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Danville, San Ramon Foreclosure Update

By Harper Team

Real Estate Agent with J Rockcliff Realtors

September 27, 2012 02:19 AM

Are foreclosures still affecting home values?

Amidst the recent headlines: Strongest Home Sales in 6 Years - Foreclosures Down - Multiple Offers - Low Housing Inventory... we ask, "Are foreclosures still a factor in today's local real estate markets like Danville & San Ramon, California?"

In the Greater Bay Area, home sales this August were at their strongest level since 2006. Distressed property sales accounted for 33.8% of Bay Area home sales - down from 43.8% a year ago. Investors purchased about 23% of the homes sold in August.

Foreclosure trends in Danville & San Ramon, CA, as well as the neighboring communities:

Alamo - Notices of Default down 57% - Notices of Sale down 84.6% - Foreclosure Inventory down 50% from August 2011 - Winning foreclosure bid up 20%
Danville - Notices of Default down 47% - Notices of Sale down 37% - Foreclosure Inventory down 25% from August 2011 - Winning foreclosure bid up 31%
Dublin - Notices of Default down 80% - Notices of Sale down 8.7% - Foreclosure Inventory down 29.8% from August 2011 - Winning foreclosure bid up 29%
Pleasanton - Notices of Default down 71% - Notices of Sale down 34.8% - Foreclosure Inventory down 35% from August 2011 - Winning foreclosure bid up less than .5%
San Ramon - Notices of Default down 53% - Notices of Sale down 33% - Foreclosure Inventory down 46.6% from August 2011 - Winning foreclosure bid up 35%
Walnut Creek - Notices of Default down 42.6% - Notices of Sale down 25.8% - Foreclosure Inventory down 24.8% from August 2011 - Winning foreclosure bid up 26%

August Home Sales & Price Trends

Community	Zip	Sales	% Chg	Median Price	% Chg	High Price	% Chg
Alameda County
Dublin	94568	900	0.8%	$440,000	-15.6%	$2,759,500	-4.3%
Pleasanton	94566	503	0.8%	$712,500	-2.3%	$4,000,000	-1.7%
Pleasanton	94588	384	1.1%	$586,500	2.7%	$2,500,000	-2.4%

Contra Costa County
Alamo	94507	190	-14.4%	$1,050,000	-3.3%	$3,100,000	-2.4%
Danville	94506	380	-3.1%	$835,000	-3.0%	$4,150,000	-1.6%
Danville	94526	507	4.1%	$709,750	1.3%	$2,900,000	-4.3%
San Ramon	94582	736	-18.4%	$688,000	-3.0%	$1,760,000	-1.1%
San Ramon	94583	484	8.3%	$500,000	-9.5%	$1,648,500	-4.5%
Walnut Creek	94595	401	20.8%	$379,000	-5.3%	$1,850,000	2.5%
Walnut Creek	94596	249	8.7%	$370,000	0.8%	$1,549,000	-3.5%
Walnut Creek	94597	310	10.3%	$375,000	-7.4%	$1,500,000	-15.0%
Walnut Creek	94598	327	-5.8%	$545,000	-6.0%	$2,370,000	-8.3%

With housing inventories remaining low, home prices stabilizing, foreclosure rates dropping and mortgage rates remaining at historical lows - what is hindering a more robust housing market recovery? In short, lending standards and the appraisal process.

While foreclosures are still a factor in home values in San Ramon and Danville and other East Bay communities, they are no longer the culprit they once were for local home valuations. And while they will remain a factor into the next year, what really needs to be addressed is how the financial industry is still having its cake and eating it too at the expense of the average homeowner.