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John Harper's Blog

By John Harper | Real Estate Pro in Contra Costa County,...

Are foreclosures still affecting home values?

Danville, San Ramon Foreclosure Update

Amidst the recent headlines: Strongest Home Sales in 6 Years - Foreclosures Down - Multiple Offers - Low Housing Inventory... we ask, "Are foreclosures still a factor in today's local real estate markets like Danville & San Ramon, California?"

In the Greater Bay Area, home sales this August were at their strongest level since 2006. Distressed property sales accounted for 33.8% of Bay Area home sales - down from 43.8% a year ago. Investors purchased about 23% of the homes sold in August.<!--more-->

Alameda County Home Sales

Foreclosure trends in Danville & San Ramon, CA, as well as the neighboring communities:

  • Alamo - Notices of Default down 57% - Notices of Sale down 84.6% - Foreclosure Inventory down 50% from August 2011 - Winning foreclosure bid up 20%
  • Danville - Notices of Default down 47% - Notices of Sale down 37% - Foreclosure Inventory down 25% from August 2011 - Winning foreclosure bid up 31%
  • Dublin - Notices of Default down 80% - Notices of Sale down 8.7% - Foreclosure Inventory down 29.8% from August 2011 - Winning foreclosure bid up 29%
  • Pleasanton - Notices of Default down 71% - Notices of Sale down 34.8% - Foreclosure Inventory down 35% from August 2011 - Winning foreclosure bid up less than .5%
  • San Ramon - Notices of Default down 53% - Notices of Sale down 33% - Foreclosure Inventory down 46.6% from August 2011 - Winning foreclosure bid up 35%
  • Walnut Creek - Notices of Default down 42.6% - Notices of Sale down 25.8% - Foreclosure Inventory down 24.8% from August 2011 - Winning foreclosure bid up 26%

San Ramon CA Homes for Sale

August Home Sales & Price Trends

Community
Zip
Sales
% Chg
Median Price
% Chg
High Price
% Chg
Alameda County
             
Dublin
94568
900
0.8%
$440,000
-15.6%
$2,759,500
-4.3%
Pleasanton
94566
503
0.8%
$712,500
-2.3%
$4,000,000
-1.7%
Pleasanton
94588
384
1.1%
$586,500
2.7%
$2,500,000
-2.4%
               
Contra Costa County
           
Alamo
94507
190
-14.4%
$1,050,000
-3.3%
$3,100,000
-2.4%
Danville
94506
380
-3.1%
$835,000
-3.0%
$4,150,000
-1.6%
Danville
94526
507
4.1%
$709,750
1.3%
$2,900,000
-4.3%
San Ramon
94582
736
-18.4%
$688,000
-3.0%
$1,760,000
-1.1%
San Ramon
94583
484
8.3%
$500,000
-9.5%
$1,648,500
-4.5%
Walnut Creek
94595
401
20.8%
$379,000
-5.3%
$1,850,000
2.5%
Walnut Creek
94596
249
8.7%
$370,000
0.8%
$1,549,000
-3.5%
Walnut Creek
94597
310
10.3%
$375,000
-7.4%
$1,500,000
-15.0%
Walnut Creek
94598
327
-5.8%
$545,000
-6.0%
$2,370,000
-8.3%

Danville CA Homes for Sale

With housing inventories remaining low, home prices stabilizing, foreclosure rates dropping and mortgage rates remaining at historical lows - what is hindering a more robust housing market recovery? In short, lending standards and the appraisal process.

While foreclosures are still a factor in home values in San Ramon and Danville and other East Bay communities, they are no longer the culprit they once were for local home valuations. And while they will remain a factor into the next year, what really needs to be addressed is how the financial industry is still having its cake and eating it too at the expense of the average homeowner.

Email Craig if you would like to know more about buying or selling a home or condo in Danville & San Ramon call (925) 984-4910

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