Home Buying in San Jose>Question Details

Nick Pham, Real Estate Pro in San Jose, CA

Short sales or Foreclosure? What is the trend over the next 24-36 Months?

Asked by Nick Pham, San Jose, CA Mon Sep 10, 2012

Help the community by answering this question:

Answers

2
Neither.
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....
Sam Shueh
Keller Williams Realty
1 vote Thank Flag Link Sat Sep 15, 2012
thank you for your question Mr. Pahm:

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.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
0 votes Thank Flag Link Mon Sep 10, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer