Redwood City Distressed Property Watch 2011

It's the end of the year so time for the round-up of distressed property sales in Redwood City. So here's what happened:

Single family and condo townhomes 2011:

Total sales: 553

Short Sales: 91

REO: 49

Distressed sales as a percentage of total sales: 25.3

Compare to 2010

Total sales: 600

Short Sales: 93

REO: 78

Distressed sales as a percentage of total sales: 28.5

My conclusion:

The percentage of distressed properties in Redwood City is a little lower in 2011, 25.3% as compared to 2010, 28,5%. This is dues to a 40% decrease in REO sales in 2011. It will be interesting to see if the rumored release of REO inventory actually happens, and increases the percentage in 2012, or if the econmy picks up and helps people afford their homes.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194