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

Paul Mees and I were attending Steve Pierce’s Short Sales, Foreclosures, and REOs training in Pleasanton on Friday when an unusual event occurred – Craig cried help!

It seems he was being bombarded with calls from buyers who wanted to look at properties Friday afternoon and he was running out of bodies to cover his needs. Tracey was at a training gig down in Union City with one of our strategic lending partners. Ginny was packing for Europe and preparing our listing at 213 Aptos Place in Danville CA for the wine & cheese twilight tour.

So, that left Paul and me. We managed to catch about half of Steve’s presentation which was loaded with good information. Steve is not only our broker, but an attorney as well.

When you’re taking on a subject as broad as short sales, foreclosures and REOs – it helps to have the legal knowledge readily available as well as the real estate marketing and transaction process perspectives.

Short Sales, foreclosures and bank owned properties are on the rise in the TriValley area. Keller Williams prides itself on agent training. There is always recurrent training happening on all of the basics as well as special trainings such as this on those areas of special knowledge and skills needed due to current market conditions.

In the past two months it seems like we are attending a workshop on short sales, foreclosures or real estate owned properties every week. These are hot topics. 

• Homeowners need help and good advice
• Buyers are looking for deals and need Realtors with experience and skills with these type of transactions
• Real estate investors are looking for good agents to help them secure the best properties available for their portfolios.

Our team can help you with any of these needs. It’s just one of the advantages of having a team with a great blend of skills and experience.

Give us a call today at 925–984–4910 if you are interested in any aspect of short sales, foreclosures or bank owned properties.

What are real estate agents in Danville, San Ramon and the 680 Corridor noticing with respect to the local real estate market and activity? Here’s what a group of local real estate agents had to say at a recent brainstorming session

• There were some surprises in the market regarding investors showing up and bargain hunters that are finally purchasing properties they feel are real values.  The price point that this group is active in is the $300,000 to $400,000 range, with much of it in the East County, and east of the Altamont Pass.
• Many current sellers are still in market-price denial.  The advice for them is to price their home as to what the market price will be in three months and price it that way NOW.
• Short Sales are a time robber. Contrary to all the media spin, lenders are not helping to smooth the way for those in trouble.
• REOs are selling.  These are worth the time to have buyers consider as real bargains.
• Buyers seem to be noticing that the “bottom” of the market may have arrived. 
• There are more opened and closed escrows happening right now than in the first four to six weeks of 2008.
• There has been a significant increase in open house traffic.
• There was some discussion as to the actual impact of the “stimulus package” that the current Administration and Congress have passed;  checks sent to consumers, higher limits with Fannie Mae, etc.  Part of the discussion was that it still may be “smoke and mirrors”.
• Get a Buyers Letter Of Understanding as often as possible.  Only work with actual Buyers who are prepared and positioned to purchase a home. Too, many cases of buyers exploiting agents’ time with no sense of loyalty to a business relationship.
• Help to educate clients on what’s really going on locally.  Study, read, and provide current market information to them on a regular basis.  Do not use the Wall Street Journal, The New York Times or national data as your resources.

Not real exciting stuff, but maybe a little insight for you on what a group of 12 people active in the industry have on their minds.

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• Mortgage Crisis Means No Tighter Regulation Of “government sponsored enterprises” (GSEs)
  
• Enzi lays out principles for housing stimulus package
• IRS making sure your rebate gets spent

This article – Homeowners Trash Their Homes Before Handing Over the Keys -from the Real Estate Journal really hits a nerve with me.

A while back, we had a short sale in contract. Going through a short sale is no picnic – for the seller, the buyer or the agents. The deal is never done until the ink is dry.

In this situation, the holder of the second would not sign off on the deal – and they waited to the last possible second to say so. This in spite of all the national media spin they are spinning telling the public how they are bending over backwards to help homeowners in trouble.

The homeowner was so enraged that they removed many items from the remodel they were doing on the house including French doors, cannister lights and the new furnace.

The whole situation went from a bad situation to a neighborhood nightmare.

If you are considering purchasing a home through a short sale or a foreclosure – work with an agent, the anxiety and frustration you save yourself will be priceless.

Related Articles:

• Too Many McMansions: Ride Storm or Sell
• Hitting The Reset Button On Mortgages
• Equity Loans as Next Round in Credit Crisis (free subscription required)