Foreclosure activity in Alameda County

Short sales on the rise:


Alameda county NOD (notice of default) filings are down 28.1% from a year ago and notices of sale are down 12.16%. According to CitiMortgage the percentage of troubled loans that now go to short sale route have quadrupled (4% to 16%) in the last two years. Bank of America reported they completed over 95,000 short sales in 2010 which more than doubles the number in 2009. BofA also reported that they completed more short sales than it sold previously foreclosed homes every month for the last year and a half. Last month (May), BofA completed roughly 9,000 short sales compared to 7,000 foreclosures sold.

After the filing of a Notice of Trustee Sale, there are three possible outcomes: Cancellation of sale in case of al loan modification,short sale, a filing error, or a legal requirement to re-file the notice after extended postponements; sale by the bank after placing the opening bid for purchase by a 3rd party, typically an investor; or lastly the property fails to sell and becomes part of that bank's REO inventory.

It is far more expensive for a bank to do short sales vs. taking the foreclosure route with mortgages that are behind on payments. As banks continue to deal with effectively closing short sale properties the shadow inventory will continue to decline.
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Pleasanton Home Sale Activity

The average price psf has declined from $354 last year to $334 this year same time although the median home price of sold inventory is relatively the same as last year. More homes have sold in just about every price point, except the $2m plus and under $300k! Consider how much higher the sales are for the $400-$499k –more than double to date.

There continues to be an uptick in the pending home sales across Pleasanton.
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Ruby Hill Homes Sales in June

Ruby Hill continued to see an encouraging amount of activity in June.


June end
                                       Total                  Bank owned share                 Short Sale Share

Active                                 22                         0                                          1

Pending                               11                         0                                          3

Sold to date 2010               26                         2                                           4


7 homes closed escrow in June and 6 went under contract – fairly good activity. The homes that went pending were priced anywhere from the low $300’s psf to the highs. It appears there is some upward pressure on pricing as the inventories remained low. Just 5 new homes were added to the inventory. Over half the active properties are priced over $2.5million – a market segment which remains somewhat soft for now.
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