Countrywide Home Loans of Danville California

Last night, Countrywide Home Loans of Danville, CA threw a small appreciation party for about 100 local real estate agents that are helping Countrywide with its efforts to move as quickly as possible to get bank owned properties sold to qualifying buyers.

DataQuick released new information based on December sales:

Fully half of all existing homes sold in the Bay Area in December were foreclosures unloaded by banks at fire-sale prices. Those sales sent median prices tumbling to new lows and attracted droves of buyers, according to a real estate report released Wednesday.

Both investors and first-time home buyers are avidly pursuing foreclosure bargains.

A total of 5,171 existing homes changed hands in December, about two-thirds more than in the previous year. The fact that half of them were foreclosures stood in stark contrast to figures last December, when just 14 percent of sold homes were bank-owned.

The median home price dropped 48.4 percent in Contra Costa County. The median marks the point at which half the homes sold for more, half for less. It reflects the composition of homes sold rather than an across-the-board change in all home values.

Experts said that banks increasingly are unloading foreclosed homes at bargain prices.Home loans for more than $417,000, the old "jumbo" limit, used to account for more than 60 percent of the Bay Area's purchase financing. Last month it was 21.8 percent.

Talking to many of the local Realtors attending the event, I found that most are very busy in this current market. Most agents report multiple offers are coming in on foreclosures and say that Countrywide's processing of foreclosures has become more efficient over the last few months. This means less hassle and stress for buyers and investors.

Some of the reps I talked to from Countrywide say they expect another round of significant foreclosure activity in the next few months as several factors that have been delaying the REO process are now behind us.

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Contact Paul for more information  925-963-4246