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Bruce & Sandy Soli

Top 10 Cities for Foreclosures and Distressed Property and Incline is Not One of Them!

Well, we are not in the top ten cities for foreclosures (that's good), but homes in Incline Village do continue to hit the Notice of Default List and are headed in that direction. There are so many homes affected Nationwide by short sale and foreclosure and many people are just not sure what to do to help themselves. They are scared and sometimes think doing nothing is the easiest thing to do. It is amazing how many homes are lost to foreclosure in Incline Village alone that were never even listed for sale. This means the homeowner either did not know there were options for him/her or they did not qualify for a short sale and thought perhaps it was 'Vogue' to just let the home go to foreclosure instead.

Here is the list of the Top Ten Forelcosure Cities today and their corresponding numbers. Incline is still about 100-120 homes.

Top 10 Foreclosure Cities:
1) Las Vegas, NV (34,673) 6) Miami, FL (8,517)
2) Phoenix, AZ (19,988) 7) San Diego, CA (8,506)
3) Chicago, IL (16,602) 8) Bakersfield, CA (7,500)
4) Los Angeles, CA (11,693) 9) North Las Vegas, NV (7,403)
5) Sacramento, CA (9,752) 10) Indianapolis, IN (6,830)

In Incline Village this week the following properties were added to the Notice of Default list:

978 Glenrock #37. The last foreclosure in this complex sold for $326,100 earlier this year, other sales post back to 2007. Two were most recently on the market at $415K for a larger unit and #59 for $510 (owned by a realtor and a listed as a short sale). Who is going to buy a unit for $510 when another foreclosure is imminent.

989 Tahoe Racquet Club #89. There is currently one in escrow under $200K, two listed under $200K and a couple trying to push the limits above. Good luck...here comes another one!

To view a complete list of distressed properties including foreclosures and short sales in Incline Village, click here.

April Escrows bring May Sales, but what happened in Incline Village Real Estate for the month of April 2009???

The full data report can be viewed right here, but lets break it down. In April 2009 there were a total of 158 Condos Active on the Market, 59 PUDs (Planned Unit Developments), 223 Single Family Homes and 2 Investment Properties. For Condos there were 9 new escrows reported and 2 sales. PUDs had 5 new escrows and 2 sales, Single Family Homes reported 13 new escrows and 6 sales and there was no activity for Investments. How does this compare to last month? How about last year?

Well these numbers are up from last month across the board and still down across the board from the same month last year.

March 09 vs. April 09

Condominiums are up 8% in total number of listings, up 11% in number of escrows and up 50% for units sold

PUDs are down -5% in total number of listings, up 40% in number of escrows and up 100% in units sold

Single Family Homes are down -1% in total number of listings, up 54% in number of escrows and up 33% in units sold

Investment Properties are down -50% in total number of listings, same in number of escrows and same in units sold...ZERO!

Comparing the same month 2008 vs 2009

Condominiums are up 6% in total number of listings, up 22% in number of escrows and down -250% for units sold

PUDs are up 24% in total number of listings, up 60% in number of escrows and down -100% in units sold

Single Family Homes are up 13% in total number of listings, down -15% in number of escrows and down -33% in units sold

Investment Properties are down -250% in total number of listings, same in number of escrows and same in units sold...ZERO!

Year to Date the numbers are down across the board too!

Condominiums chime in with a total of 11 units sold compared to 22 last year for the same period. Down -100%

PUDs total 4 units sold YTD compared to 10 last year. Down -150%

Single Family Homes are close with 21 units sold compared to 22 last year. Down -5%

Investment Properties are down with 0 sales this year and 1 for the same time period last year!

To view the details of this report in certain price bands and categories and the absorption rates, click here.

Rolling...Rolling...Things are rolling along for Incline Village Real Estate

This week there was a burst of activity in showings and new escrows. It's about time and Spring has sprung, I just hope it keeps on springing.

For the week of April 20th-26th there were a total of 23 new listings on the market. In all truthfulness a few of these were one agent switching from one office to another, but it was only a few. 10 new condominiums and 13 were new single family homes.

There were 10 new escrows...4 new condominiums, 2 new PUDs (planned unit developments) and 4 single family homes that opened escrow.

SOLD...What sold? That is the real questions. Well, this week there were 2 condos sold, 0 PUDs and 1 single family home. There will be more closings next week too!

The price changes were ALL reductions and there were 25 of them! Yes! People are catching on. 11 condominium price reductions, 3 PUD price reductions and 11 single family home price reductions.

There were also 3 condos expired from the market and 10 single family homes rejected by the market.

For the most recent Notice of Default list (foreclosures and short sales) and properties added to this, go to www.solirealestate.com and click on Foreclosures...

For a list of the Hot Buys in town go to www.solirealestate.com and click on Hot Buys...

Until next week! Happy House Hunting.

Foreclosures and Shorts Sales in Incline...Oh My!

Your latest update on foreclosures, shorts sales and distressed properties in Incline Village Homes. Unfortunately it is the sign of the times and this week there were a lot more to hit the market. Not only new Notice of Defaults but Banks getting serious about the process and setting dates for auction.

If you are interested in pursuing this type of property for purchase please view our entire list of distressed properties by visiting www.solirealestate.com and clicking the link to Foreclosures. If you are finding yourself in the situation of being in a distressed home situation you want to call us immediately to stop the process and start re-gaining control. We have more information on why you should pursue a short sale over a foreclosure. <Read More>...

What's Up with Incline Village Real Estate?

The Incline Village Real Estate Market is still moving. The most popular properties so far this year are the multi-million dollar properties. If you have the money, there is no better time to be buying than now. The ultra rich are proving that (just look at the sheer number of properties already sold over $2Mil and what is in escrow over $2Mil).

For the week of 4/13/2009-4/19/2009 the following has been happening in the Incline Village Real Estate Market!

New Listings. This number is a bit skewed <Read More>...