Hello, REO properties are starting to come on to the market more and more now since the State of California lifted the moratorium on foreclosures. It is my experience that REO's are seldom available in popular real estate markets that have not experienced huge price declines in the downmarket such as the Pleasanton market. The properties in a distress financial situation in high demand areas are generally sold in the pre-foreclosure stage, which is widely known as a "short sale" before they get foreclosed on by the banks, and banks are pushing more and more for this option, since it is a win for all parties involved. When there is an REO on the market, it is very competitive since they are priced for a quick sale and buyers need to be ready to compete for the property with final and best price and terms that are "bank owned" friendly. The market in Pleasanton right now is very heated and in demand for properties less than $800,000 regardless of short sale, REO or traditional sale.
Ines Eiras, Prudential California Realty- Stoneridge Office - Pleasanton 510-305-8128 twitter.com/REOTurnaround
Buyer and Listing Agent, Distressed Property Certified Specialist

The answer to that question is really dependent on the price range you are asking about. Pleasanton, like most cities, is comprised of several market segments. The under $800,000 market is brisk, especially for newer properties. As you get higher in price range, the market tends to be slower. There remains some downward pressure in the upper price ranges, but for the most part the lower price ranges have stabilized, at least for now. That is no guarantee on the future of course, but pending sales activity has been very strong since April.

See the most recent stats on Pleasanton here http://www.680homes.com/blog/2009/07/15/pleasanton-market-up… and check back on 680Homes.com for regular updates

Newbuyer10,
As a long time resident, Pleasanton is a great place to buy a home and you can find some great values there now. You ask the million dollar question that no one has the answer to, should I wait. My advice, if you are looking for a home for yourself, find something you love in a place you want to live. If you are working with an experienced Broker, they will help you get the best deal. We don't know, but prices may go down a bit. However, a don't believe we are going to see 6 figure declines like we have in recent months. Given that, you have to ask, is the few thousand extra you may pay today for something you love vs. in a few months for something you may not like as well really going to matter in 10 years?

We are an experienced short sale and REO brokerage that has a track record of success getting clients great deals in these types of listings. It is a tricky business so it's important to work with someone who knows the nuances and has experience closing these deals. I would love the opportunity to speak with you further about short sales and REOs and how to get the best deals on these types of properties.
Best,

Erica

Erica Jones Starkey
Broker, Co-Founder
DRE# 01503540
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs http://www.JSCArealty.com
office: 925.989.1613
fax: 925.905.2417

Depends on what indicators you are looking at to signal when the right time to purchase is. Also, the price range you want is important. The price range in Pleasanton under $500-600k is very HOT, maybe pointing to the bottom there. Even homes priced above $2,000,000 have sold quickly. Check out these stats I pulled earlier this week for just Pleasanton homes http://moxleyteam.com/2009/07/june-2009-home-sales-pleasanton/
To be honest, you are asking a question nobody has an answer to... Most people would agree we are somewhere at the bottom and Pleasanton has a near zero supply of REO. Right now there are 232 homes available for sale (condos and detached) Only 4 are REO properties. Thats a great statistic for a community. As a Pleasanton resident and having family roots here for over 30 years, we can help you out and provide detailed information only 30 years of living in a community can offer.

Moxley Team
2008, #1 in Pleasanton/Dublin for total homes sold
925.621.4064 http://www.MoxleyTeam.com
Alain Pinel Realtors

As per the statistics from the Bay East Association of Realtors, Days on Market (DOM) for the Pleasanton area year-to-date is around 97. The median single family home price in Pleasanton for May was $720,000. In April the price was $665,000 As of the last day of May there were 223 active homes in Pleasanton. In April there were 230 active homes At current selling rates this means there is approximately 4 months of inventory in Pleasanton remaining.

As you can see just from the last 2 months, inventory is getting low and the prices are going up. The market is changing from a buyers market to once again a seller's market. I am finding multiple offers in many areas in the East Bay especially in Pleasanton.

Meena Gujral
Help-U-Sell Achievers Realty
510-279-9580

Hi Newbuyer10,

The question I have is why are you focused only on REOs in Pleasanton? Pleasanton has very few REOs for sale right now, and while it will likely go up in September, it will still be a relatively small number. On the flipside, there's a lot of seller-owned inventory in Pleasanton, and if you find a motivated seller, you can get a great deal on these.

