Oakland CA Year End Report 2011: Short Sales and Bank-Owned Properties
It is essential to recognize the market trends in order to prepare buyers and sellers on what to expect. This is a year-end report on residential sales inOakland CA.
People looking to buy in Oakland should not discount distressed properties which comprise the bigger share (54% in 2011) of the market.
How does 2011 compare with 2010?
Upward trend in distressed properties.
It appears that in 2011, we had slightly more properties sold.
But it also shows an upward trend in the number of distressed properties (short sales and foreclosures) inching from 15,062 or 52% of total in 2010, to 15,924 or 54% of total in 2011.
Regular sales dropped from 48% of total sales in 2010, to 46% in 2011.
Short sales are closing escrow.
What is encouraging is seeing that there are also more successful short sales -- from 6.223 to 6,882 an improvement from 21% to 23% of total.
This is a reflection of what appears to be a shift in direction, i.e. Banks seem to be more receptive to short sales than foreclosures, per thisarticle on The Street
Bank owned (REO) sales
Bank-owned sales remained at 31% of total in 2010 as well as 2011.
| 2011 Type Sale |
Number of Sales |
As percent of total |
| Regular sales |
13,399 |
46% |
| Short Sales |
6,882 |
23% |
| Bank-owned |
9,042 |
31% |
| Total sales |
29,296 |
| 2010 Type Sale |
Number of Sales |
As percent of total |
| Regular sales |
13,834 |
48% |
| Short Sales |
6,223 |
21% |
| Bank-owned |
8.839 |
31% |
| Total sales |
28,874 |
Video on what to expect when bidding on a foreclosure at the county courthouse
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