The following is the breakdown of short sale listings sold in the San Francisco and North San Mateo Peninsula area in 2009. As you can see, the only city that has no short sale is Hillsborough. Hillsborough is composed of high end properties in the multi-million dollar range.
Brisbane, CA - 2, Burlingame, CA - 11, Colma, CA - 1, Daly City, CA - 122, Foster City, CA - 9, Hillsborough, CA - 0, Millbrae, CA - 5, Pacifica, CA - 35, Redwood City, CA - 55, San Bruno, CA - 71, San Francisco, CA - 39 & South San Francisco, CA - 96. Datas were taken from REIL MLS.
The hardest hit city is Daly City, followed by South San Francisco, then San Bruno. Experts predict that the number of short sales to be sold this year will outnumber the REO or bank owned properties that are expected to be sold. This prediction can be true so long as the banks keep on holding properties that they have repossessed and don't dumped them in the market in the coming months.
Short sale as most of us know, has more benefits for the homeowners & lenders than foreclosures. Let's all hope that the banks do a faster approval for short sales that experts predict will come up these coming months.
Do you think predictions will be true that short sales listings and closings will outnumber REO listings in the coming months? Can you give your opinions based on your own city or regions?