This is about REOs (bank owned properties):REOs are not steroids but they are growing, all over the place. 
- Out of 56,493 NOD filings, California filed 40,761 for the month of March 2008.
- Out of 47,677 REO properties, California filed 14,025.
REOs (bank owned properties) numbers are growing at record high. Since the lenders are turning down the short sale requests - the only choice left is foreclosure. Foreclosures are at an all time record high in most areas (especially in California), so therefore the REO stats are up in these same areas.
The San Joaquin Valley is hit hard with Short Sales (pre-foreclosures) and REOs (bank owned foreclosure homes) and with Auctions.
Top state foreclosure rates:
Nevada, California, Florida: One in every 139 Nevada households received a foreclosure filing during March, 3.9 times the national average and the highest state foreclosure rate for the 15th consecutive month. Foreclosure filings were reported on a total of 7,659 properties during the month, up 24 percent from the previous month and up nearly 62 percent from March 2007.
California, Florida, Ohio: Foreclosure filings were reported on 64,711 California properties in March, the most of any state for the 15th consecutive month. California foreclosure activity increased nearly 21 percent from the previous month and almost 106 percent from March 2007.
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Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
website: http://www.motheranddaughterrealty.com
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