You may recognize this article from our October newsletter, but I thought these #'s were interesting enough to post here and so we can refer back to them later.

 

 

Foreclosure Market Udate

 The big question lately has been- How are all the foreclosures going to affect the market?

Unfortunately we cannot see into the future and know exactly how things are going to play out, but we can help layout and analyze the existing data and help you make a qualified assumption when determining how they will affect our market.

As of 10-15-2007 there are 4,975 homes for sale in the Bakersfield Multiple Listing Service under the SFR (single family residence) category. Of those 4,975 - 13% are actual bank owned foreclosures, and 10% are "short sales" which are more than likely facing a possible foreclosure. (Please refer to my blog to see the actual differences between a foreclosure and short sale)

As of the same date there are 741 homes pending sale or "in escrow" under that same category. Of those 741 - 17% are bank owned foreclosures, and .03% are "short sales".

For the period of 9-15-07 to 10-15-07 under the same category of SFR there were 223 homes sold. Of those 19% were bank owned foreclosures and .008% were short sales.

So are foreclosures affecting the Bakersfield market? The easy answer is yes, 20% of the sold homes in the last 30 days is a significant #. They also only represent 13% of the listings but 17% of the homes currently pending sale.

Sellers hang in there, and buyers get out there and buy!