According to DataQuick and other sources, the rate of foreclosures in the East Bay is accelerating. Lenders are implementing programs to expedite the process of removing REOs (bank owned properties) from there balance sheets. We are also hearing reports that they are delaying the process in areas where they already have high REO inventories.

Taking a quick look at two Internet resources, we find the following stats for Danville and San Ramon, CA:

Home sales activity is picking up in Danville and San Ramon. If you need to sell, now is the time to jump in. As part of your due diligence, be sure to identify any homes in your immediate area that are in the foreclosure process.

Pricing your home right to compete against bank owned properties is a must in this changing real estate market. We can help – Call Ginny at (925) 699–3328

Yesterday’s meeting at CCRIM – Contra Costa Realtors in Motion – was like a blend of vaudeville and the Oprah show.

Cathy Lee of CL Design Services and Debra Schwiering  of Brook Furniture Rental demonstrated how a few changes in furniture and accessories can transform a poorly lit stage into a thing of beauty (the mic stand and state flag were not part of the staging – that would be an additional fee for those of you wanting that extra touch!).

Cathy and Debra swear the results will be even more dramatic in the homes that real estate agents have staged.

CLDesign Services has been using Brook Furniture Rental for sometime and Cathy Lee had a list of accolades so long for Debra and BFR, I thought for a moment I was listening to President Bill Clinton talk about Hillary (just kidding!).

Cathy Lee is very happy with the service she receives from Brook Furniture Rental and recommends them to the world.

Today, we are all wondering how Tom Proell’ s back is doing after all of that heavy lifting – he ain’t no spring chicken anymore and those gals had him working hard!

You're Invited!  

San Ramon Garage Sale of The Century

Over 30 Homes Participating

Montevideo-Broadmoor-PineValley-Davona Neighborhoods

Saturday, May 3rd - 8:00 a.m. to 12 noon

Come join us for what promises to be one the biggest San Ramon garage sale events ever.  Over 30 neighbors will be holding garage sales and there are some really unique items and great bargains to be had including appliances, furniture, kids toys, clothing, books, sports items, bicycles, bookcases, china hutch, weight bench, foosball table, golf clubs, rubber raft, train set, Barbie dolls & accessories, children's clothes, household items, Christmas items, work bench, large desk, small corner desk, lots of FREE items…and much, much more…(one neighbor is selling her entire household as she is moving and everything must go).

Free Coffee - Muffins - Live Music     

We will be serving snacks and refreshments and there will be a live band playing at the starting location.  Music provided by Still Rockin', a neighborhood band of some old rockers you may know.

To Start The Garage Tour…

The starting location is 42 Prentiss Place in San Ramon (map link for 42 Prentiss Place).  Stop by the starting location anytime between 8:00 a.m. and 12 noon, have some coffee, enjoy the music (music starts at 9:30 a.m.) and pickup a map of all the other garage sale locations.

Food Drive for Contra Costa Food Bank

We will also be conducting a food drive to raise much needed supplies for the Contra Costa Food Bank.  Please donate whatever canned goods or non-perishable food items that you can to this worthy cause. Bags of groceries can be dropped off at the garage sale starting location. Please keep in mind that over 43% of Food Bank recipients are children and that during non-holiday times of the year the Food Bank supplies tend to run low.

Contact Craig@HarperMees.com or call (925) 984-4910

A search on RealtyTrac shows 1,559 properties in the foreclosure process or being bank owned properties. A Yahoo real estate search returns 1,196 foreclosure properties.

Yesterday, it came to my attention that a townhome that was listed at $479K last summer is now listed at $350K. A similar unit in the complex has been sitting on the market priced at $375K since January.

This is not good news for homeowners, but on the other end of the spectrum – it is great news for buyers and investors. There are many great REO (real estate owned) properties available for sale. And the numbers are climbing daily. Bank owned properties, in good repair, represent solid investments for first-time buyers and investors.

It’s also a great time for move up buyers, but they will have to face the reality of taking a lot less for their existing home than would like to. Move up buyers need to focus on the buy side savings which should be substantial.

If you are interested in bank owned properties, short sales, or foreclosures in Concord, CA – give Paul a call at (925) 963–4246.

This is a great time to make a good deal on investment properties in Concord.

The Commerce Department reported Thursday that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991.

More than 180 homes a day went into foreclosure in the Bay Area during the first quarter of the year, DataQuick Information Systems reported Tuesday.

Foreclosure resales accounted for 33.1 percent of all California resale activity from January to March. A year ago it was 3.2 percent.

Most loans that went into default originated between August 2005 and October 2006, according to DataQuick, which said the market was shaking off its "'loans-gone-wild' activity" during that time.

We noted in this post how some East Bay builders are reducing prices so much that it is hurting existing homeowners that need to sell. Surely, this activity will result in short sales and foreclosures by some.

Foreclosures and short sales in the Bay Area are creating investment opportunities for those with cash or leverage. International investors with strong euros and Canadian dollars are increasing their interest in U.S. real estate. Some forecast the euro to hit 2:1 against the dollar by years end.

Another result of increased foreclosures in the East Bay

An increase in foreclosures has Contra Costa County Mosquito and Vector Control District worried about a recent rise in abandoned pools, which they see as a gateway to West Nile Virus risks. We’ve written about this before here.

Related Articles:

• Observation on The Current Foreclosure Situation
• Foreclosures Affecting Rental Market In Many Ways
• States Fault Effort to Stanch Foreclosures