As the year comes to a close you may be wondering what the foreclosure and short sale market looks like in Santa Clara County. In a word, things are pretty quiet. The numbers of sales are down. Here is what it looks like:
Closed sales from June 1,2012 to Dec 26, 2012:
Bank owned: 579
Short Sales: 1743
Compared to the first 6 months of 2012:
Bank owned: 978
Short sales: 1603
Current Active Sales:
Bank Owned: 33
Short Sales: 76
Current Pending Sales:
Bank Owned: 54
Short Sales: 1044
As you can see there has been a large drop off in REO sales with a slight increase in short sales.
I expect a decrease in both short sales and foreclosures as Santa Clara home values increase, loan modifications increase, and the Homeoner's Bill of Rights takes effect in 2013. As prices increase fewer homeowners are underwater, and the need for short sales and foreclosures decrease. Also, the tax exemption of the debt forgiveness on short sales and foreclosures expires at the end of 2012. This will be a big incentive for homeowners to try to hold on until they are no longer underwater.
If you have any questions about Santa Clara County Short Sales or Foreclosures please feel free to contact me.