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. Now 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.