Hello Chiropaul and thanks for your email.
According to my database, there are approximately 240 homes scheduled for sale in Merced over the next 30 days. Keep in mind, however, that not ll of those homes that have been slated for sale will actually be sold. Many may be redeemed (the outstanding balance paid) by the homeowner prior to sale or delayed by the lender in an agreement with the homeowner to sell the property or accept a deed-in-lieu. The best way to determine exactly how many homes are actually sold in Merced is to contact a qualified real estate professional to assist you in obtaining accurate and updated data on the available and pending REOs in your city.
Unfortunately, as with all areas of California where REOs are entering the market, housing prices in some areas do adjust downward with additional supply of homes, while other areas are not as drastically affected. The only good bit of news is that, depending on the condition of the home and location, lenders may take between 2 weeks and 90 days to list the home for sale, so new REOs are being set for sale over a longer period of time, rather than having all 40 or 50 homes hit the market at the same time.
For more information on your particular community, speak with a qualified professional Realtor in your community.
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA