85.8% regular, 12.3% ss & reo is a mere 1.8% in San Jose today.
The 10% home owners in San Jose underwater are now getting help with the price appreciation. The number of underwater home owners will approach a historical low of ~5%. Not all need to sell,
Foreclosured properties, banks release them as soon as they are available the few 100s sfm , and balance are condos total is not even 1,000 units can be snatched up in < 3 weeks (SJ).
Those talk about shadow inventory are too far away from reality and truth. Silicon Valley never had any shadow inventory.
The valley home price has been sinusoidal with an uptrend every ~7 years. The upward price will restore much faster the next 1-2 years. Don't be surprised if your homes are back to the peak....
Keller Williams Realty
Here in The Silicon Valley we have gone from a Buyer's market to a seller's market in the past few Months.
The market value of homes in this valley has rebounded rapidly withing the last few months.
The result is that the homeowners whose houses were going into foreclosure or were candidates for foreclosure have received a new round of motivation to keep their houses out of foreclosure or short sales.
That will probably create the trend for the nest 24 to 36 months. Homeowners will be more determined than ever to save their homes from short sales or foreclosures.
That will lead to a further decline of the homes in the Silicon Valley in foreclosure or short sale status.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: email@example.com