June 2011 Bank Owned Sales:  325  or 49% of total sales
  • June 2012 Bank Owned Sales:  179  or 29% of total sales
  • June 2011 Short Sales:            141  or 21% of total sales
  • June 2012 Short Sales:            184  or 31% of total sales

Does this mean that bank owned homes are going away?   I don't think so.   There are still huge numbers of notices of default going out each month in Stanislaus County.   Home values are not rising so there are still many underwater home owners.   What I think is happening is that the banks are leaning more towards short sales than they are foreclosures.    Many of the banks are aggressively working on making their short sale processes more streamlined and easier to deal with.   They STILL have a LONG ways to go in my opinion but they are much better at it than they were a few years ago. 

Will the trend continue?    Check out the numbers!

In my opinion I think this trend will continue and become more pronounced.  I think the number of short sales should far outpace the number of bank owned sales.   I am basing this on some stunning figures.

  • 1804  Number of homes under contract in Stanislaus County as of 7/5/12
  •  231  Number of those homes that are REO  (13%)
  • 1158 Number of those homes that are Short Sales  (64%)

While not every one of those Stanislaus County Short Sales under contract will close as a Stanislaus County Short sale the vast majority of them will.  Given these numbers you would have to assume that the number of Stanislaus County Short Sales will soon be far greater than the number of bank owned sales.  Look for the number of homes sold in Stanislaus County Short Sales to take off in the next couple of months.

If you are thinking about selling your home in a Stanislaus County Short Sale give me, Jim Patton, a call at 209-633-2839 and I will be happy to answer any questions you might have.

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Jim Patton - Realtor, Short Sale Specialist, CDPE

Century 21 M&M and Associates

BRE# 01423125

Ph. 209-633-2839

Jpatton@c21mm.com

www.JPattonHomes.com

 

 

Jim Patton Stanislaus County Short Sale Agent

 

 

 

 

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The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

 

 

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Ken Anderson

Well Stated. Good Information - Great Job

Jul 06, 2012 02:48 PM #1
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Rainmaker
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