August 2008

Real Estate stats for August for the Scripps Ranch area I will be posting in about another 2 days. But my general impression for August is that business has been steady, with prices only marginally changed.

I think the foreclosure and short sales are becoming more common, and buyers are coming out in greater numbers looking for the deals. But, do to the nature of short sales, things going under contract are not closing with short sales in the same ratio as normal escrows. So while sale statistics might not be as robust as we would like, it doesn't mean the interest in buying isn't there. It is there, it is just that there is alot of limbo, where escrows never close. In fact, there are alot of contracts on our mls, that are showing Active, because short sales go under contract, but don't have written approval of the lender. So, our market is bringing out buyers, but the stats aren't always able to show this.

G