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You are receiving this periodic Real Estate Update from the Monterey Peninsula Home Team as a valued member of our client appreciation program. We realize that without all of you continuing to refer your friends and family to us, we would not be as fortunate as we are in this business, so thank you for always thinking of us when it comes to real estate!
Many of you call with questions regarding the foreclosure market, so this months update will focus on foreclosures in Monterey County. By clicking HERE you can go directly to a page on foreclosure radar's website. Along with the Monterey County foreclosure trends, statistics, housing data and demographics, you can review every pre foreclosure, foreclosure or bank owned property by selecting a city or ZIP code in Monterey County from the list below. For further information on specific foreclosure properties just give us a call or send us an email.
Foreclosure Filings Down 24% from a Year Ago
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowners final notice before sale.
Back To Banks Down 29%
Foreclosure Outcomes—After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the banks opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that banks REO inventory.
Foreclosure Inventories Down 36%
Foreclosure Inventories—Pre foreclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.
Foreclosure Filings by Market Value
Filings By Est. Market Value—The number of foreclosures that have received either a Notice of Default or Notice of Sale, shown in columns arranged by the estimated market value of the property in foreclosure.
Although the number of foreclosures is trending downward, the effects of the real estate downturn are starting to make its way to the Monterey Peninsula cities and the higher priced properties. We have felt the effect in Pacific Grove, Pebble Beach and Carmel, but it has hit much harder in Monterey, The Salinas Monterey Highway and Carmel Valley. Our best guess at this point would be the higher priced properties ($1M - $4M) will continue to see foreclosures erode values around. The lower priced properties in each city have seemed to level off a bit and there has been a lot of activity and even multiple offers on these properties. Email us for specifics if you are interested.
It does appear to be a good time for investors to get active and we are seeing a lot more investors making offers. With rents on the rise, it is the first time in a long time you are seeing investment properties that are penciling out.
Thank you all again for your continued support. Remember we are never too busy for your referrals!
Mark Bruno
Monterey Peninsula Home Team
Information on the California Foreclosure Process
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