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Wine Country California-Sonoma

Michael J Kelly,CIPS,CRS,SRES's Blog

By Mike Kelly & Allison Norman | Agent in Santa Rosa, CA

Short-Sales in Sonoma County,Ca September 2010 to 2011 Promise of Hafa?

Sonoma County Home Sellers--are Short-Sales becoming "normal"? According to the chart below I see a paltry uptick in closed escrows but NO real gain in price OR the dreaded DOM or Days On The Market which as you can see stands at an alarming, anti interest rate locking, 176 days! Oouch!
  This after BofA made a concerted effort to get their Short-Sales onto Equator. Equator is a web-portal where one can upload documents to a central depository to keep the sale on track--Think NO lost packages, W-2's, etc. However you can see below that sales did increase a neglible amount with days on the market dropping but once again increasing as we go into the fall. 
  Compare this with REO's (real estate owned--bank foreclosed homes) which are in the 50-70 day on the market range. When will we EVER see some significant numbers for Short-Sales?  

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