Either way, I can help you find a great home. For current Pleasanton REOs, click on the link below. And visit my website, http://www.sidewalkhomes.com to see how I do business (including buyer rebates!).

http://www.sidewalkhomes.com/mlsxsearch/index.asp?xCounty=%3…

Will Bateson, Broker
Sidewalk Homes
925-455-0845

Steve,
I am a REALTOR with Prudential Nevada Realty in Reno and our main headquarters is located in Pleasanton. If you would like me to recommend a local agent to contact for a no-obligation consultation. Just shoot me an email at RenoTahoeREALTOR@Gmail.com.

New Buyer:

You are asking a number of questions here:

Q: Are home prices going down in Pleasanton?
A: Depends. Currently the average sales price is going down, while the average list price is going up. Way up. Pending sales were also down last month from the highs of the two previous months. Prices on the very bottom of the market are actually increasing, while prices at the top of the market are down.

Q: Is it better to wait?
A: Depends on what segment of the market in which you are looking to purchase – the bottom is VERY hot right now and climbing dramatically. If you are looking at entry level housing, my recommendation is to get in quickly before you miss out. At the top of the market, it’s a different story all together.

Q: I am looking to buy an REO home. How to proceed?
A: If you are looking to buy an REO, the best solution is to connect with a good Realtor. The best source of REOs is through the local MLS. There is no secret source for REOs.

Q: Is REO property price mentioned on trulia is asking price?
A: Most information about REOs on Trulia is an advertisement for RealtyTrac. Most of the time, what you are seeing is not a listing, is the notice of default for a mortgage provided by RealtyTrac. RealtyTrac notices can be very deceptive because they give the loan amounts, not the purchase price. When these properties hit the market, it will be at market price for the neighborhood.

Check the following link for more information:
http://www.trulia.com/blog/carl_medford/2008/12/when_is_the_…

Latest PMI market risk index shows the risk rank of the Oakland-Fremont-Hayward MSA (which contains Pleasanton) at 96.4. That means, from the mortgage insurance industry's viewpoint, there's a 96.4% chance home prices in that area will be lower in two years versus today.

Lora: In general I would agree with you, the end of summer looks good from a distressed supply perspective. Why the end of summer?

Lenders/Banks put the brakes on foreclosures during the later part of 2008 due to Federal, State and self-established moratoriums. Then came the announcement of the President’s housing recovery plan. As soon as banks/loan servicers heard a plan was in the works they had additional reason to throttle back on the foreclosure process. That all ended in March after the plans) were announced in late February 09 - there wasn't much for the Banks/servicers to be excited about. Since then, Banks/servicers shifted their Notice-of-Default and Notice-of-Trustee Sale machines into overdrive. The foreclosure process takes about 3 months, 3 weeks and 3 days (starting with the NOD). This is the so called "REO Shadow Inventory" you may have heard of.
http://docs.Steven-Anthony.com/REO-ShadowInventory.pdf (Article on backlog)

The new 90-day moratorium on home foreclosures in California is more political posturing than effectual in stopping the foreclosure process. Lenders and loan servicers that already have a comprehensive and systematic loan modification program in place are EXEMPT FROM THE LAW. Now, take a look at who is exempt: (some of the largest Loan Servicers in the Nation):
http://docs.Steven-Anthony.com/90DayExemptLenders.pdf

While Q409 looks like a general "sweet spot" as far as supply, it does not necessarily mean that a specific property type that matches what someone may be seeking will have a "supply spike."

My motto for these times: "Plan for the future and pounce on the present." Meaning, know the demand characteristics of the specific subset of housing you are targeting (bed/bath/sf) and be ready to act if you have to (Loan Pre-Approval, NOT Pre-Qualification)

Best, Steve

My husband and I are looking as well. We are waiting at least till September, all indicators are pointing to screaming deals to come. We were looking at number of foreclosures in the past 3 months, pretty much all of them had multiple offers and were sold within short period of time, even the ones with obvious problems. Perhaps it was due to the spring rush of families with kids who look to move for better schools, because in past few week I have seen quite a few price reductions on regular sale homes; also, new listings have lower prices than few months ago. Just my uneducated observations, let's see what professionals have to say.

Hi Newbuyer10, it depends, what price range are you looking at? What are your minimum requirements as far as beds/baths/square footage? When it comes to buying, specifics make a big difference.

Best, Steve