In Blossom Valley from Jan 1, 2012 until June 30, 2012 there were:
263 closed short sales
104 closed bank owned homes
Total sales during this time period were 626
Total % Short Sales: 42%
Total % REO Sales: 16.6%
Total Percentage Blossom Valley Distressed Properties: 58.6%
58.6% of all Blossom Valley sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, many homes will get multiple offers and the values should increase this year. It is interesting to see there are over two and half times as many short sales as bank owned sales which has also happened in other cities. This area is great for investors with a lot more activity than in some areas like East Palo Alto or Belle Haven.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.