Through February 15th there have been 240 closed sales in Antioch, California for 2009. This compares to only 74 sales over the same time period in 2008. Of these closings, 90% were bank owned/REO and 5% were short sales. There are 503 sales pending and 75.5% are bank owned/REO while 17.7% are short sales, so short sales are becoming more prevalent as banks are backing off forcing homeowners into foreclosure. Owners, buyers and agents are becoming more aware of the possible alternative of short sales to avoid the credit catastrophe of foreclosure. Of the 700 active listings for sale in Antioch, 47.4% are bank owned/REO and 45.9% are short sales, a definite shift toward short sale listings. Just today, Citigroup and JPMorgan Chase announced plans to temporarily halt foreclosures.

 

Loans in Default and Short Sales
02/09/2009
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Just returned from CRS Sell-a-bration conference in San Francisco. Nationally, 3% of all US mortgages (all is 45 million) are currently in default (30+ days late and/or in foreclosure)! Forecasts say it will get worse. Seven out of ten defaulted… more
 
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Ralph Garrow, Jr.

Antioch, CA

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Ralph Garrow Real Estate

Address: 1312 A Street, P.O. Box 367, Antioch, CA, 94509

Office Phone: (925) 757-3770

Cell Phone: (925) 366-6676

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