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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 Cambrian Neighborhood of San Jose. So here's what happened:
Single family and condo townhomes :
Total sales: 656
Short Sales: 130
Distressed sales as a percentage of total sales: 33.45
Compare to 2010
Total sales: 750
Short Sales: 114
Distressed sales as a percentage of total sales: 29%
The percentage of distressed properties in Cambrian is higher in 2011 over 2010. Also a 34% distressed property sale percentage is absolutely probably not enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales. This is being seen all over the bay area.
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