Alamo Home Search - REO and Foreclosures

While checking on the housing market conditions in Alamo, CA I used Google base to search for "Alamo foreclosures and REO properties", there were 20 listed. I used realty.trac and found 17, which is correct? Not sure but the numbers below still paint a bleak picture for this upscale community of Alamo.

17 Bank owned

43 in Default (pre-foreclosure)

6 Trustee Sale properties in Auction.

From the MLS:

132 active listings. (That's the most I've seen in over 10 years.)

14 Pending Sales (Just 10 went pending in the last 30 days)

132 divided by 10= 13.2 months of inventory.

With 13.2 months of inventory I would say it's definatly a BUYER'S market.

I thought we would be on our way out of this mess by now but I'm not sure anymore when that will happen. So if you have a home for sale, or thinking of selling one, you have a lot of competition, be prepared to negotiate everything.

Is this a good time to buy? Maybe, depends on where you think the bottom is. If you're thinking of buying a home and you have a secure job or business and need to move or want to move up, go for it. Take on one of those bank owned properties, or a short sale, you're bound to get a pretty good deal.