Foreclosure trend in three major cities of Bay Area
If you are one of the thousands of troubled home owners of the Bay Area, it would be worthwhile to know the current foreclosure trend, to take an informed decision on Short Sales. The nine-county Bay Area is worst hit by the foreclosure fiasco. It is also true that people living there are searching for a way out for foreclosure avoidance. The Short Sales option comes handy as the best alternative in this context.
First – the overall foreclosure trend in the three major cities of Bay Area – San Francisco; Oakland and San Jose. As per latest records, San Jose is leading in turning out huge foreclosure filings – receipt of demand notices from lenders; scheduled Trustee Sale foreclosure actions and Repossession by Banks after foreclosure public action.
San Jose city carries as many as 9,632 properties lying unsold in all the categories of – delinquent properties under pre-foreclosure stage; foreclosure auction; Bank owned and repossessed as also properties for resale under Multiple Listing Services. Of these, the highest number – 3,766 properties are awaiting foreclosure sale public auction.
Oakland comes in the second place, where 5,800 properties are listed under foreclosure filings for distress sale. Here the number of Bank-owned and repossessed properties are more – 2,368 to be exact – lying unsold. These properties are deadweights in the books of the lending banks, incurring losses of capital and interest thereon every day.
San Francisco holds the third position with 3,166 properties listed for distress sale. The majority number of properties – namely 932 are awaiting foreclosure sale public auction.
From the above statistics what you can infer is the foreclosure situation is very bad in all these prominent metropolitans of Bay Area, not to speak of other smaller cities and towns. But fortunately you have a way out to select – that is going in for Short Sales, as a tactic to avoid foreclosure and escape with minimum impact.
Such of those home owners from these cities, whose properties are under pre-foreclosure stage or awaiting public auction, can do well to exercise the Short Sale option. The Government is keen on helping these people and has come forward with new guidelines for Short Sale approval by lenders; quicker processing; subsidies for lenders agreeing for Short Sales; subsidy for barrower-home owners as cash assistance; and also incentives for home buyers by way of tax credit.
In your own interest you can avail these best opportunities to get you freed from the mortgage debt forever, by resorting to Short Sales.
