Here is the market update for May. Market conditions are continuing to improve over previous months, with the bank owned properties still dominating the market. The aggressively priced properties are getting multiple offers and in some cases selling at or above asking price.

All numbers are as of today 5-27-2008 and are from the Bakersfield Multiple Listing Service under the category of single family residential (SFR).

4,249 homes active on the market

1,070 of those are bank owned properties

1,183 are "short sales" or pre-foreclosure sales

1,404 are in escrow or pending sale (that is excluding anything that went pending prior to 3-1-2007)

826 of those are bank owned properties

168 are "short sales"

and there were 476 homes sold or closed escrow in April 2008 with

291 of those being bank owned and

28 being short sales

Please feel free to call or email with any questions or for more detailed information. Have a great day!

Jared