It's the end of the year so time for the round-up of distressed property sales in Redwood City. So here's what happened:
Single family and condo townhomes 2011:
Total sales: 553
Short Sales: 91
Distressed sales as a percentage of total sales: 25.3
Compare to 2010
Total sales: 600
Short Sales: 93
Distressed sales as a percentage of total sales: 28.5
The percentage of distressed properties in Redwood City is a little lower in 2011, 25.3% as compared to 2010, 28,5%. This is dues to a 40% decrease in REO sales in 2011. It will be interesting to see if the rumored release of REO inventory actually happens, and increases the percentage in 2012, or if the econmy picks up and helps people afford their homes.
If you have any questions about short sales or bank owned homes please feel free to contact me.