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It's the beginning of the year so time for the round-up of last year's distressed property sales in the Almaden Neighborhood of San Jose. So here's what happened:
Single family and condo townhomes :
Total sales: 355
Short Sales: 39
Distressed sales as a percentage of total sales: 16.6%
Compare to 2010
Total sales: 384
Short Sales: 28
Distressed sales as a percentage of total sales: 10.9%
The percentage of distressed properties in Almaden is higher in 2011 over 2010. While a 16.6% distressed property sale percentage is probably not enough to affect values, i think the increase may be indicative of a nationwide trend of higher priced homes being the fastest growing distressed segment. Many of these higher priced homes were purchased with no down payment and interest only loans. When the interest only loan period is up the payments can double. With no equity refinancing is not possible, and some of these home owners are in trouble.
If you have any questions about short sales or bank owned homes please feel free to contact me.
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales