Distressed sales account for nearly 85% of the active inventory in Chula Vista!  I consider distressed sales to be either foreclosures or short sale (pre-foreclosure) properties. 

      As of October 2, 2008, short sales accounted for about 63% of the listing inventory in Chula Vista, but only account for 33% of the pending sales and only 17% of closed sales since April 1, 2008.  Keep in mind, the percentage of short sales actually closing is increasing as lenders get more pressure to keep foreclosures off their books.   

       Also since January 1, 2008, there have been approximately 2,250 short sale listings taken in Chula Vista, and only about 20% of those have gone into escrow.  Furthermore, only 10% of those short sales listed since January 1 have even closed escrow. 

        So if you're looking to short sale your property, the cards are stacked against you, but with the right agent and the right help, the odds are not as bad as they may seem. 

        The other good news is that banks are getting more pressure than ever to facilitate the closings of short sales before the properties go to foreclosure.  I hear rumors of banks beginning to streamline the process down to 30-60 days, but as of yet I have not seen the results. 

Foreclosures

       Foreclosures in Chula Vista currently account for about 10% of the active inventory, but a whopping 60-65% of the pending sales.  About 87% of Chula Vista foreclosures will end up selling within 90 days. 

       Most foreclosures in Chula Vista are going into escrow with the first 3 weeks, many times receiving multiple offers within the first 5-7 days. 

What The Future Holds

       In my crystal ball I see a continued invetory of distressed properties for at least the next 2-3 years.  Most of the legislation passed in Congress I believe will have little effect on the local market but will keep my fingers crossed that things will begin to improve.  Other portions of San Diego County have already seen increases in prices, but as long as the supply of homes remains as high as it is, prices are likely to remain down. 

     Now is still a great time to buy as rates are relatively low and loans are still available!  But it may not be the right time for you.  The future looks a little uncertain, so the best thing for you to do is meet with a professional like myself, who knows the area and the market and can help create a game plan for your individual situation. 

 

2 Comments on Chula Vista Distressed Sales Update- October 2, 2008

OCT
03
2008
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As Biden mentioned today in the vice presidential debate banks should begin to
work with buyers to make mortgage payments affordable for the average Joe  effect help the banks and then trickle up to wall
street. As for those who are struggling in this economy (and who isn’t?) we
need to find a way to work our way out of this mess. If you’re considering
foreclosure consider ways to use your home to make money for you. If you have
an extra room, rent it out for added income, turning a garage into a studio can
be done rather cheaply and could have a positive ROI in a relatively short
period. As foreclosure abounds and since credit is harder and harder to get
consider the amount of people looking to rent is going to increase and a
possible way to earn income on your home could be to rent a small apartment for
yourself and rent your home out as a <a href="http://www.corporaterentalssandiego.com/sandiegovacationrental" accesskey="2" title="">corporate or vacation rental</a>.

thats what my family is doing in Chula Vista to try and ride this “recession” out.  

 
  

        		
        
      

      

      
        

          

            
              

              
              
              David Lewallen
              
              
              

            		
            
              
            
          

        

        
      
        
      		
      
        
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Well, I'm not sure what all the type at the beginning of the comment is, I certainly agree that there may be an opportunity for homeowners to get help through loan modifcations and other measures and the last thing homeowners should do (in most cases, contact a legal and tax representative) is to let their home go to foreclosure.


I echo that we have to take individual responsibility and find a way to ride this out.  There are alternatives to short sales and forelosures.  This market has caught many people off guard, but instead of playing the victim and leaning on the government, let's try to find ways to get our families through this successfully.  This may mean renting out a room for a while (good idea for some) or converting the garage, just be careful of any local restrictions on that, including any possible city restrictions as well as HOA rules and regulations.  Any master-planned community out here in Chula VIsta, like Eastlake, Otay Ranch, San Miguel Ranch, Rolling Hills Ranch, Rancho del Rey, etc have restrictions on people using their garages for any sort of living area.


We definitely need to work together as a community (that means us helping each other) and ride this thing out. 


 
 
  

        		
        
      

      

      
        

          

            
              
            
            
              
            
          

        

        
      
        
      		
      
        
10:41am • 
        
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      Chula Vista, 
    
    CA
  

  
  
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