What the Chico, CA housing market looks like NOW:
Currently, there are 463 Active single family homes for sale in Chico. 23 of those are REO's (Real Estate Owned-Bank owned following foreclosure), 48 are Short Sales.
What the 2nd Quarter looked like:
242 homes sold during Q2 of 2008. Of those, 38 were REO's and 10 were short sales.
At a Glance:
There are currently more than twice the number Short Sales available on the market than there are REO's. However, nearly 4 times as many REO's sold than Short Sales during the 2nd quarter of this year. REO's and Short Sales accounted for 20% of single family home sales activity during that time. Currently, REO's and Short Sales account for 15% of all active single family homes for sale in Chico.
What does it mean and Where is the Value?
Plainly, REO's sell a lot faster than Short Sales. So, the "Short" in Short Sale, obviously does not mean that they sell fast. And, if you have ever been involved with one of these sales, either as a Buyer, Seller, or agent, I'm sure that you would agree. They can be difficult, frustrating, and ultimately, fruitless. Whereas REO's, although not without their own complexities, seem simple in comparison. And, they are.
But, which one results in the greatest value for the dollar? Well, let's break down the numbers for the 2nd quarter. At, Chico Real Estate Voice, I delve into the numbers a bit further.
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