Wednesday Real Estate Snapshot 🦅 🌎 ⚓️ Reddit Question of the week: Are Foreclosures On The Rise?

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Reddit Question of the week!  Are Foreclosures On The Rise?

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Wednesday Real Estate Snapshot 🦅 🌎 ⚓️

 

Prices Off Reality

 I know we can't see it, but down here it says, "Let's just call it what it is, your price is off." And we're-- that's what we're seeing all over the place right now. Not everywhere. In certain areas like the east side of 87, we're seeing a price drop. And it's temporary, right? We just didn't see the market click, and that's normal.

Sometimes it happens, sometimes it doesn't. On the west side, we're not having a problem. We're seeing highs, great highs, and all sorts of things happening. Uh, foreclosures are kind of in the mix. Uh, you know, I have a couple of reports we'll walk into real quick. But I just want to... You know, the last-- yesterday I, I sent you or did a video on a lot of woes and things that are happening.

Reddit Question of the week!  Are Foreclosures On The Rise?

Foreclosures Up, Not 2008

There's one report I want to show you right here where it says, yes, foreclosures are up, but not to the degree of 2008. It's only twenty-six percent from the year before, uh, which is a considerably high thing. But let's, let's get into it real quick.

All right here. So this is from Lawrence Yun. My sister just sent this to me. Today's foreclosure rates are at historical lows and will not trigger a housing crash. That's not gonna con- take- hit the crash. It could be something else. Could be the car market. Could be the credit card market. Could it be the medical market, right?

Talk about that all the time. The house- cars that we live in, minimal distressed sales compared to 2008. No housing crash because of the foreclosures, because there's just not enough to push a tidal wave through, and supply constraints. Eh, yeah, and no. P- Buyers are being pickier, so if you have a foreclosure, you're gonna get a piece of crap that hasn't been maintained, generally speaking, and you're gonna buy it as is, so you don't know what the condition is.

Unfortunately, that's just how it is. And then over here, I did the Reddit question of the week. Are foreclosures on the rise? And it says, yes, new foreclosure filings are up year over year. ATTOM reports 118,000 properties with foreclosure filings in quarter one, a 26-year-over-year jump. But absolute levels remain low compared to 2008.

That's what we've been saying, right? 

Regional Drops Explained

Regional cause notes, yes, across the board, you know, it could be, it could be, um.

Could be, u,h St. Louis or Austin where you're s- or like St. Peters, St. Petersburg or Tampa area where you're seeing some regional, uh, drops in the market. It's normal. It happens every year. It happens all the time, and everything ebbs and flows. So you might be seeing a large pop in St. Petersburg or Tampa or Austin, but that's only temporary, right?

Everything's temporary 'cause things will sell That in mind. 

Down Payments Hit Low

A shifting housing market drives down payments to a four-year low. I think this is all across the United States. Even though rates are totally high, you're seeing prices come down, so the year-- the median price of a house comes down minimally. And this is all based on the United States.

They're not doing it by regions; they're doing it by demographics. No, they do by regions here, but point one to point three six percent, percentage points. That's the change, a three percent change. Doesn't really help affordability, especially in the Bay Area, but it is what it is. Uh, I did see something where Solano County is one of the top drops in the area.

I-In, in the whole United States, it's like fifteenth, I think, in the area-- in the whole United States. So it's kind of nice to see that happen in the Bay Area for buyers, not necessarily for the homeowners or the sellers. 

Apple Home of the Week 

Local Listing Price Cut

Uh, this is ninety days on the market in our backyard, Curry Drive, four-bedroom, two-bath, nineteen hundred square feet, built in nineteen sixty-eight.

It is... Let's see. Original list price was one ninety-- one point nine, now it's down to one point seven eight nine, and it's on the busy street of Curry. It's not busy, it's not like Santa Teresa, but it's still a filter street, an avenue, if you would. Kinda like Snell and, uh, Cottle over here, which it's actually over here, Cottle a, nd then Leen.

These are all filter streets, and Curry is just part of the drive to get people back to where they're living. This is where I live, right here. So on the market for a hundred and twenty-four days. Uh, maybe you drop the price down a little bit more. That's- we're talking about all three of my listings have dropped prices, so it's not a bad thing; it's just the market didn't catch.

Rates have continuously gone up for the entire selling season. The last time rates were lo- below three percent or below six percent was February. So, um, you know, unless you're a cash buyer, you're not really worried about buying a house right now. 

REO of the Week 

Distressed New Build Find

And this is Oh, distressed REOs. This is a brand new one, $1.8 million for Basking Ridge right here.

And four bedroom, two and a half bath, 2,100 square feet, built in 2026.  Imagine that. These are three stories, multi-story homes, and, uh, they're built well. I've been in a few of them, and they're nice. And it's a nice area. The only thing I don't like about it is that you're really close to the freeway, and you do hear freeway sound, but you're one block over, so you might not have that problem.

Go take a look. And it's bank-owned. Uh, actually, I don't know if this is bank-owned or distressed. Yeah, it could be distressed.

I just saw something. No HOA. I don't believe that. I think it's an HOA. There's gotta be an HOA. All right. That's it for now. 

Days On Market Trends

And then let's see the, um, 40-day on market, 90-day on market report. We just saw the 40 days on market go above the-- all of REO Cal- California, which happened. It happened in July last year as well.

It just happens to slow down in the summer, and that's where we're heading. It's a slow market. And we have the same thing for sales. 

Inventory And Wrap Up

We have more homes for sale right now than we have had in the last couple of years at this time. And it's the same thing all across Santa Clara County. We have fifteen hundred and sixteen homes for sale.

And, uh, nothing too alarming here. We have standard thirty-eight. That's aggregate. And this last week we've had ninety-six homes going to pending. So it's not bad. It's not great, but we also don't have the inventory. This should be at a thousand, and this should be at two thousand. They're getting-- they're catching up.

We're about sixty-five, seventy percent there. All right. That's it for now. Thanks for watching. I'm Vito with Avotano. We'll see you out there.

 

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