Did the mortgage moratorium slow down the REOs in Alameda, CA (and elsewhere?)

Like many other cities that have hummed along, Alameda seemed to, as many residents like to say "hold its value." But Alameda is hardly untouched by calamitous economic downturn.

In 2008, the numbers were quite different than where they are today

2008 REO foreclosures: 35 homes, or 8% of 415 homes sold that year.

In 2009, and as of this writing, based on our local MLS figures, here's what's happening in our glorious island of Alameda.

SOLD (closed escrow) LISTINGS since January 1, 2009: 138 Residential homes

• 23 condos
• 12 townhouses
• 5 duets
• 98 detached single family homes
• Average days on market: 53
• Average list price: $574,774
• Average sold price: $556,203 (96.7% of average list price)
• Average sold $/sq ft: $353/sq ft
• 9 short sales
• 26 REOs or bank owned (18.8% of total sales to date --- a 10% increase over last year!). Breakdown as follows:
  
  • 5 condos (highest sold price: $315K for a condo at the Willows, a beach condo complex)
  • 1 townhouse ($408K at Islandia townhouse complex)
  • 19 houses (highest sold price: $738K for a house on the lagoon)

ACTIVE LISTINGS - 134 Residential homes

• 25 condos
• 15 townhouses
• 6 duets
• 88 detached single family homes
• Average days on market: 66
• Average list price: $655,787
• Average $/sq ft: $383/sq ft
• 9 short sales
• 10 bank owned (REO or real estate owned)
  • 4 condos (highest price $314K)
  • 6 detached homes (highest price: $646K on Park St)

PENDING LISTINGS: 90 Residential homes

• 22 condos
• 8 townhouses
• 2 duets
• 58 detached single family homes
• Average days on market: 49
• Average list price: $527,761
• Average $/sq ft: $353/sq ft
• 26 short sales
• 9 bank-owned
  • 3 condos (highest price: $250K)
  • 6 detached homes (highest price: $534K)

From these figures, it doesn't appear that foreclosures slowed down in spite of the federal moratorium on foreclosures. We went from 8.8% foreclosures as a % of total sales in 2008, to 18.8% in 2009 to date.

Recently. a new state law went into effect. Similar to the federal government program in Dec 2008-April 1 2009, this new law mandates that program lenders must prove that they tried to modify delinquent loans before starting the foreclosure process.

But there are concerns about loopholes per San Francisco Chronicle (SFGate.com).

Fasten your seatbelts. It's going to be a bumpy ride.